San Antonio Express-News
Officials at financial services giant USAA say their company developed the technology used by banks across the world to allow customers to deposit checks electronically, and it’s about time other institutions “pay their fair share.” The San Antonio company is reaching out to banks and credit unions across the country offering a “licensing program” to pay for patented technology surrounding “remote deposit capture” capabilities it developed in 2005. Online banking represented a sea change in the banking industry after Congress passed new laws in 2003 allowing lenders to handle more checks electronically — much like the ATM did when the first one was installed in London in 1967. Mobile deposit, which came along a few years later, has been quickly adopted by consumers as more people use mobile apps and websites to conduct financial transactions. Consumers wrote about 19.4 billion checks with a value of $27.3 trillion in 2015, according to the most recent statistics from the Federal Reserve Board in Washington, D.C. Financial services research and consulting firm Celent projected that about a third of all checks were deposited electronically in 2015 and about half were last year. USAA has sent out hundreds of letters seeking licensing fees for its intellectual property, which the bank says it has patented, and “asked banks and credit unions to reach out to us proactively to discuss the licensing program,” said Neff Hudson, vice president of corporate development at USAA. In March 2012, it accused San Diego, California, software company Mitek Systems Inc. of fraud and theft of USAA’s proprietary information relating to remote deposit capture technology, the Express-News reported at the time. USAA’s foray into remote deposit capture started in 2005, when staff in its research lab developed a prototype that allowed them to use an inexpensive home scanner to scan a check, said John Brady, vice president and chief architect at USAA. [...] there was one point where I had to tell one of the developers to go home and take a shower because he was so dedicated. [...] over the next several years we ended up really enhancing the deposit home product, and then as mobile phones came out with cameras on them it really was a perfect platform to launch the deposit mobile product as well, using that same technology.
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Reg CC Goes “Paperless”: New Amendments Address Electronic Checks, Remote Deposit Capture, and Other Modern Banking Trends | Bank Law Monitor
Bank Law Monitor
Regulation CC first became law back in 1992. Yes, that was when Sir Mix-a-Lot was “back” on the top of the charts, audiences were eating up Silence of the
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Security 1st Bank
Security First makes your life a little easier with Merchant Link – an electronic check deposit service.
Direct deposit automates payments and saves everybody money. See why it's popular and how you can use electronic payments.
by Kellie Etterman @ BCS Community Credit Union
Thu Aug 31 12:14:47 PDT 2017
With our new app, BCSCU Mobile Branch, credit union members now have the ability to make check deposits from Android or iOS (Apple) devices, including compatible smartphones and tablets. Once you download and install the app on your device (search for BCSCU in the app store), login to your BCS Community account using your It’s Me 24/7 online banking security credentials.... Read more »
The post New app with mobile deposit feature now available. appeared first on BCS Community Credit Union.
Find out how electronic banking works, services offered, your rights, and how to report problems.
by Mark Hachtel @ BCS Community Credit Union
Fri Dec 22 20:09:59 PST 2017
After years of low rates for savings and investments due to governmental and market pressures, BCS Community Credit Union investment rates are rising. Federally Insured CDs Certificates of Deposit have seen the large increases recently, lead by the 5-year Jumbo CD with an Annual Percentage Yield of 2.04%. See all rates by clicking here. Regular CDs require just a $500 minimum... Read more »
Bank of America
Mobile check deposit allows you to deposit a check remotely, without going to the bank. Start mobile banking today to use mobile deposit.
Imagine depositing checks into your account from the comfort of your home or anywhere you have access to the internet! The ultimate convenience!
Direct Deposit Definition - Direct deposit is the electronic payment transfer of paid sala
by chuber @ Security 1st Bank
Tue Jan 02 09:43:23 PST 2018
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Electronic check processing is an online payment option for businesses to collect from customers. Learn more about eChecks from the PaySimple blog.