PayPal iPhone App Now Allows For Photo Check Deposits

USAA and Chase already got involved in cashing checks via mobile scanning, but when PayPal gets involved, that's huge for the industry. PayPal's iPhone app has recently been updated, and the new version allows users to scan their checks in order to have the funds deposited immediately in their PayPal account. The catch, of course, is that the money is deposited in the PayPal account and not directly into your checking account. You'll still need to login and request a withdrawal in order to actually have the funds transferred to your bank account.

The service works like this: you take a photo of the front and back of your check, and then they show up in your PayPal account. PayPal also recommends holding onto the check for 2 weeks in case something doesn't clear. The app just launched a week ago, and already $100,000 worth of checks have been cleared. That's pretty impressive; imagine how much that would grow if PayPal expanded this to BlackBerry and Android phones.
Via:  Yahoo! News
Tags:  iPhone, PayPal, App, money
realneil 4 years ago

Or you can stop by the Bank that's just down the street, right on your way, and really-illy deposit it.

inspector 4 years ago

Naw, i don't want to take the time to change and take the walk real :D.

PCohen 4 years ago

Seriously, who in their right mind would choose to deposit a check (are people still using checks?) directly into their PayPal account? Surely, an unnecessary, and extremely risky, intermediate step for the collecting of funds from a cheque. And what if later than 15 days the cheque is claimed to be fraudulent: You think that the bank won’t want their money back from someone? Dream on.

Draft Media Release re PayPal

“It is with great sadness that eBay’s Chief Headless Turkey, John Donahoe, announces the probable demise of eBay’s most ugly daughter, PayPal. Donahoe says that PayPal has been stricken by particularly virulent strains of Visa+CyberSource and Mastercard Open Platform, and these afflictions are greatly aggravated by PayPal’s insurmountable lack of direct financial institutions support and a great deal of PayPal user dissatisfaction, particularly with respect to PayPal’s grossly unfair, “all responsibility avoiding” user agreement, totally primitive risk management processes, and grossly unprofessional, usually buyer-biased, fraud-facilitating (indeed, non existent) transactions mediation, to name just a few of the problems that PayPal merchants have to endure.

“Donahoe says that PayPal’s health may therefore be expected to deteriorate and, if ultimately not completely incapacitated, will most likely be eventually confined to its mandatory offering on what little there will be, by then, left of the Donahoe-devastated eBay marketplaces. There is no cure for this condition, and the “eBafia Don” is particularly saddened by the inevitable presumption that it is unlikely that PayPal, will be able to continue to underpin eBay’s sagging bottom line too far into the future.”

Yes, it’s a send-up but, still, it accurately describes PayPal’s most unprofessional and “clunky” operation. The fact is, had the developers of the original “bankcard” concept ever behaved the way PayPal behaves towards its payees in particular, credit/debit cards may never have gotten off the ground, and we would probably still be paying for all our purchases with bits of paper and little metal discs.

It should also be emphasized that all the payments processors that do not have the direct underlying support of the financial institutions, as do Visa/Mastercard, suffer the same handicaps that PayPal suffers. The “banks” may be disliked by some but they at least supply a “professional” payments processing service.

A detailed examination of and prognosis for PayPal, (including a link to the “PayPal Horror Tour”) at:

Shill Bidding on eBay: Case Study #4

This latest study provides an indication of eBay’s desperation to mitigate lessening sales activity and very effectively demonstrates eBay’s effective aiding and abetting of criminal shill bidding “wire fraud” activity by unscrupulous professional sellers on unsuspecting buyers:

eBay/PayPal/Donahoe: Dead Men Walking.

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