Just when you thought technology couldn't get any cooler, USAA, a Texas-based bank, plans to release an update to its iPhone application that will let you make deposits using the iPhone’s camera.

The application works by letting customers snap a picture of both sides of the check and then submitting it to USAA.

"We’re essentially taking an image of the check, and once you hit the send button, that image is going into our deposit-taking system as any other check would," said Wayne Peacock, USAA executive VP.

Customers will not need to mail the physical check to the bank.  The deposit will be handled entirely electronically.  USAA suggests voiding the check and filing or discarding it once the photo has been sent.

Video demo below...

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