How Bank of America's ATMs Work

A man uses a Bank of America ATM.

Bank of America is one of the largest banking institutions in the nation, and the company has invested a lot in their ATM deposit systems.

Over the years, the banking giant has focused on making its ATM features more high-tech. This overview will help you understand what is different about Bank of America ATMs compared to those of other banks.

Paperless Deposits

Bank of America has been part of the trend to shift to paperless deposits. 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. If the customer doesn't want that image and receipt, they can opt not to get one. The automation eliminates the hassle and security risk of paper.

Previously, customers could not see images of checks deposited at ATMs. But Bank of America adopted technology that allowed them to do that.

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 called Teller Assist in an attempt to stand out from the pack:

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. 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. Teller assist is available in some locations 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
  • Split a deposit into two or more accounts
  • Make loan or credit card payments

Cardless ATMs

Bank of America also has "cardless ATMs," meaning you can use your phone to order a withdrawal in advance of an ATM visit. You choose your checking or savings account int he mobile app, choose "Start ATM Withdrawal," choose an amount to withdraw, and then you'll be able to pick it up at the ATM by simply entering using your phone's digital wallet or your debit card.

The Bottom Line

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, and PayPal, 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 allow customers to save the time it would take to enter a bank and wait in line for a teller.

Still, it's entirely possible that even with all of the advancements of ATMs, changes in technology may one day mean the end of ATMs.