Smartphones—they’re not just for remote deposit capture anymore.
Using that same check, snap, and deposit principle, San Diego County Credit Union members can transfer balances from rival credit cards onto a Visa card issued by the $6.2 billion credit union.
San Diego County introduced the Easy Balance Transfer app—produced by Mitek Systems— through the iTunes and Google Play marketplaces earlier this year, staking a claim as one of the nation’s first financial institutions to offer the service.
“Customers don’t need to remain burdened with a large credit card balance at a big bank when a credit card balance transfer is so quick, easy, and secure using your mobile phone,” says Teresa Halleck, president/ CEO, San Diego County.
Members log in with their online banking username and password, and then snap a photo of the bottom payment stub from their other credit card bill.
The app reads the company’s name, address, and payment amount. After reviewing the information, the member confirms the transfer. Should the photo function fail, members can enter the information manually.
Members can transfer up to their credit limit or $10,000, whichever is less. The credit union ran a 0% promotional offer on transfers in the month following the app’s debut. Since then, a fee of 2.5% of each transaction amount applies.