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Wells Fargo introduces envelope-free ATM deposit system

Wells have been working towards this since 2002.  Note how they are just not imaging the cheques, and reading them automatically, they are clearing them immediately and passing that benefit to the customer with same day credit for cheques.

Finextra: Wells Fargo introduces envelope-free ATM deposit system

  • Envelope-Free ATMs offer customers some important benefits:
  • Faster and easier ATM deposits – customers can deposit stacks of bills (up to 30 bills in different denominations) and checks (up to 10) directly into the machine at one time.
  • Assurance that checks or cash deposits have been received – customers can see on-screen check images and a count of each denomination for cash deposits.
  • Proof-positive receipts – customers receive a check image of deposited checks on their receipt and an itemized listing of deposited bills.
  • Instant credit for cash deposits – funds are immediately credited to the customer’s account, just as if they made a cash deposit at the teller window.
  • Same day credit for check deposits – the deposit cut-off time has been extended from 4:00 p.m. to 7:00 p.m. (weekdays), giving customers same-day credit for deposits even after the banking store has closed.
  • ATM does the math for you – customers insert cash and a listing of every deposited bill is provided on-screen. Customers insert checks and the character recognition software reads and posts an image of the check and the amount on the screen.
  • Saves trees – by making envelope-free deposits, Wells Fargo customers are helping to reduce unnecessary waste – potentially saving more than a thousand trees per year and reducing air pollutants by more than a quarter million tons of CO(2) equivalents.

One thought on “Wells Fargo introduces envelope-free ATM deposit system”

  1. When it works, it’s ok. It’s slower than depositing with envelopes, which is irritating if there is a line (or maybe the deposit slowness creates it).

    BUT, envelope-free ATMs are TERRIBLE because they won’t accept checks that aren’t PERFECT. If the top edge doesn’t tear off cleanly, the ATM will reject it and there is no other way to deposit it than going into the branch, standing in line, etc. etc. TERRIBLE.

    Easy solution — program the ATMs to accept imperfect checks. Duh!

    Another problem — the decal prompts you to insert the checks right edge first. But, of course, everyone lines them up on the left edge. Since the ATM can flip the images as necessary, why not direct people to insert them the NATURAL way???

    I’ve given this feedback to WFB with NO response…

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