Charles Schwab has announced the launch of mobile deposit capabilities for Android smartphone users, enabling Schwab brokerage and Schwab Bank clients to deposit checks remotely by taking a picture of a check with their Android smartphone camera.
Charles Schwab launched its first native Android application last month and is one of the only financial services firms to provide its clients with integrated mobile deposit capabilities for both bank and brokerage accounts.
"Android devices are becoming increasingly popular, and we're very pleased to add the mobile deposit capability to an already full list of features on our Android app, reinforcing the convenience of our integrated Schwab Bank and Schwab brokerage capability," said Diane Russell, senior vice president of platform services for Charles Schwab. "Combined with the reimbursed ATM fees for debit card transactions from Schwab Bank and Schwab brokerage accounts, mobile deposit provides great value for people on the go."
According to a recent Schwab survey of 2,000 consumers on mobile banking and investing, nearly seven in ten Americans ages 18-44 showed interest in depositing checks using a mobile phone, citing convenience as the primary reason. More findings from this survey can be found here and on Schwab's new corporate blog, Schwab Talk.
To deposit a check via Android or iPhone, clients will select the Schwab Bank or Schwab brokerage account into which they wish to deposit funds, enter the deposit amount, take a photo of the front and back of their endorsed check and hit submit.
In addition to the new mobile deposit feature, Schwab's native Android application enables clients to transfer money between Schwab Bank and Schwab brokerage accounts; place trades within their brokerage account; and view balances for Schwab Bank and Schwab brokerage accounts, Schwab 529 College Savings Plans and Schwab-administered 401(k) and stock option plans.