Customers who want to deposit a cheque via their iPhone have to select the Schwab Bank or brokerage account into which they wish to deposit funds, enter the deposit amount, take a photo of the front and endorsed back and click submit.
In addition, Schwab has also launched its native application for Android-powered devices, with future plans to introduce mobile deposit capabilities for Android users in June 2011.
As a result, both iPhone and Android users can now transfer balances between Schwab Bank and brokerage accounts, place trades in brokerage accounts and view balances and account activity for Schwab Bank and brokerage accounts, Schwab 529 College Savings Plans, as well as from their Schwab-administered 401(k) and stock option plans.
In December 2011 , Charles Schwab launched a mobile banking service compatible with the iPhone devices to monitor customers’ transaction history.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now