Academic journal article ABA Banking Journal

Depositing Cash & Checks Simultaneously at ATMs

Academic journal article ABA Banking Journal

Depositing Cash & Checks Simultaneously at ATMs

Article excerpt

Since the beginning of the year, Wells Fargo has participated in a pilot with NCR Corp. using its new Scalable Deposit Module at 38 ATMs in and around Boulder, Colo. The new application lets customers deposit cash and checks simultaneously, without envelopes. NCR says customers can simply insert bundles of up to 50 checks and/or currency at a time and have the machine complete the transaction in less than 60 seconds. Johnathan Velline, executive vice-president at Wells, says the bank had worked with NCR on development of the technology.

"It is very fast and the design itself is very elegant" says Velline. "It certainly is a better way to present the experience." Following this pilot, Wells plans to refit all of its ATMs in Colorado later this year.

The San Francisco-based bank had helped pioneer envelope-free ATM technology in 2002 and introduced envelope-free bulk check deposits, according to Velline. This new development continues that trend. "With this, you just select 'deposit' and literally shove everything into the machine. …

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