New developments in the banking world will make it possible to deposit a check via your smartphone. No more waiting in line at the branch or an ATM!

This service is being offered by USAA, a one-branch bank in Texas that serves military customers all over the world. It is among the 25 largest banks in the country.

Clark's brother is a retired naval officer living in Arizona who has been a USAA customer for decades. A few years ago, he started making his deposits by scanning checks into his computer and e-mailing his deposit, instead of doing it by traditional snail mail.

Once you've received credit for a check that's submitted in this way, you can either file it away or destroy it. Other banks have since followed USAA's lead and adopted similar systems.

Now USAA is experimenting with another groundbreaking deposit option for iPhone users. You can now take a picture and e-mail it in to deposit the money!

Clark loves these kinds of things. They're now possible because of the Check 21 law. Isn't it great to be able to live in one part of the country and use a bank or credit union in another part? This opens up competition to seek better rates or continue banking where you used to live if you wish.

It also opens up the possibility for a "branchless" bank, much like ING Direct.