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Bank of America to roll out envelope-free ATM deposit system

27 June 2006  |  2275 views  |  0 Source: Bank of America

Bank of America customers will be able to put checks and cash into ATMs without an envelope or deposit slip when they use new machines moving from a pilot program to a national rollout starting this week in the Washington, D.C., and Atlanta areas, the bank announced today.

Bank of America, which has the largest bank-owned ATM network in the country and the most ATMs that accept deposits, will be installing the new ATMs later this year in the New York City, Phoenix and San Diego areas as part of the 1,500-machine national rollout. The bank began a pilot program in 2003 in Charlotte, and now has a total of more than 60 of the new ATMs in North Carolina and South Carolina.

Later this year, customers using the new machines will be able to get immediate credit for cash deposits and same-day credit for deposits until 8 p.m. in the state the account is located.

Some of the advantages of deposit image ATMs:

  • Receipts include an image of each check and a verification of the amount of cash
  • No envelopes or deposit slips. This is more convenient for customers and helps the environment by reducing the amount of paper used
  • No math - the ATM adds up the deposit

"When customers see an image of their checks on their receipts, they're more confident that the deposit has been accepted and they have assurance in hand," said Kirk Lindsey, Bank of America's ATM executive. "When customers are that comfortable, they're more secure about making deposits at an ATM. Making deposits has never been easier."

Bank of America has a total of 16,700 ATMs nationwide, and more than 12,000 of them accept deposits.

In the past year, the number of deposits at the new ATMs increased by 50 percent on average every day. Customers said they were more likely to make future deposits at the ATMs rather than with tellers.

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