UPS Store network expands USAA banking services

The UPS Store has now made nearly 130,000 deposits into USAA Federal Savings Bank accounts on behalf of its customers. The shipping franchise network has been offering free bank deposits for USAA members within select areas of the US since last fall, and has now deposited close to $193m through the service.

The USAA Easy Deposit service is now being expanded to 1,900 UPS Stores across the country to provide access for the bank’s 8.2m members.

The service uses the same technology that can now allow cheques to be deposited from a smartphone, a service USAA Bank has been offering since August 2009.

It sees UPS Store staff swiping a USAA Member’s bank card, selecting the account into which to deposit money before scanning the cheque through a remote capture system.

USAA systems then receive the information to process the deposit, returning a confirmation to the UPS Store counter to void the deposited cheque.

During the process, the banking customers do not need to share their account number or PIN, and do not need to fill out a deposit slip, so that non-bank personnel are not required to know personal information for added security.

David Bohne, president of USAA Federal Savings Bank, said: “With this new agreement, members can visit any of the pre-identified The UPS Store locations to deposit a cheque in seconds. USAA Easy Deposit is one of the many ways we make it easy for our members to bank with us.”

UPS said the deposit into USAA bank accounts is “in most cases” immediate.

“Our franchisees are pleased to be part of a solution that helps USAA customers do their banking,” said Stuart Mathis, president of Mail Boxes Etc. Inc. (MBE), franchisor of The UPS Store brand. “USAA Easy Deposit is a great example of how business organizations can make their customers’ lives easier by maximizing technology and tapping into our nationwide network of convenient The UPS Store locations.”