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A Few Less Envelopes Flying Around
November 1, 2007

Posted by CindyC in : Opinions & Thoughts , trackback

I do most of my banking online because I hate shuffling papers, checks, etc. However, there are still times when I need to physically deposit checks at an ATM. Usually, to make deposits, I would have to hunt around for envelopes which, more often than not, litter the ground and are wasted. But I was pleasantly surprised this week. When I started my hunt for the elusive deposit envelop, I noticed a large sign declaring “Envelop-Free ATM”. Although not quite sure how this would work, I was gamed for an alternative to unnecessary waste of paper and time.

ATM_Envelopes source:KGO ABC7 News

It turned out to be quite simple. After the regular routine of accessing my account for deposit, I was able to immediate insert my checks into the ATM. The machine must have converted the paper checks into digital images and then displayed the deposited amount on screen. There was an option to edit the dollar amount if the display was incorrect but this was not necessary in my case. Upon completion, I requested a receipt with not only the deposit amount but also the check images printed right on it!

Although Well Fargo streamlined this process to improve customer experience, it has the added benefit of reducing waste. By year end, over 1200 ATMs in California will be Envelope-Free and the bank hopes to eventually convert all ATMs to this new format. According to Wells Fargo, “By making envelope-free deposits …. helping to reduce unnecessary waste potentially saving more than a thousand trees and reducing toxic air pollutants by more than a quarter million tons of CO2 equivalent.” I’m all for that!

CindyC at Organicpicks

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Comments»

1. Melinda - November 2, 2007

This is great news! Thanks for sharing.

2. angela - November 5, 2007

This sounds wonderful!! Such clever technology but I do have one question, what about cash deposits? How are those managed? Most of my deposits do consist of checks but for the occasional cash deposit what does one do?

3. CindyC - November 7, 2007

Hi Angela, I haven’t deposited check yet but it’s suppose to work the same way - the machine translate the doposits into digital images and recognizes the amounts I believe. The proper amount will show up on the screen or you can edit if the recognition software is incorrect. The receipt can include the images of your deposit. As to how the bank actually collects the cash received in individual bundles - that I am not sure yet.