Bank Of America Says Deposit Your Checks By Camera Phone Scary

Filed under: Industry News

Bank Of America is not alone in this but they are one of the few banks now testing a system that will allow you to take a picture of a check and have it deposited in your account.

This process has been in the works for some time and has been used by some businesses for years. The banks useto limit access to this type of transaction to small companies that had commercial accounts.

The way it started off was you would go into your local business and use your credit card and the business would submit your information over the internet and keep a copy of the paper transaction. At a later time the business would submit those forms to the bank for verification.

That process worked relatively well because there were already a number of ways to submit credit card information without paper documentation.

BUT now banks have begun testing with over 150,000 customers the ability to take a picture of a check and have it deposited into your account.

The reason they believe this will work is that in the past few years banks have gone paperless… meaning that when you deposit a check at your teller window that check is never returned to the original bank or person who made payment to you…. they are destroyed and a scan of the check is made at the depositing bank which is electronically sent to the payers account.

This process places the burden on banks that accept checks to destroy the original check.

With Camera Phone depositing you can bet that someone that you send a check to will simply throw it out the window of their car or into a public waste bin or not process it safely. This puts both the payer and depositor in jeopardy along with the assets of two banks.

Yes, this is definitely a cause for alarm and will further the move to a cashless society. Where all of your transactions no matter how big or small … even giving the kids an allowance will be tracked by banks which will openly comply with any request to release this information..

It will also mean that you can not make transactions without someone watching your every purchase..

No more slipping dollars in the girls g-string at the nudie bar… you will have to swipe your card on her platform shoe wireless credit card processor…©

Hey crap there’s an idea for a invention … ITS MY IDEA! ©