Wells Fargo rolls out envelope-free ATMs in Los Angeles County

Sep 24, 2008 (Datamonitor via COMTEX) -- WFC | Quote | Chart | News | PowerRating -- Wells Fargo & Company, a financial holding company, has announced that it is eliminating paper envelopes from its ATMs throughout Los Angeles County, US.

Wells Fargo now has 1,575 envelope-free WebATMs in California and will be adding 277 more new machines in the Los Angeles area by the end of 2008.

Wells Fargo said that customers will not need to write on an envelope or key-in a deposit amount. Once money is inserted into the slot, the machine sorts and counts the bills and verifies the amount. Customers can also deposit stacks of checks into the machine at one time and the envelope-free ATM converts the paper checks into digital images, which appear on the ATM screen and on the receipt.

Jonathan Velline, head of ATM banking division at Wells Fargo, said: "Our customers can help us reduce waste and save trees by depositing stacks of bills and checks directly into Wells Fargo's ATM. The machine does the rest - sorts and counts the cash, and converts checks into digital images. Wells Fargo is leading the way with bulk-check deposits, allowing customers to insert their checks into the machine all at once, which is a big time saver compared to primitive machines which only take one check at a time."

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