No you do not have to send in the paper check. There are limitations to this app though, if it remains the same as the one on the iPhone. The check must be under $1,000.00 in order to be electronically deposited via the phone. You may be able to deposit a larger amount, but there would most likely be a delay for verification.
The deposit would be just as secure as dropping it in an ATM. Actually, more secure. With the ATM you give up the check, and if there's an error (Say a lost check) how do you prove it was there? With the phone apps, you hang on to the check, so if there's a problem, you can always take it in.
Fraud seems like it could be an issue, but really it's not. You can't deposit the same check twice, try it and you'll be caught easily. Sure, you could change things on the check, but you could do that with a physical check too, and you're just as likely going to get caught.
To be fair, the banks aren't too bright to begin with. I watch a documentary about check fraud where the documentary folks started an account with a fake I.D. that wasn't even a fake of an acceptable I.D. (it was a work badge). They also were able to cash checks for thousands of dollars.
The Checks were issued by:
Mr. Donald Duck
1234 Anywhere Ln.
City, State. 12345 (That's actually what is said)
memo on check: This check is fake. Still got through.
The deposit would be just as secure as dropping it in an ATM. Actually, more secure. With the ATM you give up the check, and if there's an error (Say a lost check) how do you prove it was there? With the phone apps, you hang on to the check, so if there's a problem, you can always take it in.
Fraud seems like it could be an issue, but really it's not. You can't deposit the same check twice, try it and you'll be caught easily. Sure, you could change things on the check, but you could do that with a physical check too, and you're just as likely going to get caught.
To be fair, the banks aren't too bright to begin with. I watch a documentary about check fraud where the documentary folks started an account with a fake I.D. that wasn't even a fake of an acceptable I.D. (it was a work badge). They also were able to cash checks for thousands of dollars.
The Checks were issued by:
Mr. Donald Duck
1234 Anywhere Ln.
City, State. 12345 (That's actually what is said)
memo on check: This check is fake. Still got through.