PayPal Lets iPhone Users Deposit Checks By Taking Pictures Of It

Love it or hate it, you can hardly do business on eBay without having a PayPal account. PayPal has announced a new iPhone app update that will make it easier for you to move money from your normal back account via check or from a paycheck to your PayPal account.

The new app update lets the user deposit the check into PayPal by taking a picture of the front and back of the check and submitting the images only for deposit. PayPal wants you to hold onto the checks for 15 days after the deposit is made and after that time and then you can trash the check or file them away.

The app runs on the Mobile Check Capture service powered by BankServ and is one of the features in the new iPhone app version 2.7. You can grab the updated app on the App Store free right now. I wonder what is to keep someone nefarious from depositing the check in PayPal with pics and then taking the paper check and depositing it at another bank.