State Farm, an insurance company and bank, is to become the latest US institution to offer its customers cheque deposit services via an iPhone.

Users sign up for an iPhone app which allows them to endorse the cheque, enter the amount and take its picture. Mobile Check Deposit supports scanning of unlimited cheques per day, up to $10,000.

The system will work with  the iPhone 3GS and iPhone 4. The service also sends a confirmation notice from State Farm Bank when the deposit is received.

"State Farm Bank is excited to be one of the first banks in the country to offer Mobile Check Deposit," said Mike Smith, President and CEO State Farm Bank.

“As a nontraditional financial institution, expanding mobile services provides another avenue for our customers to manage their money. We are committed to further development of cutting-edge services for our customers.”

The bank also offers State Farm Pocket Agent, a full-featured iPhone and Android application which allows auto policyholders, registered on statefarm.com, to begin the claims submission process while at the scene of an accident. Other features include "find an agent", "locate a repair facility" and the ability to look up their State Farm insurance card information.

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By GlobalData