The PayPal app for iPhone has added quite a few quality features since its initial launch. Most recently, the eBay-owned company rolled out support for check deposits. The idea of mobile check deposits isn’t anything new — Chase launched the service a few months ago to rave reviews (by me), but PayPal’s larger user base means that more people may be able to take advantage of the feature.
Through the app, users can deposit checks of up to $1,000 per day ($3,000 per month) using the camera on their iPhone 3GS or 4. From the tools menu, select Add Money From Checks. After taking a photo of the check’s front and back, the image is sent to your PayPal account. Users should retain the paper check for at least 15 days to ensure proper transmission.
Although PayPal’s deposit limits are pretty standard, users probably will be bummed about the lengthy turnaround time. PayPal estimates that deposits will take about six business days to post to your account — eons when my Chase deposits show in my account instantly, and clear the next day. Further, because there’s no way to route mobile deposits to your bank account, users who want to move the money there eventually are looking at another three to four days for a PayPal-to-bank transfer.
Nevertheless, if your bank doesn’t yet offer iPhone deposits and you’re a regular user of PayPal, this is a useful addition to the service, and will save you a trip to the bank.
