Have you ever needed to deposit a check, but never really felt like going the bank? Do you use your PayPal account more than your real bank account? Then how about downloading the PayPal 2.8 app for your mobile device. Since October, it’s been available for iOS, but now all Android users can use the app to deposit checks into their PayPal account.
Depositing a check is fairly simple. Just simply use your phones camera to take a picture inside of the PayPal app, and PayPal will do the rest. However, it can take up to 6 days for the check to be fully deposited into your account. Luckily, there are no fees associated with this service. PayPal mobile users are depositing nearly 1 million dollars a month from their mobile app, which we can now suspect will increase with the availability on Android devices.
This 1 million a month is nowhere near the amount that Chase Bank mobile app users are doing. Chase Bank members are uploading nearly $150 million per month, but then again it’s been around a lot longer too and is used by a lot more people.