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WirelessDevNet.com Press Release
Charles Schwab Launches Brokerage and Banking Mobile Deposit for Android™ Smartphones
Charles Schwab has announced the launch of mobile deposit capabilities for Android smartphone users, enabling Schwab brokerage and Schwab Bank clients to deposit checks remotely by taking a picture of a check with their Android smartphone camera. Charles Schwab launched its first native Android application last month and is one of the only financial services firms to provide its clients with integrated mobile deposit capabilities for both bank and brokerage accounts.
“Android devices are becoming increasingly popular, and we’re very pleased to add the mobile deposit capability to an already full list of features on our Android app, reinforcing the convenience of our integrated Schwab Bank and Schwab brokerage capability,” said Diane Russell, senior vice president of platform services for Charles Schwab. “Combined with the reimbursed ATM fees for debit card transactions from Schwab Bank and Schwab brokerage accounts, mobile deposit provides great value for people on the go.”
According to a recent Schwab survey of 2,000 consumers on mobile banking and investing, nearly seven in ten Americans ages 18-44 showed interest in depositing checks using a mobile phone, citing convenience as the primary reason. More findings from this survey can be found here and on Schwab’s new corporate blog, Schwab Talk.
To deposit a check via Android or iPhone®, clients will select the Schwab Bank or Schwab brokerage account into which they wish to deposit funds, enter the deposit amount, take a photo of the front and back of their endorsed check and hit submit.
In addition to the new mobile deposit feature, Schwab’s native Android application enables clients to transfer money between Schwab Bank and Schwab brokerage accounts; place trades within their brokerage account; and view balances for Schwab Bank and Schwab brokerage accounts, Schwab 529 College Savings Plans and Schwab-administered 401(k) and stock option plans.
New mobile app for 401(k) plan participants
In the next few months, Schwab also plans to introduce an Android app for the more than 1.4 million participants in 401(k) plans serviced by Schwab Retirement Plan Services. This first 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. There are enhancements planned for the app in the coming year.
About the Charles Schwab Mobile Financial Consumer Survey
The Charles Schwab Mobile Financial Consumer survey was conducted by Kelton Research between April 14 and April 20, 2011, using Random Digit Dialing of listed and unlisted numbers. Quotas were set to ensure reliable and accurate representation of the entire U.S. population age 18 and over. Results of any sample are subject to sampling variation. The magnitude of the variation is measurable and is affected by the number of interviews and the level of the percentages expressing the results. In this particular study, the chances are 95 in 100 that a survey result does not vary, plus or minus, by more than 2.2 percentage points from the result that would be obtained if interviews had been conducted with all persons in the universe represented by the sample.
About Charles Schwab
The Charles Schwab Corporation (NYSE:SCHW) is a leading provider of financial services, with more than 300 offices and 8.1 million client brokerage accounts, 1.44 million corporate retirement plan participants, 728,000 banking accounts, and $1.7 trillion in client assets as of April 30, 2011. Through its operating subsidiaries, the company provides a full range of securities brokerage, banking, money management and financial advisory services to individual investors and independent investment advisors. Its broker-dealer subsidiary, Charles Schwab & Co., Inc. (member SIPC, www.sipc.org), and affiliates offer a complete range of investment services and products including an extensive selection of mutual funds; financial planning and investment advice; retirement plan and equity compensation plan services; referrals to independent fee-based investment advisors; and custodial, operational and trading support for independent, fee-based investment advisors through its Advisor Services division. Independent investment advisors are not owned, affiliated with or supervised by Schwab. Its banking subsidiary, Charles Schwab Bank (member FDIC and an Equal Housing Lender), provides banking and mortgage services and products. More information is available at www.schwab.com and www.aboutschwab.com.
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