Wells Fargo & Company has announced that all deposit-taking ATMs in its network of more than 12,000 machines across the country are now entirely envelope-free.
“We’re thrilled to have Wells Fargo Envelope-Free ATMs stretching coast-to-coast, providing our customers with added convenience,” said Alicia Moore, head of Wells Fargo ATM Banking. “Some key benefits are they do the math, save paper, simplify the process and extend the banking day. The ATM does all the work. Our customers are thrilled by how easy it is and welcome the chance to help us reduce waste and save trees by depositing stacks of bills and checks directly into Wells Fargo’s ATM.”
Customers no longer need to write on an envelope or key-in a deposit amount. Once cash and/or checks are inserted, the machine converts the paper checks into digital images, which appear on the ATM screen and on the receipt. It also sorts and counts the bills and verifies the amount. Cash deposits are available for use immediately and check deposits made on weekdays by 9 p.m. are considered received on the same day. In many states this extends the banking day for customers by several hours, making it easier and more convenient to take care of their financial business.
Wells Fargo’s announcement shows that the additional capabilities of intelligent deposit ATM machines are highly valued by customers and financial institutions alike. With the availability and convenience of envelope-free ATMs, customers will be more likely to use ATMs for both their cash and check deposits, and for other banking transactions.
More information on the new generation of ATMs can be found in the new Mercator Advisory Group report “The Evolution of the ATM Banking Channel.”
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