Finally!!! The largest bank in America; Bank of America has finally got a feature to remotely deposit checks to your bank using your Android device. Several other banks already had this feature for a while, but the latest update for Bank of America, which was rolled out today, now allows users to deposit checks using their mobile phones or tablets.
While several other banks like Chase already had this feature for ages, BofA was the only bank which did not have it. Today’s update to the Bank of America app adds the following features:
– Make check deposits
– Choose the BankAmeriDeals™ you want, and earn cash back
– Receive Bank of America Alerts as push notifications
– Securely send money to others, using their mobile number or email address (requires enrollment)
I am definitely happy with this update because it was definitely becoming a pain lugging around those checks to an ATM or bank branch just to deposit. Finally, I can now deposit checks to Bank of America while I am lazing around in my house.
You can get the latest features by updating the app on your device or by download it from Google Play.
Facebook seems to be looking at yet another avenue — social banking — to generate additional revenue. It is apparently working to enable users to access banking features like paying bills, transfer money and access checkbooks through its platform.
By integrating standard banking features within its offering and tying up with banks and other financial institutions, Facebook could not only become a more intimate part of its users’ lives thus boosting engagement on the platform, but also generate additional revenue eventually.
Facebook is working with Australia’s Commonwealth Bank for an initial rollout, and will soon enable its customers to make payments to their friends and contacts and also offer a more social experience.
Though there might be some privacy and security issues which would need to be ironed out, social banking could be a huge hit and become one of Facebook’s major revenue engines. Facebook could take a cut off each fund transfer or each bill payment as a convenience charge.
Given its massive user base of more than 900 million monthly active users, even if a small fraction start transacting regularly, it could mean a significant source of cash for Facebook, which currently relies primarily on socially targeted advertising to make money.