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The new Deposit@Mobile application was introduced by USAA, a privately held financial services and insurance company, for iPhone users to download. By taking images of both sides of a check, customers can send the images via their iPhone to the bank deposit-taking system as any other check would.

After using the application, customers do not have to mail the checks back to the bank since deposits from the smartphone are handled entirely electronically. Customers are also recommended to void the checks. To reduce the potential for fraud and theft, USAA currently only allows its customers who are eligible for credit and have insurance through USAA to use the service, accounting for about 60 percent of the bank’s customers.

Only three days after the application is launched, it has been installed 150,000 times already and $1.5 million in checks have been deposited. USAA is currently working on a BlackBerry, Palm Pre and Google version, while other banks are predicted to follow USAA to offer some types of mobile deposit capability.

In fact, other than this new feature, there are other services and applications on mobile banking. For instance, last September, Sprint Nextel introduced its MyMoneyManager application to let users check bank balances and pay bills wirelessly. In May 2009, before the launch of this check deposit update, USAA has released an iPhone application that allows members to check their bank balances, transfer money, find nearby ATMs and make other inquiries using their iPhone.

Currently, more than 15 million people in the U.S. use mobile banking each month, found a recent study from comScore. Driven by the 3G wireless technology and the popularity of smartphones like iPhone, the number is expected to grow consistently in the near future. It seems very likely that cell phones are becoming a bigger part in the way people do commerce and interact with financial institutions.