USAA seeks licensing fee from banks for electronic deposit technology
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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New app with mobile deposit feature now available.
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 »
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Savings and Investment Rates Rising
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 »
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