According to a Yahoo Finance exclusive, Google Wallet is now a little bit safer. Yahoo Finance reports that Google Wallet balances are now FDIC-insured, and that Google is accomplishing this by storing Wallet balances in FDIC-insured banking institutions. For reference, the Federal Deposit Insurance Corporation insures a depositor's funds for banking institutions up to $250,000.
As Yahoo Finance points out, services like Wallet, Paypal, or Venmo are considered "non-banking institutions," meaning that they aren't legally required to be federally insured, and indeed Paypal and Venmo currently aren't (though Paypal does offer its own account protection measures).
The report also notes that Google Wallet's current user agreement says balances are not FDIC-insured, but that "a Google spokesperson confirmed in a statement to Yahoo Finance that its current policy has changed."
Ultimately it seems as though Wallet's FDIC insurance will be of little consequence to users, except that it provides peace of mind in case the worst should happen. Read More
After a period of limited beta testing, Citibank officially announced today that remote check deposits can now be done using its mobile app for Android. Just snap a picture of the check, and it's deposited remotely. The deposit limit seems to be $1,000 per day (at least it was during the beta), so it won't replace going to a local branch to deposit your paycheck just yet for some of you.
Sounds great. but does it work? I've been using the Chase app to deposit the few occasional checks that come in and haven't needed to go to a bank for a long time, but since Citibank is my main banking account, I decided to check it out. Read More
Ever since Chase launched its mobile deposit feature in the Android app, I've been using it to deposit checks pretty much exclusively. The only times I couldn't use it were when check amounts exceeded $1,000 or I went past the $3,000 calendar month limit.
Thankfully, according to the letter we just received from Chase, these limits are going up on October 2nd to $2,000/check and $5,000/month. Hopefully, this means that they've tweaked the check recognition algorithms and increased confidence in the program enough to continue increasing these limits in the future. Excellent.
You can find the full text of the letter below:
Dear Chase Customer:
You are receiving this message because you are enrolled in Chase QuickDepositSM.
PayPal for Android has, at long last, been updated with a killer-feature iUsers have enjoyed since last October: camera-based check scanning and depositing. As a frequent PayPal user, myself, I have to say: this is awesome. Checks are the very bane of my (financial) existence; I mean, who uses checks? Every time I get one of those evil little slips, I scurry down to my local Wells Fargo, wasting precious gasoline and time - assuming it doesn't just sit on my desk for a month, taunting me with its hand-scrawled promise of currency (if you haven't noticed, I'm kind of lazy.)
Yes, I'm poor
While I could wait for Wells Fargo to implement such a feature, I might be waiting a while: their Android app is still just a URL bar-less mobile web page. Read More
Chase, a subsidiary of JPMorgan Chase, today released its official and long-awaited mobile banking app for Android. Since I am a Chase customer with 3 credit cards and a checking account (migrated from WaMu), I decided to take it out for a quick spin.
The Chase app features the following:
- instant check deposits by taking photos of the front and back with your phone's camera - it's not the first bank to do this, but it was certainly the #1 wanted feature on my list
- viewing account balances and transaction histories
- paying bills using Chase bill pay
- paying credit card balances
- money transfers, including both account-to-account and wire transfers
- ATM/branch finder
The app is very secure - it requires your password every time you sign on and does not store it anywhere. Read More