At my bank (Wells Fargo) and some others I have checked, the ATM lets you make a deposit with an envelope. You must key in the total amount being deposited, even if you put several cheques in the envelope. This in turn shows up as just one transaction in my statement, and in my download of my transactions to my computer.
That’s not what I want of course. I want to see the different deposits split out individually. The bank certainly splits them out in any event to send each cheque out to the bank that will honour it. Why not have me start the process. It might also assure more accurate addition of the amounts.
Of course, this would take a little more time at the ATM, but a lot less time than what I do now — put each cheque into a different envelope, and deposit them one at a time. Or at least put the cheques of different classes into different envelopes. Of course, if I planned ahead, I could enter them all into the accounting software before I go to the bank, and in that case need not enter the individual tallies. But you don’t always plan like this.
Does any bank’s ATM do this?
Of course even better would be to let me make my deposits at home, with my scanner. No, I’m not kidding. More and more, people are happy to get scans of their cancelled cheques back instead of the physical paper ones. The banks are moving to doing it all inter-bank with scans. So let the customer do it too. Of course, the system would scan the OCR digits with cheque number, account number and routing number and not let the same cheque be deposited twice. A live query could be made after you scan with the payer’s bank. And you would be required to hold on to the cheques you scan, since any one could be challenged, and if challenged you would have to bring the physical one down to the bank. And perhaps you would have to bring them all down eventually for final records.
And eventually of course I could duplicate paypal, by writing you a cheque and sending you a scan of it which you can then cash — in which case we should just go to full electronic money.
Naturally all of this would only be for well trusted regular customers, and the money would probably be on invisible hold in your bank account just like ATM deposits often are until the bank looks at them.