U.S. Bank ($308 billion in assets) today launched mobile banking enhancements that will let customers use their mobile device to deposit checks and monitor credit card activity. This makes it the first large bank besides J. P. Morgan Chase to let consumers deposit checks via mobile device, although USAA also offers the feature and Bank of America is testing it.
"Mobile innovation is a priority for U.S. Bank as we strive to bring maximum convenience to our customers," said Mac McCullough, executive vice president and chief strategy officer at U.S. Bancorp, parent company of U.S. Bank. "These enhancements are the result of dynamic and integrated work across the company with the goal of bringing mobile convenience to more customers in more lines of business. We expect this trend to continue through 2011 and into 2012."
The service, which will initially be available to U.S. Bank Mobile Wallet users who have an iPhone, will let customers deposit checks into their checking or savings accounts from their mobile device. They take a photo of the front and back of the check, enter the dollar amount of the deposit, select the checking or savings account into which the money should be deposited and validate the information that was submitted. The paper check can be destroyed after the deposit has been confirmed.
The service builds off of a desktop remote deposit feature, Deposit Point, that U.S. Bank has offered businesses for many years.
Credit card alerts are offered by most of the large banks, including Chase, Citi, and Wells Fargo. Customers can sign up for free, real-time text or email alerts, including suspicious activity alerts that warn of possible fraud. The alerts, which need to be set up in U.S. Bank Internet Banking, allow customers to take immediate action on suspicious activity and they also help customers make wise purchases based on their credit availability.
The alerts inform customers if their credit card has been used for an ATM cash withdrawal, to make international purchases or for transactions where the card was not present. They also give the customer information about declined transactions, which could be a sign of attempted fraud. The service complements the account alerts that U.S. Bank also offers customers on their checking or savings accounts, which include notification when transactions of a predetermined amount cross the account.
U.S. Bank announced in November 2010 that it had partnered with Visa, DeviceFidelity, FIS and Monitise to pilot mobile contactless payment technology that allowed customers to pay for purchases by waving their phone in front of a Visa payWave contactless payment terminal. U.S. Bank employees are testing the system in multiple states through March 2011.