When it comes to technology, the one thing that you can expect is that there will always be something new right around the corner. Just when you think you have seen everything, baby you haven’t seen anything yet. Bear in mind that not too long ago you would have to make a special trip down to the branch ATM to get money out of your bank account to go out on the town. Now you just take your bank card with you and you can pay for anything you want right from your bank account.

Depositing Checks from Your Phone
One of the fun advancements which have come down the pipeline recently is the ability to deposit a check right from your phone. This is a service which is offered from Chase Bank as an app that is accessible when you upgrade to the latest app offered from the bank for your smart phone.

The ease of depositing the checks from your phone has been simplified to the point where a fun and kitschy advertisement including newlyweds on their honeymoon depositing wedding gifts show you how it is done. It is really as simple as opening the software on your phone, taking a picture of the check and then confirming the deposit is correct for the amount of the check.

This innovation is just one more way in which the banks are able to keep you out of the actual bank. This allows them to dispense of trivial things like depositing checks on a continual basis so that they can attend to more pressing matters at hand.

Another bank which has gotten on the bandwagon is Bank of America. They have created the most elaborate ATM machines to date. You can now enter checks for deposit and get photo confirmation of the deposit. You can enter a stack of cash which is automatically sorted and counted. You can even transfer funds, print a statement and more right from the ATM. This allows you to do virtually all of your banking without ever having to disturb a teller.

Paying with Your Phone
Speaking of Bank of America, they have also created a way to allow you to change your cell phone into a credit card. By working with the major mobile service providers like AT&T, Verizon and T-Mobile USA, they are able to install an RFID chip in your cell phone which is readable by some of the new business POS systems which are being distributed now.

The advantages that this presents are not just for the consumers. Sure, they will be able to buy with greater ease, but they will also buy more and the purchases will have a higher rate of guarantee. This is because of the redundant security systems which are installed in the RFID chip and the software in the phone itself.

The first layer is the chip itself which contains the information about your credit card account. The point of sale systems will read the information as you pass the cell phone over the reader. This will allow the machine to access your account information and see if there are sufficient funds to authorize the payment.

The next thing the system will do is to check with the phone to make sure that the information on the phone coincides with the information which is being pulled about your account. This kind of matching software gives a recognition many employees do not even try to provide anymore.

A last layer of security is that the system will make sure that the phone being used to make the payment is actually in the area where the payment is being made. This is done by using the GPS capability of the phone to locate it. If it is in the same location as the place where it is being used than the payment will be confirmed and you will be able to make your purchase.

Best of all, all of this will be completed in about a second. This will help to speed up payments at the counter as well as encourage customers to make more impulse purchases.