Who has time to go to the bank? I know I rarely do. I have two checks in my purse that desperately need to find their way to the bank, and I just can’t manage to find the time to do it. Seems silly, but it means a detour in my normal routine, and I need to block out an extra ten minutes to do it, ten minutes I don’t often have.
Hello, Paypal deposit by iPhone! I can take a picture of the front and back of the check, and using the Paypal 2.7 app, I can deposit it right into my Paypal account. From there I can either spend it (whee!!) or transfer it to my bank via Paypal withdrawal. Or, if I have a Paypal debit card, I can spend it that way.
I like this idea a lot. I know my bank doesn’t yet allow us to do electronic deposits (other than transfers). That would be ideal; but barring that, I can skip the whole bank process and just do it via my phone.
Remember when Paypal was just a way to pay for things on eBay?