Charles Schwab, a well-known investment brokerage firm and parent of Schwab Bank, released the mobile deposit feature on its iPhone app and introduced its native Android app.
Charles Schwab (NYSE: SCHW) announced that launch of mobile deposit for iPhone and the release of its native Android app.
The newest version of the Schwab Mobile iPhone app is updated with a feature that allows customers to deposit checks remotely by taking photos of both sides of an endorsed check. The funds can be routed into a Schwab brokerage account or bank account.
Schwab Bank checking customers can use non-Schwab Bank ATMs and have transaction fees refunded. But, depositing a paper check was possible only by mailing it in or visiting one of 300 Charles Schwab offices. Mobile check deposit opens a new convenient method for customers to deposit checks into their Schwab accounts.
There is a deposit limit that varies between customers – your limit is indicated on the “Deposit” screen, below the “Amount” field.
“We want to make it easy for clients to manage their money no matter where they are,” Diane Russell, senior vice president of platform services for Charles Schwab, said in a press release. “People want convenience, ease of use, and a great value; with mobile deposit, integrated bank and brokerage applications, and reimbursed ATM fees, we’re delivering just that.”
Schwab conducted a survey and found that nearly 70% of consumers ages 18-44 showed interest in mobile deposits while 43% of smartphone owners used their mobile devices to engage in banking and investing activities.
Prior to May 26, Charles Schwab did not have native application for the popular Android smartphone platform. Now, the Schwab Mobile Android app is available for download on the Android Market.
Currently, the app allows customers to manage investments, view account balances, transfer money between accounts, perform trade transactions, and stay up to date on market news real-time quotes.
The Schwab Mobile Deposit feature will be arriving on the Schwab Android app in June.