Wells Fargo ATM

Until recently, when I would deposit checks into an ATM, it would take about 2 business days or longer for them to clear the bank. Since Wells Fargo has introduced the “No Envelope” deposit method at the ATM, they now post that day if deposited before 8 PM. What a convenience! Here’s what’s different, there are no deposit envelopes to use and fill out anymore. In the past, a bank teller would have to pull out the envelopes and manually enter them as deposits into your account. Now, I deposit the checks directly into the slot (up to 8 checks can go at once, I think) and the ATM scans the routing and account numbers at the bottom of the checks. The ATM asks for confirmation of the amounts of each check and total amount.  Those funds are available the same business day, as if you went into the branch itself and deposited them.

The new method decreases the likelihood of human error, and it also reduces the amount of check scamming. With the envelope, people could deposit toilet paper and withdraw money they really didn’t have. This wasn’t caught until a human opened up the envelope and realized the scam. Now, the ATM visually sees the check numbers and can credit your account that day. If you feel uneasy about depositing checks sans-envelope, you have the option to print a receipt with copies of the checks you deposited. This is very helpful if you enter individual deposits into your check register or Quickbooks program.  I admit that I love this new method.

However, this means that if you are writing checks, you need to make sure the funds are available in your account. Something most of us do, but now it is crucial. I’m sure that Wells Fargo isn’t the only bank electronically scanning checks and crediting funds immediately. If you write a check, you had better make sure those funds are there!

Here’ an overview of the new check scanning ATM:

• Saves you the time of filling out an envelope and adding checks manually. The ATM will automatically add the amounts for you, you just need to confirm the amount.
• Checks are credited that day, just as if you went into the branch. What a time saver!
• A receipt with copies of the checks is available for your records. Just like you receive a deposit receipt from a bank teller, the ATM can not only print a receipt, but also print one with the check copies in case you are uncomfortable with this new method.
• You can also deposit cash directly into the ATM and print a receipt with a copy of the bills you deposited. I’ve always been wary about depositing cash, but because the receipt prints the bills, I feel more comfortable now.

Do you use the ATM to deposit checks? What about depositing cash? Is your bank offering this type of ATM service? Would you use it if they did?