Police in Florida say a maintenance man used a man’s ATM card before calling 911 after finding him dead or dying in a Gainesville apartment. …read more
Source: FULL ARTICLE at Fox US News
Tag Archives: ATM
Sequestration’s Biggest Victim: The Public Defender System
By The Huffington Post News Editors
It’s roughly 164 miles from Lubbock, Texas to Abilene; not the furthest drive you can do in the Lone Star State but still a bit of a haul. On a good day, you can make the trip in about three hours, which is what Helen Liggett discovered in April when she had to visit a client in the Taylor County Jail.
Liggett is an assistant federal public defender for the Northern District of Texas, based in Lubbock. Her client Leroy Gream had been caught on camera loading an ATM onto a cart and attempting to steal it from Hendrick Memorial Hospital in Abilene on Christmas Day of last year. Gream, 55, pleaded guilty to bank theft, a charge that carries a maximum penalty of 10 years in prison and a $250,000 fine. But like most people who try to steal an ATM, he didn’t have the money to pay for his defense. Liggett was assigned to his case.
On April 8, she drove to Abilene to attend Gream’s arraignment at the federal courthouse, which was scheduled for the next day. On May 8, she went back for his interview with the United States probation office in preparation for his pre-sentencing report.
Source: FULL ARTICLE at Huffington Post
China's Interest-Rate Reform: Starting Or Stalling?
By Gordon G. Chang, Contributor On Friday, the People’s Bank of China announced it was eliminating the floor on lending rates. Prior to the change, which was effective yesterday, banks could not charge less than 30% of the benchmark rate set by the PBOC, the nation’s central bank. Reaction to the move has been—with justification—overwhelmingly positive. “Previously, people had thought the central bank would only gradually lower the floor on lending rates,” said Wang Jun of the China Centre for International Economic Exchanges to Reuters. “Now they scrapped the floor once and for all.” Mark Williams of Capital Economics, calls the change “one of the biggest steps they could have taken.” Williams is correct, but only in a symbolic sense. In the first quarter of this year, only around 11% of loans were made below the benchmark rate. Today, that number is much smaller. Liquidity remains tight after the two spikes in interest rates last month, and in recent weeks no lender was providing funding at rates near the floor. In short, this reform will have no practical effect on the cost of money in China in the near term. Nonetheless, this change, as analysts uniformly tell us, sends a signal about the plans of Premier Li Keqiang, the country’s new economic czar. But what is that signal? Most analysts think the PBOC’s announcement signals a quick removal of the cap on rates paid by banks to depositors. Banks now may not pay more than 10% above the benchmark rate of 3%. Abolishing the deposit ceiling would be in line with a widely praised promise Li’s State Council made in March. Most observers expect a change soon. Everyone, therefore, is waiting for the Communist Party’s Third Plenum, a meeting typically held in the fall of the first year after a Congress meets (the last Party Congress met in November). The Party’s new leadership has traditionally unveiled economic blueprints at Third Plenums, so many anticipate the announcement of reforms in a few months. Despite the near-universal optimism, there are three principal reasons why we probably will not see a liberalization of deposit rates this year—or maybe even in 2014. First, state banks have enjoyed cheap funding due to the deposit ceiling and will fight any change that will squeeze their fat interest margins. Premier Li comes into this fight at a disadvantage. He is the only known reformer on the Politburo Standing Committee, the apex of political power in China. “Conservatives,” who represent entrenched interests, hold at least four—and maybe five—of the seven seats on that all-powerful body. They will undoubtedly block elimination or significant relaxation of the deposit-rate ceiling. Second, it will soon become obvious that this is the wrong time to remove the rate cap. The liquidity crises of last month caused two waves of bank defaults and almost brought down China’s largest bank, the Industrial and Commercial Bank of China. ICBC, as the behemoth is known, shut down a part of its ATM system last month to conserve cash, and it reportedly received …read more
Source: FULL ARTICLE at Forbes Latest
Food Stamps & Farmers' Markets
By Regina Schrambling With so much animosity in the cyber-US this week, I almost hesitate to post this. But I got a nice lift last Saturday on walking into the Tribeca Greenmarket and spotting this blackboard. I had headed there with all of $19 in my wallet and no ATM for blocks but walked out with everything I needed: fish (striped bass from Blue Moon, in fact), corn, peaches and even shisito peppers. And I liked the notion that even those who depend on food stamps could have spent the same amount and gotten even more, thanks to this bonus program. I squander way too much of my life online, and on “legit” newspapers and magazines where the narrative seems to be that only the desperately poor need help with food and that when they accept that care they become dependent on the government dole. So this was a great reminder that foods stamps kick the benefits in two directions. The people who get them can both nourish themselves/their families and contribute to society. And everyone who sells food gets, in essence, a government subsidy while keeping shoppers nourished enough to come shopping next Saturday. I always get push-back on the notion of how useful food stamps are at stereotypically overpriced farmers’ markets. To which I’ll respond that a huge proportion of the people buying at my neighborhood Greenmarket are cashing in SNAP coupons. And even in a super-rich neighborhood like Tribeca, the nannies who rock the rich cradles gotta eat, too.
Source: Epicurious
Armed soldiers attack students at PNG hospital
A group of armed soldiers broke down the gates to a hospital in the Papua New Guinea capital Port Moresby and began indiscriminately attacking people, leaving a medical student seriously injured, according to police.
The incident at the Port Moresby General Hospital on Sunday was condemned by police Commissioner Simon Kauba who blasted the soldiers for attacking “the very people they have sworn to protect and defend”.
“This is totally uncalled for and unacceptable behaviour by members of a disciplined organisation,” he said in a statement.
“I condemn this action in the strongest possible terms and will ensure that it is thoroughly investigated and those responsible will face the full force of the law.”
The assault occurred just hours before Australian Prime Minister Kevin Rudd arrived in Port Moresby for talks with his counterpart Peter O’Neil, which are expected to focus on the Pacific nation’s chronic law and order problems, among other issues.
Kauba said the soldiers arrived at the hospital in a truck armed with guns, machetes and iron bars and smashed down the gates before beginning their attack. At least six shots were fired.
Reports said it was payback for an alleged assault by medical students on two soldiers during a dispute over the use of an ATM at the hospital on Friday night.
Police brought the matter under control, Kauba said, but the attack left a dental student seriously injured and considerable damage to hospital property.
Crime and lawlessness in poverty-stricken Papua New Guinea is a serious concern throughout the country, including the capital where last month four Chinese nationals were hacked to death, with one reportedly beheaded and the others dismembered.
Papua New Guinea recently passed harsh new laws reviving the death penalty as it grapples with a wave of violent crime, particularly against women, which has drawn international condemnation.
Source: FULL ARTICLE at Fox World News
Police: Suspects used carjack victim's ATM card
Police say the Boston Marathon bombing suspects used their carjacking victim’s ATM card before a gunfight with authorities.
Watertown Police Chief Edward Deveau says the suspects also told the carjacking victim they bombed Monday’s race and killed a police officer.
A car chase and shootout ensued when a Watertown officer saw the two brothers in different cars and followed them.
The suspects exchanged gunfire with police, wounding a transit officer and tossing a bomb and two hand grenades.
Deveau says Tamerlan Tsarnaev (tsahr-NEYE‘-ehv) ran out of ammunition and police tackled him, before Dzhokhar Tsarnaev (joh-KHAR‘ tsahr-NEYE‘-ehv) drove the carjacking victim’s Mercedes toward them.
Police dove out of the way and the Mercedes dragged the other suspect’s body down the block.
Police negotiated Dzhokhar Tsarnaev‘s surrender after a resident saw him in his boat hours later.
From: http://feeds.foxnews.com/~r/foxnews/national/~3/ho7wllVr5dI/
Wells Fargo Creates New Banking Store Format
By Business Wirevia The Motley Fool
Filed under: Investing
Wells Fargo Creates New Banking Store Format
New NoMa location in Washington, D.C. offers customers convenience, technology, on-site help in a third of the size of a typical Wells Fargo bank store format
SAN FRANCISCO–(BUSINESS WIRE)– Wells Fargo & Company (NYS: WFC) announced today it has launched a new banking store concept, the neighborhood bank format, that has been created to deliver the kind of on-site banking experience that Wells Fargo customers have come to expect, but in a smaller format that allows the company to offer store locations with personalized service, in settings not suitable for its larger stores.
The new store format is approximately 1,000 square feet and offers a paperless, secure workflow as well as wireless technology that helps the team provide faster service; it will also feature new large-screen ATMs. The first store using the new design will open in the NoMa neighborhood of Washington, D.C. on April 15th. The design for a new Wells Fargo traditional store is typically between 3,000 and 4,000 square feet.
“With this new store concept, we’ll be able to offer person to person sales and service along with leading banking technology in settings that previously would have discouraged us from building a store,” said Jonathan Velline, head of Wells Fargo ATM Banking and Store Strategy. “Stores are central to our strategy of providing excellent service and meeting our customers’ financial needs. This new neighborhood bank concept complements our traditional stores to help us bring the Wells Fargo store experience to more customers.”
Velline said in designing the new store format Wells Fargo paid special attention to creating areas within the smaller layout where team members and customers can conduct business and have important financial conversations, including in private. Advanced technology allowed for the elimination of paper-driven back-office processes, increasing space efficiency and creating new store location opportunities.
This new store design also offers technology found in traditional Wells Fargo stores, such as ATM software that anticipates a customer’s preferred transactions, image deposits, instant issue debit cards, and eReceipts. It also will have wireless tablets and phones that team members will use to serve customers. A free wireless hotspot will also be available for customers to use. After hours, the store transitions into a smaller lobby format, providing customer’s access 24/7 to several ATMs that dispense $1, $5 and $100 bills in addition to the $20 bills a typical ATM offers.
From: http://www.dailyfinance.com/2013/04/12/wells-fargo-creates-new-banking-store-format/
Tired of Wrangling With Your Bank? There's a Simple Solution
By Bruce Watson
Filed under:
Over the last few years, though, the smooth banking relationships of yesteryear have disappeared. Interest has become a thing of the past, replaced by fees and surcharges. The bank account — the first step on the road to financial adulthood — has become a shortcut to high-interest credit cards and, all too often, crushing debt. The CARD Act of 2009 cut out a lot of hidden fees and other financial traps, but in the years since then, banks have figured out ways to introduce dozens of other tiny fees, chipping away at their customers in a sort of death by a thousand cuts.
In the past, I’ve written about low-cost banking alternatives, including Credit Unions and Walmart cards. Recently, though, another option has cropped up. A new company, Simple, is a sort of online bank crossed with a financial literacy site. On the banking side, it functions much like a traditional (read: pre-fee) bank; accounts are held by FDIC-insured partner Bancorp. Simple issues Visa debit cards, which its customers can use for free at any store that takes Visa cards and any of the 50,000 ATMs in the Allpoint network. As an added benefit, Simple doesn’t charge for out-of-network ATM transactions, although the ATM owners probably would.
But that’s where the similarities to traditional banks end. Simple doesn’t have any brick-and-mortar locations; its customers process most transactions through smartphones. To deposit a check, Simple users sign it, take a picture of it and post the image to their accounts. The bank then verifies the check and posts the money to the user’s account. After a few days, the user is supposed destroy the original check.
Fees are another place where Simple differs from a standard bank. Most transactions are free, although premium transactions like stopping checks and getting treasurer’s checks come with a charge. For that matter, some transactions that would be free at a traditional bank incur a slight charge at Simple. For example, if you want to walk into a bank and withdraw $100 in cash, Simple will charge $1. Similarly, while Simple makes it easy to access bank records online, getting a paper copy of a bank statement costs $5.
Another place where Simple differs from a traditional bank
From: http://www.dailyfinance.com/2013/04/12/simple-online-bank-low-fees/
Man used stolen excavator to take ATM
WINSTON-SALEM, N.C., April 9 (UPI) — Police in North Carolina said a man stole an excavator from a construction site and used it to steal an ATM from a bank kiosk.
Source: FULL ARTICLE at UPI Odd News
North Carolina man takes excavator to steal ATM machine, police say
Police in North Carolina are searching for a man who stole an excavator from a construction site and used it to make off with a 2,000-pound automated teller machine.
According to Winston-Salem police, someone stole the excavator Monday morning and drove it about 200 yards to the ATM. They said the suspect used the claw from the excavator to knock over the ATM kiosk at a credit union, then picked up the machine and lifted it into a pickup truck. It’s believed a second car was involved in the theft.
Police said video surveillance revealed that a black Crown Victoria with tinted windows was involved, and that the suspect may be shorter in stature because of the way he had to reach for the steering wheel.
The suspect was still at large Monday evening.
Source: FULL ARTICLE at Fox US News
NC police: ATM picked up by excavator, stolen
Police in North Carolina are searching for a man who stole an excavator from a construction site and used it to make off with a 2,000-pound automated teller machine.
According to Winston-Salem police, someone stole the excavator Monday morning and drove it about 200 yards to the ATM. They said the suspect used the claw from the excavator to knock over the ATM kiosk at a credit union, then picked up the machine and lifted it into a pickup truck. It’s believed a second car was involved in the theft.
Police said video surveillance revealed that a black Crown Victoria with tinted windows was involved, and that the suspect may be shorter in stature because of the way he had to reach for the steering wheel.
The suspect was still at large Monday evening.
Source: FULL ARTICLE at Fox US News
How Bank of America Helped Send the Dow Higher
By Dan Caplinger, The Motley Fool
Filed under: Investing
First-quarter earnings reports are finally here, but before the first release of the official earnings season came this afternoon, the Dow Jones Industrials managed to start things off on an optimistic note, rising 48 points even as many analysts fear that any slowdown in earnings could trigger a reversal in the stock market‘s impressive gains over the past four years. Broader market measures rose more substantially, with gains of more than half a percent for the S&P 500 and Nasdaq Composite.
The biggest percentage gainer in the Dow was Bank of America , which climbed 2%. Despite having acquired a terrible image from its needing bailout support and its attempts to raise income in the aftermath of the financial crisis, B of A has been reworking its image, and Fool contributor Amanda Alix points to “super-branches” with luxury accoutrements as well as more advanced ATM technology as evidence that the bank has learned from its past missteps.
Elsewhere in the financial sector, AIG climbed nearly 4% to a 52-week high as the company seeks to block a potential shareholder derivative lawsuit that former chairman and CEO Hank Greenberg wants to file against the U.S. government. Greenberg seeks to argue that the terms of the government‘s bailout of the insurance company were unfair to AIG, but AIG correctly anticipates a huge potential outcry from outraged taxpayers if such a suit were to go forward. Meanwhile, AIG also completed the sale of its American Fuji Fire and Marine subsidiary to White Mountains Insurance, with the deal that was announced last year having had to wait for regulatory approval before proceeding. AIG has done a good job of recovering from the financial crisis by concentrating on its core business, and investors who got in after the financial meltdown have reaped the benefits.
Finally, Weatherford International rose nearly 4% on the heels of General Electric‘s deal to buy Lufkin Industries announced this morning. As a fellow oil-services provider, Weatherford is rising on speculation that merger and acquisition activity in the space could rise as a result of the GE acquisition. Yet GE almost certainly wouldn’t be interested after having bought Lufkin, and with Weatherford’s market cap of nearly $10 billion, it would take a similarly big buyer to pull off a buyout of that size. It’s hard to see Weatherford as an acquisition candidate even after the Lufkin buyout.
Today’s gains add to the huge returns that investors have earned as Bank of America’s stock doubled in 2012. Are there more gains yet to come? With significant challenges still ahead, it’s critical to have a solid understanding of this megabank before adding it to your portfolio. In The Motley Fool’s premium research report on B of A, analysts Anand Chokkavelu, CFA, and Matt Koppenheffer, financials bureau chief, lift the veil on the bank’s operations, including detailing three reasons to buy and three reasons to sell. Click …read more
Source: FULL ARTICLE at DailyFinance
The New and Improved Bank of America
By Amanda Alix, The Motley Fool
Filed under: Investing
Bank of America has been undergoing a facelift for a while now, and it looks like the bandages are finally coming off. What is being revealed is a newer, more customer-friendly visage that projects its new persona — one that considers the consumer’s needs first, and exudes helpfulness — with a hefty dose of humility thrown in for good measure.
Branches get a makeover
As the bank has cut the bloat over the past two years, it has also closed a large number of branch locations. In spite of the great strides the bank has made in the service offered at its branches, media attention most often focuses on the number of branches taken out of circulation.
While it’s true that B of A closed twice as many branches last year than PNC Financial and Wells Fargo combined, the bank hasn’t given up on branch locations altogether. As promised, it has closed the least used locations, while opening newer — albeit, fewer — spiffier branches in areas that see more foot traffic.
Last fall, B of A announced it would be opening several of these super-branches nationwide. In addition to more luxurious floor plans, these locations will serve up videoconferencing with financial specialists, and roving tellers to help cut down on waiting time. Comfy chairs will soon feature self-serve tablets for customer use, and in addition, spanking-new ATMs are coming online, too.
Advanced ATMs will feature video chats with tellers, for those times when customers need more than the standard ATM fare. The units will be available within bank buildings, as well as at drive-up and stand-alone locations. Bank of America isn’t the only bank using these technological wonders. JPMorgan Chase is rolling out some of its own interactive ATMs, which it will also use in conjunction with tablet-carrying employees at branch locations. JPMorgan’s CIO envisions customers being able to initiate more complex banking activities, such as the mortgage application process, via this new system.
A combination of cost savings and attention to customers’ needs
This new style of banking not only accommodates consumers’ wants and needs, but also saves banks money. PNC notes that transactions costs fall dramatically from nearly $4 when a live teller is involved, to under $0.60 when customers use mobile or ATMs. While some question why B of A should put so much focus on branch banking, officials acknowledge that customers still want the experience of banking at a bricks-and-mortar location.
Paying attention to customer’s concerns is becoming part and parcel of what Bank of America does these days, as evidenced further by its new marketing campaign that positions the bank as a facet of its customers’ lives, helping them glide through life while offering assistance at every stage, in a sort of business-lifestyle type of partnership.
Sound a little overdone? Perhaps, but don’t fault the big guy for it. The bank’s management knows there is much work to be done in …read more
Source: FULL ARTICLE at DailyFinance
Bank of America Rallies From Early Morning Drop
By Jessica Alling, The Motley Fool
Filed under: Investing
After another blow from the labor market caused many stocks to tumble this morning, Bank of America is making a comeback. Though it sunk by 2.2% right after the markets opened, the bank was back to breakeven within two hours and now sits at a 0.25% gain right before 1:30 p.m. EDT. The bank has some new customer-focused initiatives to thank for today’s gains as it tries to recoup some of its losses from Wednesday.
Earlier in the week, B of A investors were happy to hear that the bank had settled with the National Credit Union Association for its alleged sale of faulty mortgages. Though the settlement is small, it is an important one for the bank, which continues to struggle with legal issues.
Speaking of negative impacts from legal battles, Bank of America was dealt a harsh blow when a judge ruled in favor of insurer MBIA , stating that the bank would be required to repurchase securities even if they were not in default. MBIA would only have to prove that the securities were faulty, but not that the bank’s underwriting was defective, leading to the faulty mortgage-backed securities.
Yesterday’s improvements were largely due to Bank of America’s tally in the win column following the release of new global investment fees data. Overall fees rose by 6%, but B of A bested both JPMorgan and Goldman Sachs in fee income for the first quarter of this year.
| Bank |
Q1 2013 |
| Bank of America | $1.52 billion |
| JPMorgan Chase | $1.48 billion |
| Goldman Sachs | $1.27 billion |
Source: Thompson Reuters.
Today’s rally may have a little something to do with the bank’s increased focus on customer service. Though the bank continues to be at the bottom of the barrel in terms of customer satisfaction, it has been making an effort to change some of its consumer-facing traits. Today, the bank announced it would be adding real-time teller chat abilities to a portion of its ATM fleet. The move is designed to allow customer struggling with a transaction to troubleshoot with a real person. The ATMs will now also allow customers to cash checks for the full amounts (including change), choose the denominations desired for cash back, and some other transactions that were not previously supported by traditional machines.
Inside the bank’s branches, there will be some updates as well. New lounge areas will be created in the branches, and iPads will be available for customer use. The traditional branch setup, with products being pushed onto customers, hasn’t been working, according to the bank, and the new one aims at creating a more consultation-type feel to banking interactions. If the bank can improve its customer service, as well as reduce its legal exposure, there is plenty of room for its stock to grow. Happy customers will lead to happy investors.
Bank of America’s stock doubled in 2012. Is there more yet to come? With significant challenges still ahead, it’s critical …read more
Source: FULL ARTICLE at DailyFinance
Bank of America Deserves Some Thanks From Its Customers
By David Hanson, The Motley Fool
Filed under: Investing
“Thank you.”
Customers seldom utter those words to the behemoth that is Bank of America . But maybe they should. The bank has undoubtedly ruffled feathers in the past with actions such as the proposed $5 fee for debit card use and onerous overdraft fees, but the bank’s focus on innovation on the consumer product front should get a tip of the hat.
The bank’s newest feature for its retail customers: an ATM with the capability to virtually interact with a teller.
While the move isn’t necessarily one that will cause new customers to flock to the bank, it highlights a continued trend of innovation in the company’s consumer banking space. The bank boasts over 30 million active users on its online banking platform and has created an extremely “sticky” environment for these customers with features such as Bill Pay. As the Internet has shifted from desktop to mobile, the bank moved quickly and now sports one of the best mobile banking applications. The number of mobile users was up 31% year over year at the end of 2012.
Despite its mobile success, the bank has continued to viably access different channels under the leadership of Katy Knox, the retail distribution exec, and David Darnell, Co-COO overseeing all individual relationships. To maintain its presence in the payments business, B of A has recently conducted trails for its Mobile Wallet, a program that allows customers to link their debit and credit cards to their phones and pay at participating merchants.
All of these technological improvements and innovations coupled with value-adding programs, such as BankAmeriDeals, which allows merchants to target specific types of customers and offer coupons for those consumers to load onto B of A cards, have positioned the bank to please and serve its customers in a cost-effective manner.
As investors look across today’s banking landscape, for the largest U.S. banks, it’s not about growing deposits and getting bigger anymore — it’s about keeping your valued customers and serving them in an effective and value-adding way. If B of A can continue to innovate its consumer products and avoid making any major gaffes, customers will continue be more satisfied, potentially buy more services, and maybe, just maybe, say “Thank you.”
Bank of America’s stock doubled in 2012. Is there more yet to come? With significant challenges still ahead, it’s critical to have a solid understanding of this megabank before adding it to your portfolio. In The Motley Fool’s premium research report on B of A, analysts Anand Chokkavelu, CFA, and Matt Koppenheffer, Financials bureau chief, lift the veil on the bank’s operations, including detailing three reasons to buy and three reasons to sell. Click here now to claim your copy.
Source: FULL ARTICLE at DailyFinance
Bank of America Puts Human Tellers Inside ATMs
Filed under: Bank of America, Banking, Spending
Bank of America is adding a new feature to its automated teller machines: actual human tellers.
The company announced this morning that it will start rolling out new ATMs with Teller Assist, a feature that allows customers to live video chat with a remote teller. Customers using the new ATMs will be able to call the remote teller for services that a machine is unable to provide. That includes cashing checks for their exact amount (including change) and getting a withdrawal in smaller denominations than the usual $20 bills. Bank of America is also planning to offer the option of paying your credit card bill from the ATM, as well as splitting your deposit across multiple accounts.
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The feature, available in both English and Spanish, will be most useful for customers using ATMs during hours when the bank is closed. With that said, video chat will be available from 7 a.m. to 10 p.m. on weekdays and 8 a.m. to 5 p.m. on weekends, which means that you can also use it when the bank is open and you don’t feel like waiting in line to speak with a teller. And of course, it will also be a big help for customers using ATMs that aren’t attached to a bank — the company says that the new feature will be available at drive-up locations and standalone ATMs.
The program is starting at a single Bank of America location in Boston, but will roll out at other locations across America over the course of the year.
Matt Brownell is the consumer and retail reporter for DailyFinance. You can reach him at Matt.Brownell@teamaol.com, and follow him on Twitter at @Brownellorama.
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Source: FULL ARTICLE at DailyFinance
Bank of America Adds Human Touch to New ATMs
By Business Wirevia The Motley Fool
Filed under: Investing
Bank of America Adds Human Touch to New ATMs
New ATM with Teller Assist ® Makes Interactions Easier for Customers
CHARLOTTE, N.C.–(BUSINESS WIRE)– Bank of America today announced the launch of its newest banking innovation, ATM with Teller Assist. This next-generation banking offering combines the technology and convenience of an ATM with the human touch of a teller.
The new technology gives customers access to a range of services during extended hours to address their daily banking needs, and provides them with convenience, control and flexibility over how, when and where they bank. Using the new ATMs, customers can speak with a Bank of America teller via real-time video and receive the same quality of personal assistance they would if they walked up to a banking center counter.
ATM with Teller Assist, which will offer bilingual support in both English and Spanish, offers customers many of the services a traditional banking center teller would, including the ability to:
- Cash checks for the exact amount, including receiving change.
- Receive cash withdrawals in a variety of denominations ($1, $5, $20 and $100).
- Deposit checks with cash back (future functionality).
- Split a deposit into two or more accounts (future functionality).
- Make loan or credit card payments (future functionality).
“We know that customers want to bank on their schedule – not ours – so we are constantly looking at how to deliver more convenient banking options to them,” said Katy Knox, Retail Banking and Distribution executive at Bank of America. “This technology gives customers easy, convenient access to ATM banking services with the added option of having a personal interaction and the support of a teller available at the push of a button.”
ATMs with Teller Assist will be installed in banking center, drive-up, and remote locations and teller-assisted transactions will be accessible during extended hours: 7 a.m. – 10 p.m. local time on weekdays and 8 a.m. – 5 p.m. local time on Saturdays and Sundays, excluding holidays. Consumers also have the option to make a transaction as they would with any standard ATM 24/7.
Initially available in April at a Bank of America banking center in Boston, ATMs …read more
Source: FULL ARTICLE at DailyFinance
Swipe to See Your Account Balance with Groundbreaking Bank of the West Mobile Apps, Built on Mobilit
By Business Wirevia The Motley Fool
Filed under: Investing
Swipe to See Your Account Balance with Groundbreaking Bank of the West Mobile Apps, Built on Mobiliti from Fiserv
- Quick Balance feature is part of the all-new Bank of the West mobile apps for iPhone and Android, built on Mobiliti from Fiserv
- First of its kind capability enables customers to access their account balances with just the slide of a finger
- Apps also support in-demand functions such as bill payment and check deposit
BROOKFIELD, Wis.–(BUSINESS WIRE)– Fiserv, Inc. (NAS: FISV) , a leading global provider of financial services technology solutions, today announced that Bank of the West, a $63 billion asset bank with locations in 19 Western and Midwestern states, has launched new apps for iPhone®, Android® and iPad®, each of which is built on the Mobiliti™ mobile banking and payments platform from Fiserv. Among the highlights of the iPhone and Android apps is the Quick Balance feature, which enables enrolled users to access their balances with the slide of a finger, without logging into their accounts. The feature is the first of its kind for a North American bank.
According to the 2012 Fiserv Consumer Trends Survey, 25 million U.S. households are using mobile banking. Viewing account balances is the number one activity among users, with 66 percent saying they viewed their account balance on their mobile device within the last 30 days.
“We couldn’t be more pleased with customer feedback to our new mobile platform,” said John Finley, senior vice president, Digital Channels, Online & Mobile Banking, Bank of the West. “Since the launch of the apps and the Quick Balance feature, we’ve doubled the number of Bank of the West registered mobile banking users and had a three-fold increase in log-ins per day.”
In addition to standard mobile banking functionalities, such as account information access and an ATM and branch locater, each of the apps from Bank of the West features secure transactional capabilities such as bill payment, funds transfer between Bank of the West accounts and the ability to deposit a check remotely by taking a picture with a smartphone or tablet. The bank is using best practices such as videos and well-trained branch staff to educate customers on the new mobile app capabilities.
“Bank of the West has put its customers first with the design of new mobile banking …read more
Source: FULL ARTICLE at DailyFinance
Rise of the ATM Machines
By Rich Duprey, The Motley Fool
Filed under: Investing
As various so-called reforms get passed by Congress, banks devise new schemes to get more fees out of consumers. ATMs have been a good source for much of the pillaging, and though banks have routinely opposed payday loans, their fees for accessing your money through an ATM are usurious enough to make payday lenders blush.
Paying through the nose
The FDIC found that if you overdrew your account by $20 from using an ATM and the bank charged you an average of $27 for doing so, it equated to an APR of $3,520%! And a $2 fee for withdrawing $20 works out to a 260% APR.
Now banks are lining up to make it even more expensive. Typically $20 has been the minimum amount you could withdraw from an ATM, but JPMorgan Chase rejiggered its next generation machines to allow withdrawals of $1 bills. Over the past year or so, some 400 such machines have debuted and it will double the number available by the end of 2013. PNC Financial has similarly reworked half of its 7,200 ATMS to allow them to dispense $5 and $1 bills,
Considering the ATM transaction costs the bank far less than what it would if you used a real teller, the persistence and growth of ATM fees has become a cash cow for the banks. Certainly there’s an argument to be made for paying for the convenience of 24-hour access to your money, but the consumer can also rack up a costly bill if he or she is not paying attention.
Rise of SkyNet
Which makes Wells Fargo‘s new ATM personalized interface something of a worrisome advance even as it seeks to enhance a customer’s experience.
Based on your history with the ATM, you’ll get a snapshot of your account balance (though I’m guessing this won’t be a feature for non-Wells customers and it will continue charging a $2 fee to get your balance) along with one-click buttons for what you mostly do at the ATM. Are you constantly taking out $60 at a pop? You’ll have that button right on the home screen. It will even track how much you’ve taken out via ATM transactions. You can also set limits on how much you want to take out in a given period.
Simplicity is a worthy goal, and you shouldn’t have to jump through hoops to get at your money. Of course, you shouldn’t have to pay so much to get it, either.
Know me better than my wife
Wells expects the new interface to be available on all of its 12,000 or so ATMs by next month. While the development is part of its “ATMs Know You Better” campaign and is a more positive technological advance than spewing out $1 bills — and cheaper for the consumer — this smart technology that changes based on your habits almost brings out the Luddite in me as I’m sure we’ll be paying for this interface through …read more
Source: FULL ARTICLE at DailyFinance
SBI Partners with NCR to Make Everyday Life Easy for Its Customers by Introducing Intelligent Cash D
By Business Wirevia The Motley Fool
Filed under: Investing
SBI Partners with NCR to Make Everyday Life Easy for Its Customers by Introducing Intelligent Cash Deposit ATMs
India’s largest order for 600 Cash Deposit ATMs will now allow Indian consumers to deposit cash at the ATM beyond banking hours
Mumbai, India–(BUSINESS WIRE)– To enhance its customer service experience, State Bank of India (SBI), India‘s largest bank, has chosen NCR Corporation (NYSE: NCR), India‘s largest ATM manufacturer and service provider, to deploy 600 NCR SelfServ 32 Intelligent Cash Deposit ATMs across India. This order is the country’s largest single order for cash deposit ATMs.
In a typical branch, check and cash withdrawals make up more than 60 percent of transactions performed at the teller counter (Source: NCR internal study). With the adoption of NCR SelfServ intelligent deposit ATMs, SBI will be able to reduce long queues at its branch and will give its customers the flexibility to execute everyday cash deposit transactions beyond banking hours.
Migrating high volume deposit transactions from the branch to the ATM reduces cost significantly for banks. A single cash withdrawal or deposit transaction at the branch can be reduced by up to 75 percent. A normal withdrawal typically costs a bank between Rs. 40 to Rs. 45 per transaction, while the same transaction may cost about Rs. 10 to Rs. 15 at the ATM (Source: NCR internal study).
Mr. Jaivinder Gill, managing director for NCR India, said, “We are delighted to work with SBI to lead the intelligent cash deposit revolution in the country. The Retail Banking Report for Deposit Automation and Recycling, 2012, indicates that some of the strongest drivers of growth for cash deposit ATMs in India are ‘queue reduction’ and ‘customer demand.’ The report further predicts that the installed base of ATMs in India with automated deposit functionality is expected to grow five folds reaching 17,000 by 2017 – clearly indicating a trend of increasing consumer demand for counter-based transactions to be available 24×7 on the self-service channel.
“As consumers do more through the ATM channel, it becomes imperative for financial institutions to ensure their ATM network is secure and constantly up and running. The NCR SelfServ 32 with its large cash holding capacity ensures higher availability, while its innovative security feature validates genuine and counterfeit notes before accepting or crediting, and further facilitates tracing every note to the depositor to counter frauds,” added Gill.
NCR‘s solutions will allow SBI to …read more
Source: FULL ARTICLE at DailyFinance