Wells Fargo's new Envelope-Free ATMs scan your deposits

400 of Wells Fargo's WebATMs in northern California (Contra Costa, Alameda and Santa Clara counties) are in the process of getting a technological makeover that will allegedly cut down on the time it takes to make a deposit, increase security and eradicate those pesky bank errors, which unlike in Monopoly, hardly ever seem to be in your favor. The Envelope-Free system, which is similar to a system currently being used by Bank of America, allows you to insert stacks of up to 30 bills and 10 checks at a time which are promptly scanned, counted, displayed and printed to a receipt. While cellphone ATM access would be nice, other improvements like same day check clearance might make free lollipops your only motivation to set foot in a real bank.

[Via CBR]

[kmfdm @ May 30th 2006 1:47PM]

why would you need instant access to cash you just put in the machine???

[diulei @ May 30th 2006 1:47PM]

I can't believe banks are finally implementing this here. When I used ATMs like this in Japan to deposit cash, I couldn't help but wonder why the US didn't have machines like this.

Now we just need Japan-like vending machines and we'll almost be caught up!

[diulei @ May 30th 2006 1:49PM]

I also remember using an ATM in the East Bay last year (Wells Fargo too) which scanned checks and printed a digital image on your receipt. How come those never made it into wider use?

[Deniz Sari @ May 30th 2006 1:50PM]

Bank of America has been doing this for the past six months. They have it at a lot of their ATMs.

So sorry, old news.

[Matt Burgener @ May 30th 2006 1:51PM]

This is not new news. BofA has been testing this for months in North Carolina and South Carolina. To be honest, this is does NOT reduce the time for customers to make a deposit, no matter what the banks say. What this really is, is all about increasing efficiencies and reducing unneccessary movement of paper. Banks can now electronically route checks to be cashed, thus cutting down on the time in transit. In addition, this will bring fraud to the attention of banks and customers much, much quicker. Not sure why they try to make this about the customer, as anyone who has used one of these new envelope-less machines knows it is a heck of a lot longer process (one check at a time, entering it's value one at a time and confirming, one at a time). Get the idea?

[TxdoHawk @ May 30th 2006 1:52PM]

I have direct deposit, so thankfully making deposits manually doesn't happen often for me. But this would be handy when I do. Of course, I'll be retired before it gets to here in Hee Haw, Pennsylvania.

[webtekie @ May 30th 2006 1:56PM]

Who deposits cash using ATM machine? Nobody really knows how much cash you really deposited. I dunno...

[Daniel @ May 30th 2006 2:00PM]

We have ATMs that feature direct deposit of cash for several years now in Germany and it's a really great feature. You can throw in up to 400 bills and the money will be counted and registered to your bank account immediately...

[Brian @ May 30th 2006 2:06PM]

These were put in place just over a month ago. So far, in my experience, these were broken 2 times and lost one of my checks so that it didn't post to my account for 3 weeks. It also increases the time which it takes to deposit your checks. up to 30 to scan and determine what the value for each check is then it shows you a tiny image of your check to verify the amount being correct. I see the benefits but it is far from effective at this point.

[MrAkai @ May 30th 2006 2:09PM]

I saw one of these at the Safeway on Treat & Bancroft in Walnut Creek the other day. Almost wished I did business with the Wells to get to try it out :)

The local 7-11's are also getting the V-Com ATMs which scan checks and cashes them w/o bank account access. They are installed but the check cashing hasn't been enabled yet.

[diulei @ May 30th 2006 2:16PM]

"Who deposits cash using ATM machine?" I never do, since there's no proof of how much you deposited. However, with this technology (if implementation proves sucessful), I bet more people would, including myself.

[jmp123 @ May 30th 2006 2:17PM]

PNC Bank has had this for years, even at the rural branches.

[EH @ May 30th 2006 2:33PM]

"why would you need instant access to cash you just put in the machine???"

Oh crap, I just accidentally wrote more checks than I have money. I'd better put some in immediately.

[Quantox @ May 30th 2006 2:35PM]

HSBC ATM's In the UK have done this for some time.
Keep up Yanks! ;-)

[wellsfanbi @ May 30th 2006 3:00PM]

This is about the clearing of funds and the extra value they get off of it before you can get your hands on it. right now your checks take 5 days to clear. This will allow the bank to more seamlessly integrate into the T+1 clearance process, have cash they can deposit in overnight markets and screw you over for the 5 day clearance - god, I love banking and I love Wells.

[JJ @ May 30th 2006 3:07PM]

"Free lollipops"? What bank do you go to? I almost never see any free candy at banks anymore.

[Jimbolaya @ May 30th 2006 3:17PM]

I recall using this feature in Wells Fargo, Oakland, CA in 1998/1999 -- forgot all about it after I switched banks.

[Bogey @ May 30th 2006 3:43PM]

Ahhh, yes, Wells Fargo... where we charge YOU to hold on to your money... Wait, what else can we charge you for?

I used to bank with WFB... until I came to my senses. Now I'm with a credit union, who give me free banking, dividends, no charge ATMs, online banking, online bill payment... Remind me again why anyone would bank with WFB?

[MiatasSuck @ May 30th 2006 3:49PM]

@Bogey: "Remind me again why anyone would bank with WFB?"

-- Because of those cute little red armored cars they drive around town!! :-)

A lot of people here in L.A. seem to have a hard-on for WF, maybe they put something in the water....

[villainy @ May 30th 2006 4:02PM]

16. JJ
Commerce Bank in the northeast gives out lollipops, as long as you don't mind money going in and out of your account magically with no explanation from the bank. Needless to say, I no longer get free lollipops or bank with Commerce.

[webtekie @ Jun 8th 2006 10:00AM]

villainy,

I know exectly what you mean about Commerce Bank. I had savings account there, all of the sudden $500 dollars were withrdrawn by nobody knows who. It took me a week to get my money back from those idiots. After that I closed the account and opened one in Bank of America.
Not worth the lollipop.

[Linda @ Jun 12th 2006 12:44PM]

I love wellsfargo
It gives you free checking, free savings, free online. With my account i get free official checks, money orders, personal checks, free bill pay.
AND free lollipops.
Never had any problems with this bank (unlike with BOA)