Bank of America, USAA ink patent agreement
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The deal allows each company to use the other's full portfolio of patents. USAA for years has sued – or threatened court action against – banks it says infringe on its remote deposit capture patents. Bank of America and USAA have signed a cross-license agreement that lets each company use the other's full portfolio of patents, the firms announced Tuesday . The agreement links perhaps the most publicly prolific financial institution in the patent sphere with one of the most protective. USAA, a military-focused insurance and financial services provider, sent letters to 100 banks in 2017, warning them they were violating the company's 130 mobile deposit patents. The San Antonio-based firm has sued a handful of banks, too – winning two nine-figure judgments against Wells Fargo in 2019 and 2020, as well as a $218.5 million verdict against PNC that was overturned last year. The legal battles continue, though. USAA sued Fifth Third last month, alleging mobile deposit capture patent infringement. The company also sued Regions, on similar grounds, in early 2025. Bank of America, meanwhile, regularly issues press releases touting the number of patents it's received. The bank counted roughly 6,600 as of March 2024. At the time, the Charlotte, North Carolina-based bank said it had seen a nearly 70% increase in the number of patents it owns over the previous five years. "Bank of...
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