After launching its official Android app (download) only two weeks ago, Charles Schwab Bank and Brokerage has already released an update with a much-needed feature: mobile check deposit. This adds some serious power to an app that already lets you transfer money between accounts, view balances, and track and trade stocks.
To deposit a check, select either your Schwab Bank or Schwab brokerage account, enter the deposit amount, take photos of both sides of the endorsed check, tap Submit, and you're all set. But be warned: checks cannot be wrinkled or folded, and pictures need to be clear, in-focus, and free of shadows.
Since a common method of depositing paper checks to Charles Schwab accounts is via postage-paid snail mail (Schwab branches are not the most ubiquitous), the update is important to many of the financial institution's account holders. In fact, we think this feature alone might be enough to get many of them on the Schwab mobile app bandwagon.