Losing the envelope New ATMs promise consumer convenience - and savings for banks
By Todd Wallack, Globe Staff | June 28, 2009 The Boston Globe A growing number of ATMs are missing a traditional accessory: envelopes. Instead of stuffing deposits into envelopes to be retrieved later, customers at most new automatic teller machines insert checks and cash directly into the machines to be automatically scanned, with the money usually credited to their accounts the same day. Most of the new machines can also print a receipt with a copy of the checks, making some customers more confident their deposits won't be lost. "It's more secure,'' said Hugo Salazar, 52, a janitor from Everett, making a deposit at Bank of America's bank of new ATMs across from the Boston Common. Love them or hate them, the new ATMs are here to stay, as banks across the country are investing hundreds of millions of dollars in the check-scanning machines. Bank of America, which started installing the new machines in Massachusetts last year, said it plans to convert all of its 13,800 deposit-taking ATMs nationwide by year-end. TD Bank, the state's fourth-largest retail bank, said it started upgrading ATMs in Massachusetts this month and plans to replace all its ATMs in New England over the next five years. And several other major US banks, such as Wells Fargo & Co. and JP Morgan Chase, are also replacing all of their ATMs. Overall, one in five ATMs that accept deposits already offered the feature by the end of 2008, according to Celent, a financial research firm based in Boston. "It's the hot topic in the ATM industry,'' said Melissa Fox, senior manager in financial services for Hitachi Consulting of Dallas. "Some of the largest banks have made big splashes by promising to roll out envelope-free machines.'' The reason: The new models could potentially save the banks big money. ... http://www.boston.com/business/personalfinance/articles/2009/06/28/new_atms_promise_consumer_convenience_savings_for_banks/ *********************************** * POST TO [email protected] * *********************************** Medianews mailing list [email protected] http://lists.etskywarn.net/mailman/listinfo/medianews
