E*Trade launches mobile deposit for iPhone

Source: E*Trade Financial

E*Trade Financial Corporation (NASDAQ: ETFC) today announced that E*Trade Securities LLC has introduced mobile deposit for iPhone, enabling customers to electronically deposit checks to their brokerage or E*Trade Bank accounts remotely with the use of their iPhone camera.

To make a mobile deposit, eligible customers simply photograph the front and back of a paper check with the iPhone's built-in camera, and upload electronically via E*TRADE's mobile banking and investing application E*TRADE Mobile Pro. The transaction is complete once the deposit amount and selected bank or brokerage account are confirmed. After the check has posted, and following standard hold procedures, funds will appear in the E*TRADE account, which can then be used to transact through etrade.com or E*TRADE Mobile Pro.

Mobile deposit transactions are secure and covered by E*TRADE's Complete Protection Guarantee. The company plans to roll out the same capability on Android smartphones in early 2012.

"Investors are increasingly managing their day-to-day and long-term financial plans via hand-held devices - and we believe our new mobile deposit capability will be well-received by customers and prospects given the added convenience," said Michael Curcio, President, E*TRADE Securities. "E*TRADE is focused on delivering the tools, support and technology that enable customers to more easily manage their money. Mobile deposit is another step in this direction - eliminating the need for waiting in lines, mailing in checks, or transacting through ATMs."

In addition to mobile deposit for iPhone, E*TRADE introduced a number of new capabilities on its Mobile Pro for iPhone and Android applications, including:

  • Complex Options Trading for iPhone and Android: Get on-the-go access to options opportunities and strategies
  • Streaming Charts for Android: Customizable streaming charts and quotes let you view real-time market data in regular and extended hours
  • CNBC Video for Android: Access breaking news alerts and video clips through CNBC Video on Demand
  • Dynamic Search for Android: Get relevant search results before you even finish typing 

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