The NEW Bank of America ATMs
From a technological standpoint, it’s pretty cool…
No more stuffing envelopes, filling out slips and entering totals via a keypad. The technology is called “check imaging” or “envelope-free deposits.”
For printed checks, the system automatically determines how much the check is for, and then presents you with an on-screen image and asks for confirmation of the amount. For hand written checks, it asks you to enter the amount and then shows a picture of the scanned check and asks for confirmation that the amount you entered is correct. The ATMs should cut reliance on tellers and deter fraud from “empty envelope” deposit scams.
The best part?
The ATM will print a receipt with small images of the scanned checks. And before you start worrying about security, the images have the routing and account numbers blacked out across the bottom.
However, there is a downside … it’s S-L-O-W. Each check has to be inserted individually and the deposit amount verified. Also, longer lines have started to form as ATM users struggle with the new process.
According to an Article by Dan Beighley for the San Diego Business Journal:
The new ATMs could save Bank of America and other banks about $1 per transaction by cutting manual processing of deposited checks and the need for envelopes, according to consultant Tower-Group Inc. of Needham, Mass.
Deposits are up by 50 percent at machines with the scanners, according to Bank of America.
“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.
Rivals Wachovia Corp. and Wells Fargo & Co. also have introduced check scanning at some of their ATMs.
Posted by Marissa on December 8th, 2008
Filed under Banking, Miscellaneous | No Comments »
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