How Bank of America Has Improved the ATM Deposit Experience

How the bank has made ATMs more customer-friendly

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Bank of America has long stood out for offering one of the more advanced  ATM deposit systems in the United States, but over the years, the banking giant has made its ATM features even more high tech. With this overview, learn why Bank of America ATMs stand out and why they are so customer friendly.

Paperless Deposits

Bank of America is one of the banks that led the paperless deposit trend. These deposits allow customers to drop a check in the ATM without an envelope.

Instead, the ATM reads the information from the check, and the customer's receipt includes an image of the check. But if the customer doesn't want that image and receipt, she can opt not to get one. Eliminating the hassle and security risk of paper is the whole point of automation.

Previously, customers could not see images of checks deposited at ATMs. But Bank of America made the groundbreaking move of giving customers the ability to do so. This is a step that allows customers to bank when and how they want -- at a lower cost to Bank of America.

ATMs With Teller Assist

While paperless deposits are now standard at banks throughout the country, Bank of America in 2013 introduced a new feature at its ATMs to make them stand out from the pack--Teller Assist.

"The new technology gives customers access to a range of services during extended hours to address their daily banking needs, and provides them with convenience, control and flexibility over how, when and where they bank," Bank of America stated in a press release.

"Using the new ATMs, customers can speak with a Bank of America teller via real-time video and receive the same quality of personal assistance they would if they walked up to a banking center counter."

Given that many people are at work (or coming home from work) during a bank's business hours, ATM with Teller Assist enables customers to do their banking at more flexible hours--from 7 a.m. to 10 p.m. on weekdays and from 8 a.m. to 5 p.m. on weekends.

Bank of America outlined the features of the new tool as follows:

  • Cash checks for the exact amount, including receiving change.
  • Receive cash withdrawals in a variety of denominations ($1, $5, $20 and $100).
  • Deposit checks with cash back (future functionality).
  • Split a deposit into two or more accounts (future functionality).
  • Make loan or credit card payments (future functionality).

Wrapping Up

While financial institutions such as Bank of America are increasingly adding features to their ATMs to provide more convenience to customers, many people, especially young people, are forgoing ATMs altogether. Thanks to technological services such as direct deposit, Check 21, PayPal and auto debit, it's no longer necessary to visit the ATM.

The more services ATMs provide, however, the more likely customers are to take advantage of them, especially if they can drive to the ATM rather than walk up to it. ATMs allowed customers to save the time it would take to enter a bank and wait in line for a teller. Changes in technology may one day mean the end of ATMs.