Personally, I’ve been waiting for this for years. Unless you’ve somehow been able to never, ever receive payments via a paper check, it’s been really difficult to make an occasional visit to the bank. Finally, Citi, Chase, and a few other banks are slowly starting to roll out a new feature that will let me essentially eliminate visits to banks. I can only wonder how it will change the banking scene, especially brick and mortar banks.
Sure there will always be reason to visit the bank, maybe when you need a loan, want traveler’s checks, or maybe you need financial advice (sarcasm), but will it justify huge electricity, rent, and other bills associated with a physical location?
ING will be rolling out an online check deposit system soon too. If you don’t know what online check deposits are, basically you take a digital picture of a paper check and submit it online, and magically the deposit will be taken care of. No more filling out those annoying bank deposit slips or hoping you don’t get robbed while depositing checks at the ATM.
I wish to thank my bank for many years of service, but I think I’ll be closing that account. I may keep my credit union account for those occasional visits.