PayPal iPhone check-depositing app a huge hit

There are increasing developments in banking technology all the time, with recent news for example of a futuristic credit card. Now it appears that PayPal has a huge hit on its hands with its recent check-depositing facility within an iPhone application. Having to get to the bank to pay in checks has long been a real nuisance for customers who manage to do the rest of their banking online but now users of the app don’t ever have to make that trip again.

The updated PayPal app saw people pay in checks worth $100,000 in its first 36 hours of availability. Laura Chambers, Senior Director of PayPal Mobile said, “We knew that this would be popular but we had no idea just how much pent up demand there was for a quick, easy way to deal with checks,” according to Jennifer Van Grove over on Mashable.

If you want to use the check-depositing service you merely look for the “Add Money From Checks” option, listed under Tools. You’ll find the usual terms and conditions to agree to and then to actually pay in the check you simply take a photograph of both the front and reverse of the check and the money will be paid directly into your PayPal account.

Of course it’s best to hold onto the original check until the deposit actually reaches your account but this certainly sounds like a hassle-free way of dealing with checks. For more on this go to mashable.com. Will you use this method of depositing checks in future? We’re interested to hear your thoughts on this so please feel free to send your comments.