Envelope-free deposits in ATMs soon

Banks across the United States will soon have ATMs that no longer require envelopes when depositing checks or cash.

Ever since ATMs were introduced, banking became hassle free and transactions speeded up manifold. Improving the services further, U.S. banks are rolling out a new breed of automated teller machines that scan checks and cash, thereby eliminating the need for envelopes.
Till now depositing checks in ATMs meant using envelopes and writing the transaction particulars on them. Receipts given for envelope deposits only reflected that a deposit has been made for the amount typed in by the depositor. There's no actual verification, which means there could be a discrepancy. Likewise, it was common for banks to receive envelopes with no check or cash.

Under the new system, checks are processed immediately based on an electronic image scanned by the ATM. The customer gets a receipt that actually verifies the amount of the deposit and includes an image of each check. This new technology is sure to take banking to a higher plane, besides cutting down on costs and delays. But as of now, due to the high costs involved, only the biggest banks in the United States are somewhere in the process of deploying the scanner-equipped ATM and only in high-traffic areas.

The biggest hurdle for banks will be teaching customers to use them. Each machine requires that checks and cash be inserted in a particular way to be properly read by the scanner. So, if you find a new ATM machine and no envelopes around, don’t get confused. You could be one of the first users of this new technology.

[via informationweek]