The Chase Mobile (free, link) iPhone app has received two big features in a recent upgrade to version 2.3.1. The first, Quick Deposit, allows you to take pictures of checks and deposit them without going to the bank. It’s been getting all the press, but the other, called Quick Pay, is much more compelling.
Quick Pay allows you to quickly send and receive money with no fees to friends, family, etc, using your iPhone. All that is required is an email address and a US bank account. You don’t even have to be a Chase customer, but you do need to sign up through Chase. It’s all free, and Chase coordinates the transactions for free. There is a $1,000 daily limit. Check out Chase’s FAQ on Quick Pay for all the answers. You can sign up for the service within the app.
Quick Deposit utilizes the iPhone’s camera, letting you snap pictures of checks and send them to Chase for quick depositing into your account. No more dreaded trips to the bank. The free version of Quick Deposit is an iPhone-only feature, and limits you to $2,000 per check, and $3,000 in deposits per month. Another pay version is available for businesses and ups the limit, costing $50 a month.
Of the two, Quick Pay is definitely our favorite. How many times have you been at a restaurant with friends, and when it comes time to split the check, one person only has $20s, another only has a credit card, another needs to hit the ATM, etc. This simplifies everything, and would even be perfect for small businesses like babysitting. Sure, there have been other services, like the PayPal app, that offer the ability to do this, but they often charge ridiculous fees for exchanging just a few dollars.
Chase Mobile is a free download from the iTunes App Store.
