ABNB Hosts Demonstration of "No-Envelope" ATM Deposit Technology

Chesapeake, VA – Representatives from 10 credit unions across the region gathered at ABNB Federal Credit Union’s headquarters on August 7 for a half-day seminar to learn more about cutting-edge ATM technology.  Last year, ABNB became the first financial institution in the region to feature NCR’s “No Envelope” deposit technology, which allows ABNB members to use ATM’s to deposit checks and cash with confidence.

Here’s how it works: when members deposit a check, instead of placing it inside an envelope, they feed it directly into the ATM, which prints an image of the check directly on the ATM receipt.  For cash deposits, members simply feed the money in a bundle into the machine (no need to insert the bills individually). The receipt provides an itemized account of each denomination and the total amount, thereby alleviating concerns about improperly recorded deposits.

Currently, NCR has approximately 1,800 such ATM’s installed nationwide. This week’s demonstration represents an effort to educate credit unions about the technology’s value.  For members, the technology offers convenience and peace of mind. For institutions, it represents cost savings and streamlines workflow. The moment a check is deposited, its image is sent directly to the operations center for processing, eliminating the need for daily delivery.  Transactions are processed in real time.

“Our experience with this technology has been exceptional,” says ABNB President and CEO Carl Ratcliff.  “We’re now processing an additional $2 million in ATM deposits per month as a result.  We’re happy to share our experience with our fellow credit unions to enhance member services.”

For more information or to set up interviews, please call David Brandt or Sara Jo Rubin at 456-5212.
                                                            ###