Bank of America is putting the teller into its automated teller machines.
On Thursday, the bank unveiled a new type of ATM, one that provides real-time video access to a teller.
The new ATMs will be rolled out in Boston first. Bank of America spokeswoman Anne Pace said the ATMs will debut in Charlotte in late summer or early fall at Founders Hall.
Katy Knox, retail banking executive for Bank of America, said Thursday that the ATMs will make their appearance in Boston in the middle of this month. Atlanta will be the next market to get the ATMs, she said.
According to Bank of America, the new ATMs will also allow customers to:
- Cash checks for the exact amount, even if change is involved.
- Receive cash in $1, $5, $20 and $100 bills.
- Deposit checks with cash back.
- Split a deposit into two or more accounts.
- Make loan or credit card payments.
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7 comments:
The Snake Bank - BOA loves this- the more the ATMs do then the less they need 'retail' / branch locations- saves money cuts HR costs--
Anonymous - Duh! Everything is moving towards self service. I personally I hated the days of having to run to the bank before 6:00 PM on Friday to deposit/cash my paycheck, paying bills in person, or via the mail, and needing to carry cash, or request travelers checks when traveling.
As for this move, I also hate getting $20 out of the bank, when I only need $5 or $10, now this is possible. Other than this change, most people do not have to cash a check, (direct deposit), and have automated the process of moving funds to various accounts, and pay their credit card bills online, or by automatic draft.
This is also a big convenience for people who get paid on the weekend, (especially independent contractor's).
Lets face it, we even apply for loans online, and sign approvals electronically, the only reason you have to go to the bank is if you do not know how to use a computer, or elect not to have a debit/bank card tied to an account.
Now they should think about putting ATMs where there isn't necessarily a bank! In my neighborhood, we have no BofA ATM, and have to drive to one of the banks to use one.
Of course they will start them in Boston, where the CEO lives, works, and wants the company to be.
"Lets face it, we even apply for loans online, and sign approvals electronically, the only reason you have to go to the bank is if you do not know how to use a computer, or elect not to have a debit/bank card tied to an account."
Not true. There are many reasons for using a physical banking center. I use online banking for some things, but do not use the mobile app banking because it is very difficult and not user friendly. However, if I need a money order or cashier's check, I certainly cannot get that from an ATM or by using online banking.
Of course the banking centers will not go away, as they are heavily used, but maybe just now down in Ballantyne where the eltist crowd frequents. In most ubran areas, the banking centers are full and busy most all the time. Take it or leave it, that is the true reality most won't admit.
@11:09. You have to be kidding. Reducing operating costs, reducing costs for customers, and faster and more convenient service is good for everyone
Just great! More reason to sit in a long line at the ATM while getting behind someone who will be spending about 20 minutes at it while totally oblivious to the long line of cars behind him/her! I do like the fact that they are adding the options of making withdrawals in lower denominations. However, ATM's are meant to be there for those that want to be quick without having to stand in a long line inside of a branch. We'll see how well this goes over.
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