History in the making? TD machines accept cash without envelopes

News: Welcome to the Canadian Paper Money Forum.

TD has introduced ATMs which will accept deposits (cash and cheques) without envelopes. They have been slowly rolling them out in different branches over the last 4 to 6 months or so.

For sometime now I have seen the rise of money dispensers behind tellers that accept cash and make it available for withdrawal. It seems that this is now being brought out to the ATM level.

I recently tried the ATMs out. Tried different denominations and both journey and polymer and they work fine. One machine did not accept a polymer $5 note which was in good condition but a machine next to it accepted it just fine.

Talking to the bank staff at this one particular branch I was told the whole ATM function was done by an outside agency. The banknotes that are currently accepted as deposits are not available for reissue by the ATM. I suspect it will not be long before the banknotes taken as deposits will be recirculated back as withdrawals.

I would often use the envelopes that were available beside the ATM for deposits to keep the withdrawn cash. Now I have to make sure I bring my own envelope in case I need to protect a banknote.

Wonder if anyone else has had the opportunity to test drive them?

I made a couple deposits last week with multiple cheques but no cash.  The receipt includes images of the cheques (with signatures, name/address block and routing codes blacked out) which I find nice.  The cheques are also each listed individually.  When making the deposit, each cheque is scanned and the ATM attempts to identify the correct value of the cheque.  It was able to reliably do that with most of the cheques I deposited.  The ones it can't, it asks you to input the denomination.

In all cases (cheques, cash or both), the ATM requires your confirmation of the input items before committing the deposit.  If you cancel, all items will be returned to you.

My only negative comment is that if you initially choose (for example) that you only have cheques to deposit, you cannot change it to a cheques+cash deposit without cancelling the entire deposit and starting over.  It would be nice to be able to do this mid-stream.  Not a major concern though.

Overall, I like them, and will probably use them now for my business deposits rather than visiting a teller.  At the very least, I'll give them a few more test-drives over the coming few months.

Overall, I like them, and will probably use them now for my business deposits rather than visiting a teller. 

I get most of my circulation "finds" from the business teller at my bank.  I hope this technology doesn't spell the end of tellers! 

Dean 

So if you have $200 worth of $5 notes do you need to put them in one at a time?

Envelope or no envelope, I don't care either way. As for ATMs recirculating cash that gets deposited in them, I really don't think very much cash gets deposited through ATMs these days.

What I would like to see are ATMs that dispense something other than $20s. I like to use HSBC ATMs because they give out $10s, $20s, and $50s. I remember about 20 years ago there were certain RBC ATMs that gave out $5s, but I don't know if that is the case anymore.

So if you have $200 worth of $5 notes do you need to put them in one at a time?

The machines will accept a stack of up to 50 notes any denomination and in any order.

$200 worth of $5 notes will be 40 notes and so it will take it in one stack. No need to put them in one at a time.

Surely TD is ensuring that this technology will be used by more and more people. More problems that are identified more they will be resolved.

I really don't think very much cash gets deposited through ATMs these days.

Majority of the people who stand in the line-up at tellers I have noticed over the last two years generally carry out the following transactions:

a) deposit cheques
b) deposit cash
c) withdraw cash larger than the amount or in different denominations then typically dispensed at the ATM
d) pay bills (the demograhic in this category is rather interesting)

For anyone who wants to avoid standing in a  line-up for 15 minutes (or at a time when the branch is closed) just to do a cash deposits and cheque deposits  this feature that simply involves inserting the cheque or the cash directly into the machine without an envelope will be very appealing.

I think TD has made a big bet on this and is slowly changing the machines at branches probably with this expectation.

Once they have perfected this it will only be a matter of time before they begin to dispense any denomination and also recycle the deposits back to dispensing like they do with machines behind the tellers in many of the branches.

In my opinion this is indeed history in the making. It will change the nature of the interaction at the teller counter.

I stopped at a TD I've never been to before last week and it had this machine. I had $1000 to deposit in all denominations and was really nervous about just sticking loose bills in a wad into a slot. It worked flawlessly and thought it was really cool.

I was skeptical at first but it works very well.  The only drawback is if it can't interpret the handwriting on a cheque (eg. very sloppy writing).  In this case it will show you a blown-up image of the cheque's amount area on the screen and ask you to key it in.

I also used the envelopes if I found brand new notes I wanted to protect and to safeguard any large withdrawls, so I'll miss that.

And yes, dispensing something other than just $20's would be very appreciated.  Royal Bank used to give $5's up until the end of the Birds issue era (1998 or so), and TD also gave out $10's.

What I would like to see are ATMs that dispense something other than $20s. I like to use HSBC ATMs because they give out $10s, $20s, and $50s. I remember about 20 years ago there were certain RBC ATMs that gave out $5s, but I don't know if that is the case anymore.

I dont think so. At least not to my knowledge. The last one i saw in Montreal area was about 15 years ago. Today most RBC machines give $20s and  consecutive $50s

Machines like these have been prevalent in most of the developed world for the last 5-10 years. Many US banks have had them before 2010, and European/Asian banks well before that  so it's great we are only catching up now.

CIBC also is rolling out these machines and they're more user friendly than the TD ones. They have just one slot for all cash and cheques, and you can mix them up with the machine scanning both without problem. They also accept USD cash and cheques as well.

TD seems to be piloting a new type of ATM!

I went to a small branch near Square One in Mississauga a few weeks back and now they have an ATM where you can actually select denominations, offering everything from $5-$100 bills. You can deposit /withdraw up to 200 bills at a time and it looks like it makes deposited books available immediately for withdrawal.

I had no problem requesting 100 $5 notes in a single withdrawal - I think I've found my new favourite ATM. 

withdraw up to 200 bills at a time and it looks like it makes deposited books available immediately for withdrawal.

I had no problem requesting 100 $5 notes in a single withdrawal - I think I've found my new favourite ATM.

Sounds awesome!  No more pesky clerks making a 100 note withdrawal seem like tooth-extraction! Now only if they'd put one of those ATM's near me...
 

Which TD branch is it?  I'll check it out next time I'm in the area in a couple months.

Would be nice to see them roll that out in the major centres.  Great move on their part!

Thats funny, because one of the last (old) bank machines to dispense $5 notes was in Square One. Were the $5's from the new TD machine UNC notes?