Charles Schwab launches brokerage and banking mobile deposit for iPhone

Charles Schwab (San Francisco, Calif.) today launches mobile deposit capabilities for iPhone users, enabling brokerage and Schwab Bank clients to deposit checks remotely by taking a picture of a check with their iPhone camera. Schwab is one of the only financial services firms to provide its clients with mobile deposit capabilities and integrated banking and brokerage mobile services, including money transfer.


Charles Schwab (San Francisco, Calif.) today launches mobile deposit capabilities for iPhone users, enabling brokerage and Schwab Bank clients to deposit checks remotely by taking a picture of a check with their iPhone camera. Schwab is one of the only financial services firms to provide its clients with mobile deposit capabilities and integrated banking and brokerage mobile services, including money transfer.

Schwab is also launching its first native application for Android. Mobile deposit for Android users will be available next month. 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, and Schwab-administered 401(k) and stock option plans.

“We want to make it easy for clients to manage their money no matter where they are,” said Diane Russell, senior vice president of platform services for Charles Schwab. “People want convenience, ease of use and a great value; with mobile deposit, integrated bank and brokerage applications, and reimbursed ATM fees, we’re delivering just that.”

To deposit a check via their iPhone clients 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 hit submit.

Consumer interest in mobile banking and investing, according to new Schwab survey

According to a recent Schwab survey of 2,000 consumers regarding mobile banking and investing, nearly seven in ten Americans ages 18-44 showed some interest in depositing checks using a mobile phone, with convenience as the driving reason. The survey also found that 43 percent of smartphone owners have used their device for banking and investing activities and that the average frequency for these activities is nine times a month.

New mobile app for 401(k) plan participants

This week, Schwab also announced an app for iPhone for the more than 1.4 million participants in 401(k) plans serviced by Schwab Retirement Plan Services. Available in early June, this app will include view-only access to 401(k) account information, including balances, year-to-date personal performance, contribution rate, a 45-day transaction history, and Schwab contact information. Schwab plans to introduce a similar 401(k) plan participant app for Android users in the next few months and there are enhancements planned for both apps in the coming year.