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Wells Fargo introduces envelope-free ATM deposit system

Financial services company Wells Fargo is converting 400 of its ATMs in Contra Costa, Alameda and Santa Clara counties to digital imaging technology, eliminating deposit envelopes and paper checks.

The new system, WebATM, has been piloted since 2002 and allows up to 30 bills and 10 checks to be inserted simultaneously. Assurance of received deposits is provided via check images on screen and on the customer’s receipt.

WebATM also provides instant credit for cash deposits, with funds immediately credited to the customer’s account. The deposit cut-off time has been extended from 4pm to 7pm on weekdays, giving customers same-day credit for deposits outside banks’ opening hours.

Wells Fargo expects the envelope-free WebATM machines to be up and running by the end of 2006.