eBay-owned Paypal has been bringing a number of innovative technologies to the iPhone. After letting users to ‘bump’ their phones in order to exchange contacts and send money with their earlier update, Paypal has now announced yet another update to their iPhone app that will make it easier for users to deposit money into their account.
The new electronic check deposit feature will allow users to simply capture a picture of the front and back sides of their checks and submit it electronically for the money to be automatically transferred from the bank to their Paypal accounts.
While this is definitely a convenient way to transfer money, not all users are happy. A review of the new feature on the App Store brings up a very pertinent point,
“PayPal proudly announced the new check deposit feature last week to much fanfare, claiming this version would be released in a day or so. Well, try several days. It’s immediately slower, but it’s worth it, right? After all, we’ve suffered for years with PayPal pretending we have to wait three business days for ACH transfers to happen, so at least now we’ll have a way to deposit funds instantly. Oh, think again! Now they want us to believe that instead of same-business day crediting that’s a normal part of Check 21, we’re supposed to wait six business days “or longer” for the deposit. Yes, seriously. Whatever you do, don’t use this feature; you’d be better off mailing your check to a bank in another state! PayPal stands to make a fortune off the float on these check deposits. Unreal!”
You can still check out the new version of the app by clicking here.