Chase announced today that it will deploy 900 no-envelope ATMs that can accept up to 30 checks per deposit in the first half of 2008 as part of its plan to upgrade or replace 5,000 deposit-taking ATMs by 2010.
“We can make banking faster and more convenient for our customers - consumers and businesses alike - while reducing our costs,” said Charlie Scharf, CEO of Retail Financial Services at Chase. “The continually improving capabilities and reliability of no-envelope ATMs convinced us to accelerate our rollout.”
Customers can insert a stack of up to 30 checks or 50 bills of U.S. currency in the new ATMs without an envelope or deposit slip. The ATMs rapidly calculate the deposit and display images of the checks on both the screen and printed receipt - typically in less than 60 seconds.
The screen and receipt images make consumers more confident in making deposits at ATMs. In fact, deposit volume has increased by more than 50 percent at some of the 50 no-envelope ATMs Chase has been piloting.
The ATMs also allow Chase to use the scanned check images to process deposited funds more quickly. So, Chase will be able to extend the daily deadline for customers to get credit the same day for an ATM deposit.
Chase may also be able to reduce the frequency - and cost - of servicing the machines to get the checks. In addition, the ATMs can digitally recognize fraudulent checks and can eliminate the fraud associated with empty-envelope deposits.
In the rollout’s first phase, Chase will deploy 600 multi-check ATMs from Wincor Nixdorf. Wincor Nixdorf, which has pioneered ATMs to handle stacks of checks, will also provide software for each of Chase’s 9,000 ATMs in 20 states.
Chase also will install multi-check ATMs from NCR, Chase’s primary supplier, which also will provide the back-office software to process check images. In addition, Chase and NCR have joined forces to develop a next-generation ATM Monitoring platform.
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