Last week I was excited to see the image deposit ATM's had been installed at the Bank of America banking center near my office. The cool thing about it is you don't need an envelope to make a deposit. You just feed the checks or cash you are depositing and the ATM totals everything up and asks you if the total is correct. Once you agree the amount is correct you will be given a receipt with copies of the items you deposit. It's that simple.
Here is what Bank of America has to say about their new ATM's:
Another example of how Bank of America continues to find solutions to improve customer convenience in an environmentally friendly way is its more than 12,000 Deposit Image ATM's.
Like I was saying, unlike a traditional ATM, the Deposit Image allows customers to make deposits without an envelope or slip.
In the fourth quarter of 2008, customer delight with Deposit Image ATM's rose to 80% top two box score, according to a Bank of America Banking Center Satisfaction Study. An additional study across all markets shows that satisfaction continued to climb compared with the previous five quarters, and is higher than levels seen among envelope ATM customers. The continued increases in customer delight are attributed to enhanced benefits and improved performance.
The Deposit Image ATM scans checks and counts cash to process the deposits electronically. Images of the checks and a cash count are displayed on the screen and customers get to review and approve the amount deposited. Once verified, they can receive a detailed receipt with images of checks and cash count for their records and even see the posted deposit by using the Online Banking Service. By eliminating the need for envelopes and deposit slips, and upgrading software to accept and post deposits via image, Bank of America ensures customers' deposits are posted more quickly and accurately than ATM deposits made with envelopes.
Additionally, customers using deposit Image ATM's can get immediate credit for cash deposits as well as make deposits until 800 pm and still have the deposit processed the same day. This extended time frame provides greater flexibility for customers, including small business customers who may be unable to make deposits in banking centers before normal closing time.
Deposit Image ATM's drive down expenses while conserving the environment by reducing the use of paper. Processing deposits electronically is significantly less expensive than processing paper envelopes. In Addition, transportation fees have been greatly reduced as the need for armored supplier servicing has been minimized.
Since introducing Deposit Image ATM's in 2006, Bank of America has led the industry with more than a half billion items deposited via Deposit Image ATM's.
In addition to Deposit Image ATM's, Bank of America has more than 4,800 Bank of America branded ATM's that dispense cash only, creating the largest bank owned network of ATM's in the United States. In March alone, approximately 18.3 million deposits were made at all deposit ATM's,a record month and in an increase of 12.7% over last year. On April 3, Bank of America achieved another milestone, with a record day of 857,654 deposits at bank ATM's.
By the end of 2009, all Bank of America ATM's that accept deposits will convert to Deposit Image. In contrast, the bank's closest competitor has anticipated conversion of 6,900 ATM's, leaving Bank of America with a continued strong lead--approximately two times more Deposit Image ATMs.
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