Wachovia/Wells Fargo Revolutionizes Depositing in Savannah

Last Updated on Wednesday, 30 September 2009 13:36 Written by Staff Wednesday, 30 September 2009 12:53

ATM’s will Allow 8:00 p.m. Deposit Close; “Good Funds” at Midnight

Weds. Sept. 30, 2009 - Wachovia Bank, a Wells Fargo Company, unveiled new ATM machines in the Savannah market today that will allow customers to make deposits up until 8:00 p.m. which will then be “good funds” at midnight.
The machines will also allow business and personal banking customers to deposit up to 50 dollar bills at a time, with the funds good immediately. The machines also sell stamps, and have a number of environmental advantages.

Wells Fargo has been using the machines on the West Coast, but Savannah is the first introduction of the machines on the East Coast since merging with Wachovia last year.

The ATMs scan each check and dollar bill, providing depositors with a digital image which can be viewed online, another banking advantage. No envelopes are required.

“They don’t need to write on an envelope, do any math or key in a deposit amount. The ATM does all the work,” explained Doug Fuentes, retail community bank president of East Georgia for Wachovia.

But it’s the 8:00 p.m. close for a deposit that many smaller businesses may consider extremely significant. “The fact that small business owners don’t have to leave their company early to race to the bank by 4:00 or 5:00 p.m. to make a deposit is really significant,” said Julie Cyr of the United Way.

The scanning technology will not be available inside the bank at the teller’s window, explained Alicia Moore, head of ATM banking for Wells Fargo, in Savannah for the unveiling of the first machine to be installed at 134 Bull St., outside Wachovia’s Savannah headquarters.

Some banks in Savannah still have 2:00 p.m. cut-offs, which is very difficult with afternoon delivery of the mail to many area companies, as well.

The new machines are the most visible sign of the conversion under way as a result of the merger of Wachovia and Wells Fargo, according to Jenny Gentry, Savannah city president.

Already, the new ATMs in other parts of the country have saved an estimated 255 tons of paper or the equivalent of 4,284 trees, Wells Fargo estimates. “This is a valuable addition to the efforts of the Chatham County Environmental Forum and many others who have been working for years on a number of fronts, including reducing waste,” said Pete Liakakis, chairman of the Chatham County Commissioners, on hand for the event.