Consumers using the new machines are able to get immediate credit for cash deposits and same-day credit for deposits until 8pm in the state that the account is located.
Bank of America, which has the largest bank-owned ATM network in the US and the most ATMs that accept deposits, began rolling out the new ATMs last year. Currently, the ATMs are available in several cities, including Chicago, Los Angeles and New York. During the next few months, the bank will add the feature to ATMs in Baltimore and San Francisco.
Making deposits at the ATM has never been easier, said Kirk Lindsey, Bank of America’s ATM executive. Customers don’t need to put checks in an envelope or add up and enter the deposit amount – the ATM does all the work. When customers see an image of their checks on their receipts, they’re more confident that the deposit has been accepted and they have assurance in hand.
Customers surveyed by the bank said that they were more likely to make deposits at the ATMs rather than with tellers. In the past year, the number of deposits at the new ATMs increased by up to 50%.
Bank of America has more than 17,000 ATMs nationwide, and more than 12,000 of them accept deposits. The bank plans to convert all of its deposit-taking ATMs to the new envelope-free technology.
