Bank of America is doing great things in this area. Not all branches
have these ATMs yet but I am lucky to have one in my town.
1) No envelope or deposit slip is necessary. Sign the check. Dip
your card. And, after a couple of screens to explain what you want
to do it opens a slot and asks you to insert your check.
2) You don't even need to tell it the amount. IT READS THE CHECK,
displays the amount and asks for confirmation of the amount. Truly
amazing to me the first time I saw this in action. Caveat: There
are some checks that give it trouble. When it can't read one, it
shows an image of the check on the screen and asks the user to type
in the amount. It even has a zoom if needed to see the exact amount
up closer.
3) It confirms receipt of the deposit and asks if you want to deposit
another
4) Finally, the receipt (if the user has chosen to receive one) has a
small digital image of the check(s) on it!
I never had trust issues with the depositing into ATMs but always
found the process tedious and annoying. I am actually tickled about
depositing check now. (OK, the novelty just hasn't worn off yet).
After seeing this post the other day, I also asked a teller if there
had been any complaints about the new deposit method. She said it's
been about a year and the only real complaints had come from folks
who had a lot of checks to deposit. So, there's room for improvement :)
Hope this was helpful. (BTW-These ATMS also accept cash deposits but
I have not had reason to try that.)
On Jun 26, 2008, at 7:16 PM, Andrea Lewis wrote:
I'd just like to chime in because my experience is inline with Fabio's
and it appears positive experiences are in the minority.
I use Citibank in NYC and frequently use direct deposit when working
with large corporations for long-term assignments, so depositing
checks is rarely an issue (or hassle) that I have to manage. I also
have immediate access to the funds the day of the deposit.
When in-between projects and working for smaller clients, I get a lot
of paper checks. For a while in 2002, I really relied on these small
client checks as work was scarce and I was living
paycheck-to-paycheck. I remember waiting on line at a Citibank
location to deposit a check with a teller, I asked her when the funds
would be available and she told me it would take a few days for the
check to clear. I was a bit distraught and explained that I had a few
large payments pending and didn't want any overdraft issues. She
suggested next time that I use the ATM since the ATM allowed for
"immediate" access to a fraction of the funds, if not all of it --
based on banking history, account balance, etc. So, basically, if my
account had enough funds (or my average daily balance was enough) to
cover the amount of the check being deposited, I would have access to
all of the check as cash immediately...
Since that day in 2002, I have been using the ATMs for deposits and
have never looked back. I NEVER use a teller.
Granted, although a convert, I can think of much needed improvements
to the ATM process.
Even though I "trust" the ATM to give me my money immediately, I don't
trust the ATM to be accountable for the transaction. So, I rely on my
own process. I make sure that I get a receipt of the deposit -
always. And, if the check is very large, I tend to photo copy it
before I deposit it. Just my "cover all bases" attitude since I dont
expect the machine to be as responsible as the only human in the
interaction... me.
Now, the feedback feature Fabio and Pat mention would allay my
fears... the visual recognition of the actual check on-screen would be
ideal (and also if it includes a snazzy print-out of the scanned
check).
As it stands, the Citibank ATMs are severely bare-bones... just pop-in
your discreet deposit envelope... so bare-bones to the point where I
don't even think the machine would recognize if I DIDN'T insert an
envelope. In fact, in my Calvin and Hobbes daydreams I imagine a team
of "ATM armored-security-gnomes" who must gather and reconcile all the
deposits daily, regardless of the automated process we all do.... of
course they live in the machines, and require no food or sleep.... the
fact that I have already digitally entered the correct amount of my
deposit just means these fastidious and honest gnomes have to do one
less bit of data entry.
So, Evan, the short answer is that I do not know of any research
off-hand. But I hope this polling of the group and a bit of anecdotal
evidence might point you in the right direction or show you some of
the overriding issues.
cheers,
AL
On Thu, Jun 26, 2008 at 5:45 PM, Fernandes, Fabio (APG)
<[EMAIL PROTECTED]> wrote:
I'm on the opposite side of the thread so far.
I rarely go inside the branch and never experienced any problems
with ATM deposits.
Wells Fargo (I believe BofA as well, not sure) has implemented a
while back the feature of depositing cash or check without envelope:
- Cash deposit: it counts all the bills and displays the number of
each bill and waits for your confirmation. If you don't confirm, it
returns your bills.
- Check Deposit: similar to cash, it shows the check amount and
asks for your confirmation. In addition, it provides you the option
to print a receipt with the check image on it.
I've been very pleased with their ATM interface and the various
confirmations points it presents the user, which in a financial
transaction, I feel it's critical.
Fabio
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