Bank of America now has more than 2,500 ATMs throughout the U.S. that enable customers to make check and cash deposits without an envelope or deposit slip.
Consumers using the new machines are 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.
Bank of America, which has the largest bank-owned ATM network in the country and the most ATMs that accept deposits, began rolling out the new ATMs last year. Currently the ATMs are available in the Carolinas, Atlanta, Chicago, Los Angeles, Miami, New York, Phoenix, Portland (OR), Riverside, San Diego and Washington D.C. markets. Through the next several months, the bank will add the feature to ATMs in Baltimore and San Francisco markets.
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.
"Making deposits at the ATM has never been easier," said Kirk Lindsey, Bank of America's ATM executive. "Customers don't need to put checks in an envelope or add up and enter the deposit amount - the ATM does all the work. 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."
Customers surveyed by the bank said they were more likely to make deposits at the ATMs rather than with tellers. In the past year, the number of deposits at the new ATMs increased up to 50 percent.
Bank of America has more than 17,000 ATMs nationwide, and more than 12,000 of them accept deposits. The bank plans to convert all of its deposit-taking ATMs to the new envelope-free technology.