Advances in Banking

While many of us have suspicions that the secret manifest of banks is to find new and creative ways to keep you from your money, one bank has stepped to the forefront in another direction. Using technology, Bank of America is attempting to make its clients’ funds available to them more quickly.

Starting July 2006 Bank of America (www.bankofamerica.com) launched a new line of ATMs testing them in Washington and Atlanta initially. Barring a major failure, these new machines will be further distributed in New York, Phoenix and San Diego.

The most crucial benefit of these new ATMs is faster access to deposits. Cash is available in the account instantaneously, while checks would be available the same day as long as they are deposited by 8:00 P.M. This is particularly amazing to those who wait up to two days or more to access their money.

Computers inside the ATMs scan the checks, tabulate a total when more than one item is deposited and issues a receipt with a copy of the items scanned for verification. This technique makes deposit slips and envelopes obsolete. Human errors, except those of the actual depositor, are removed from the transaction saving the hassle of having it corrected. You have a scanned reproduction of the original item deposited if there is any sort of dispute between you and the bank.

Will this new technology be foolproof? I am sure not, but the population’s level of dissatisfaction with customer service in all areas is rising and this is one option that will reduce the necessity.

Now we can hope that Bank of America will see fit to pass on the money saved by their reduced workforce on to its clientele.