Chase Quick Deposit on their iPhone App

Follow this link to find detailed steps on How to Activate Chase Quick Deposit for iPhone.

After my iPhone App updates are completed, I like to go into each newly updated app and figure out how they were “improved”. From my earlier experiences, it usually just turns out the apps now contained more advertising.

However, when I opened up the new Chase iPhone App, I noticed a new icon on the bottom navigation marked as “Deposits”. Initially I thought, what a useless add-on. What? It’s going to tell me what my recent deposits were? I mean, sure, I guess some people would find it useful. So I just pressed the new icon and was blown away.

This wasn’t a feature that tells you what your most recent deposits were, it’s a feature that actually allows you TO MAKE DEPOSITS! I was completely blown away. Is this for real? I haven’t used it myself yet, but it seems like you simply need to take a photo of the front and back (ensure you sign it too) of the check(s) you’re depositing (up to a total of $1000 per day or $3,000 a week), press a couple of buttons, and you’re all set. I believe I have a $50 check laying around here somewhere and I’ll follow up with how smoothly or rough everything goes.

On another note, the Chase iPhone App has also activated a new feature called Person-to-Person QuickPay. Once you activate this feature through a regular computer, you can then have the option of sending/request payments to/from anyone by simply entering their E-mail address. Similar to how PayPal does it’s payments. That’s pretty awesome.

I’m amazed by the innovation that Chase has brought into the playing field of financial services and I’m sure it’s hard for people not to be impressed. Understandably, there are concerns of authenticity and validation of each check being deposited, but I’m sure Chase will address those security concerns.

Update (2010-07-05) Just completed my first Chase Quick Deposit and everything went pretty smoothly, even while using EDGE. I personally chose to retake the photos a couple of times, just to make sure my first deposit goes well. If any hiccups occur, I’ll be sure to update this post.

How Credit Card Interest is Calculated

There is no simple way to calculate interest on credit cards. There are different values that come into play:

  • Outstanding balance from the month before
  • Annual Percentage Rate of your credit card
  • Number of days in a month your credit card is calculated over
  • Number of days in a year your credit card is calculated over
  • Your Monthly Payment amount

For the calculations below, I’m just going to take a snapshot in time, so that it doesn’t take into account your monthly payments and compound interest. Essentially, I’m trying to give you a simpler view so that it’ll be easier to digest how much money you will be burning on interest on a daily, monthly, and annual basis.

The below examples will use the following values:

  • Annual Percentage Rate = 10%
  • Outstanding Balance = $5000
  • Days per Month = 30
  • Days per Year = 365

Formula to calculate daily credit card interest accrued:

  • ((Annual Percentage Rate/100)/Days per Year) * Outstanding Balance = Daily Interest
  • Example: ((10/100)/365) * 5000 = $1.37

Formula to calculate monthly credit card interest accrued:

  • ((Annual Percentage Rate/100)/Days per Year) * Outstanding Balance * Days per Month= Monthly Interest
  • Example: ((10/100)/365) * 5000 * 30 = $41.10

Formula to calculate annual credit card interest accrued:

  • Outstanding Balance * (Annual Percentage Rate/100) = Annual Interest
  • Example: 5000 * (10/100) = $500.00