Fidelity Investments, one of the largest financial services companies in the world, has released an update to its iPhone app adding the ability to deposit checks using the device’s camera. The update to the free app hit the App Store this morning and requires iOS 3.1 or higher on an iPhone, iPod touch, or iPad.
USAA was the first bank to offer check deposits through an iPhone app in 2009. Last year, Chase Manhattan Bank followed suit and there are now several other financial institutions that offer this capability for iOS devices, including J.P. Morgan, Schwab (EDIT: check deposits coming in a future update), PNC Bank, Affinity Bank and many more.
An FAQ accessible through the app indicates that it will take 4 to 6 business days for checks deposited via the app to posted to an account. Note that the check deposit feature is currently only available through the Fidelity’s iPhone/iPod touch app and is not yet a feature of the company’s iPad-specific app.