At least $1.5 million in checks have already been deposited via an iPhone app, which launched just five days ago, according to United Services Automobile Association bank. The app has been installed nearly 150,000 times, and more than 58,000 users to update their accounts.

USAA has just updated its free iPhone application, adding the ability to deposit checks wirelessly. Just taking a photo of both sides of the check using iPhone’s camera, then you can send the check’s image directly to USAA.

In order to reduce fraud, only qualified USAA customers –who had eligible credit score and insurance from USAA– can make deposits into their accounts over the air.

[via Washington Post]