Tuesday, February 23, 2010
The End Of Physical Bank Locations?
It seems there's a new bank popping up on every corner, and I still don't understand it. With almost every financial transaction being enabled online, who needs to go into a bank..especially if they aren't making loans.
USAA, a company that provides banking and insurance for military veterans, has introduced innovative technology(remote deposit capture) that could literally eliminate the need to ever walk into a bank.
Here's how it works. When you take a picture of a check, a computer that receives the image looks for the amount, the check number and the digits on the bottom with information on the check writer's account number and the bank's routing number. A photo of the back of the check verifies that it's been signed by the recipient.
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