/ Money

Are you ready for ‘smart’ ATMs?

Talking ATM with headphone socket

Smart phones, smart meters, smart watches… what about smart ATMs? What are these new beasts of the high street, and could they come to a town near you?

Smart ATMs – which are already available in lots of other countries including Australia, Canada and India – not only give you access to your cash, but they can also receive deposits. You could also transfer money between your accounts or clear cheques.

By providing customers with a new way to access banking services, these ATMs could be a decent alternative to visiting a bank branch.

In fact, when we asked people what they’d like to see if their bank branch closed, smart ATMs featured as one of the top alternatives. Banks sharing branches or operating in supermarkets were other popular options.

Who could benefit from smart ATMs?

Smart ATMs certainly add to the face-to-face and digital banking channels already available. Like most new banking technologies, they have the potential to make life a bit more convenient – provided they work, and the banks have worked out what the security risks are. You may not want to deposit cash on a dimly-lit street, for example.

They’ll surely represent a boon for bank customers – like tradesmen – who use cash for their work, but can’t make it to a branch during normal working hours. Meanwhile, it could add another string to the financial bow of the most vulnerable customers – like the unemployed and older people – who are more likely to use cash.

And if you’ve had a win on the horses and don’t fancy carrying your cash home with you, you could just drop it off at a smart ATM…

What about bank branches?

Of course, people do still visit bank branches, as our latest research shows. Four in 10 people told us they still use their local branch at least once a month.

We think it’s especially important that banks consult local communities to establish the impact of branch closures, but also whether smart ATMs would be a suitable alternative. This requirement is set out in a new protocol on branch closures, announced last month. We worked with the Government and banking industry on the protocol to make sure customers’ needs were met.

Ultimately, smart ATMs should be a useful addition to high street banking, provided residents’ needs – and those of the most vulnerable customers – are met.

Are you ready for the dawn of the smart ATM? Do you think they would be a suitable alternative to your local bank branch?

Would you deposit money or a cheque into a smart ATM?

No (46%, 479 Votes)

Yes (42%, 440 Votes)

I don't know (12%, 122 Votes)

Total Voters: 1,041

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Cash at Post offices can be taken out in any denomination inc coins plus deposits can be made in coins which comes in handy when emptying the kids money boxes.

ronald beazley says:
14 April 2015

Sorry but i use to use this service when i had a business in 2006 the bank had aelectronic box next to the old night safe system where you could deposit cash and cheques 24 hrs 7days a week alos inside the branch were machines you could auto pay in that would give you mini copies of the cheques youd payed in so whats new maybe open to the general public to use ?

mike says:
21 April 2015

its about convenience, really. And I would find it far more convenient. But with two thirds of adults overweight, and rising, its yet another factor that would help stop people walking more i think, because – lets face it – which is closer to you at any one time – a bank or an atm?!?

Gerry says:
29 April 2015

ATMs that accept cash and cheques have been around for well over 30 years in the UK, although not all offer this facility.

So, apart from being able to pay into a bank that’s not the same as the ATM you’re using, what’s new?

mark says:
29 October 2016

does cash do in acc straight awY if paid in cash point

Can u use any smart ATM and put a cheque through and cash it straight away even if ur not with that bank.

Mark Knight says:
31 January 2018

As a business customer with Santander i find it appalling that they have done away with paying in envelopes that we used to put cash and cheques in then pay them into the atm after hours , at least with envelopes no one around you knew if it was cash , cheques atc.Now instead you have to make sure all your cash notes are not creased or any corners are folded over then attempt to pay loose cash in whilst looking over your shoulder making sure youre not going to be mugged as you feed the cash into the slot at no more than fifty notes at a time.Then if youre lucky it will take them but in my honest experience it spits the whole lot out again as you attempt to shield and catch your money from the wind and rain, whilst everyone behind you in the queue is cursing at how long your taking. Its bad enough in britain with our rainy and windy weather trying to pay money into atms without it blowing off down the highstreet but with violence and muggings on the increase im afraid Santander youve just lost another customer as you have with some of my other friends that have small businesses. I have complained about it but it fell on deaf ears, so HSBC here i come where at least it all goes in one big envelope in an easy transaction, Mark Knight , KVMS. Chester

While we have Coronavirus lockdown and banks doing shorter hours and queues to use machines inside this just is not working we need machines you can deposit as well as withdraw now! I live in Thames Ditton and since bank of Scotland closed in Kingston I do not know where else a machine is available that does both. Or is there such a machine outside of a bank

M. Mullaney says:
17 December 2021

My local TSB refuses access to a teller if paying in cheque or cash you have to use a smart ATM. The space within the bank is very limited so no social distancing, everyone cane see what you are doing, no privacy. You then have to queue for a teller if paying a credit card bill. Double queuing, takes longer, congestion within the bank, whilst tellers stand about with nothing to do. Confrontation every time you visit your bank and after all that it is your money. All this is aimed at reducing staff levels and closing banks. Haven’t tried transferring between accounts as yet, but I have moved as much from my accounts with TSB as I can as a result of this hostile, confrontational so called “smart” banking.

I’m absolutely SICK and TIRED of all this so-called “smart” stuff, first it’s smart phones, and meters, and appliances, watches, locks, etc., but all those things are at least optional, but why should anyone be forced to have to use a stupid “smart” contraption? and have NO alternative?! Do you have to have a so-called “smart” phone to use one of these new atms? If so then that is blatant entrapment which I for one FURIOUSLY RESENT! I’m absolutely sick to the back teeth of having things forced on me that I absolutely DON’T need and only cause a right wretched MENACE, I don’t visit bank branches very often at all because of the excruciating noise of other customers and some staff as well as supposedly “relaxing” but in reality absolutely BRUTAL radio constantly playing as they now have at halifax branches, at least they do at my nearest one. And I cannot go in supermarkets anymore either for the same reasons because I need QUIET! It seems to me these new atms are yet another stupid thing where the authorities have carried out so-called “consultations” with most people but once again totally IGNORED the needs of folk like me who CANNOT go in somewhere like a rowdy pub or supermarket etc. and who also DON’T want stupid so-called “smart” phones either, I find them FAR too complex and a right major nightmare, a “simple to use” one causes me enough aggro. It seems to me that there’s yet another ultra-EXclusive club being created just like the stupid new buses where I live which I CANNOT use in the summer sun because of the totally INSANE full length skylights without ANY adequate solar control, and like stupid new all open plan multiple unit trains, and countless other stupid insane things all invented for “convenience”, which in my long hard experience all too often comes at far too high a price, and I don’t mean monetary price either. For crying out LOUD just when IS anyone in power and control going to get in touch with reality and start getting to know about folk like me and properly recognising them as disabled and taking the proper appropriate actions instead of constantly treating them with such appalling contempt which I furiously resent as anyone would in such a position, no-one can help what they’re born with and folk like me DO exist and ALL disabled lives MATTER!