In what would likely be a high-tech bank deposit mechanism, the San Antonio, Texas-based United Services Automobile Association (USAA) will this week debut a new application that will allow Apple iPhone users to make a deposit by merely clicking pictures of both sides of their check, and forwarding the images via their iPhone!

According to a recent report in The New York Times, to exhibit the ground-breaking capabilities of the new application - Deposit@Mobile - the privately-held financial services and insurance company, USAA, lately has posted a video of the singular application on YouTube.

The report says that users who make deposits using the new iPhone application would not be required to send the deposited checks to the bank later. Moreover, as a beforehand solution to address concerns about fraud or theft, the unique service will be available only to customers who can either obtain credit accounts or have insurance with USAA.

This is not the first time that USAA is going high-tech! The one-branch US service, which has members deployed globally, introduced its USAA Deposit@Home service in February 2007, allowing deposits to be made using a computer and scanner.

Furthermore, in May this year, USAA - forecasting expansion of mobile banking services - released an iPhone application that enables its members to check their bank balances, transfer their money, and make other inquiries using their iPhones!