The Apple iPhone 3G and 3GS devices have proven their worth in the market and have established that these state of the art gadgets aren’t not only carry fun filled applications, but are are also very helpful in our day to day activities as well. A privately owned bank, that also serves as an insurance company, known as USAA has launched a service for iPhone owners, wherein, the users can now deposit their checks, simply by taking a photo of the check with their iPhone cameras.

According to Wayne Peacock (Exec. V.P, USAA),

“We’re essentially taking an image of the check, and once you hit the send button, that image is going into our deposit-taking system as any other check would. Mobile is going to be a bigger part of how people do commerce and how they interact with their financial institutions. The great value that we see is the time savings.”

The images of the checks will be processed electronically and transaction will be smooth, thereby, eliminating the need of bringing the check’s hard copy to the bank. In an effort to eradicate any possibilities of fraud and misuse of the service only USAA customers, who have credit with the organization and have insurance via USAA, will be applicable for this service.

A similar kind of service was introduced early this month, called ‘The Square‘, where Apple iPhone users will be able to use their credit cards, by simply using a small gadget, attached to the iPhone.

Via Mobiledia.