State Farm Bank adds iPhone deposit app

By Becky Yerak
Posted July 29, 2010 at 4:34 p.m.

The $15.6 billion-asset State Farm Bank has introduced a point-and-shoot deposit application for customers with  iPhones.

The Bloomington-based bank, which is affiliated with the State Farm Insurance Cos., said its customers can deposit checks into their  account from their phones.

It’s one of a  growing number of banks that have introduced such mobile-phone apps.

Chase, which holds 16 percent of deposits in the Chicago area, also recently introduced an iPhone application allowing consumers to deposit checks with the camera-enabled smart device. And Bank of America, said it’s testing a mobile-banking app also allowing customers to make deposits remotely.

Last August, USAA, which mostly serves members of the military and their families, launched a mobile phone deposit app. Some smaller institutions are also offering it, but the numbers remain small, according to Celent, a technology consulting firm for the financial services industry.

As with Chase, State Farm’s process entails endorsing the check, entering the amount and taking its picture. State Farm Bank’s Mobile Check Deposit will allow the deposit of an unlimited number of checks per day, up to $10,000.

Mobile Check Deposit will work with iPhone 3GS and iPhone 4 and can access savings, checking, interest checking and money market accounts. The service also sends a confirmation notice from State Farm Bank when the check is received.

State Farm Bank also plans  mobile check deposit from Android phones.

“State Farm Bank is excited to be one of the first banks in the country to offer mobile check deposit,” Chief Executive Mike Smith said in a statement.

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