Late last week I received a notice from Bank of America letting me know that they are improving ATM deposits. In short, they’re implementing a system that allows for the scanning of cash and checks as they are inserted into the machine. While this system provides some advantages to the user (like confirmation of the amount of your cash deposit, or a printout of any checks that you deposit) the real benefit here will come in the form of increased efficiency for Bank of America. Not only will this reduce paper shuffling and (hopefully) bank errors, but it should also allow them to process checks electronically and (at some point) more or less instantly. I heard that they’ve been testing this out in certain markets, but it now sounds like it’s ready to prime time. Have any of you run across one of these new-fangled ATMs?
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