Trabant ATMs accept no-envelope deposits

3:44 p.m., Nov. 10, 2004--The University of Delaware has become the first university in the nation to offer no-envelope deposits via new image-based banking technology in partnership with Cash Connect, a division of WSFS Bank.

UD and WSFS have successfully introduced NCR’s Personas M Series automated teller machines (ATMs) with “no-envelope” deposit technology at the two ATMs in the WSFS e-zone branch at the Trabant University Center, accessible with UD identification whenever Trabant is open.

With no-envelope deposit technology, one or more checks, or even a wad of cash, can be accepted directly into a slot on the ATM. An image of the deposited checks appears on the screen and also is printed directly on the receipt. This provides proof positive that the ATM received the deposit. A tally of deposited cash is also listed by denomination.

Jennifer McCollum, vice president of WSFS Bank and relationship manager for the University of Delaware, said, “We are thrilled with this new technology and the student acceptance has been overwhelming.”

According to a report by Retail Banking Research, a research and consulting company, this technology will take off in the United States with an expected 50,000 to 90,000 automated deposit units installed in the next decade.

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