PayPal has launched an updated version of its mobile app for iPhone and iPod touch that lets you deposit checks to your PayPal account simply by scanning the front and back with your camera. It takes about 6 days for a check to clear and be added to your online balance, and PayPal recommends holding onto the physical check for about 15 days before tossing it in the trash, just in case. But the new PayPal app certainly gives one less reason to visit the bank.
Of course, if you prefer to have your checks in your bank account rather than your PayPal account, you can always transfer cash between the two accounts — although it’ll take another few days for that transaction to go through.
PayPal announced that the new check scanning feature was on the way a few days ago, but with its launch today one of my biggest questions has been answered: Check scanning is free. You won’t have to pay a commission for depositing each check. Unfortunately I don’t have any uncashed checks lying around at the moment, so I haven’t been able to fully test the new app yet.
PayPal for the iPhone and iPod touch is available as a free download from the App Store.
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