To provide customers with more convenience when making deposits, Regions Financial (NYSE:RF) is installing 323 image-enabled DepositSmart ATMs SM in select markets in Alabama, Florida and Tennessee in 2010. DepositSmart ATM SM imaging technology gives customers the freedom to make deposits 24 hours a day without envelopes or deposit slips. Customers simply follow the on-screen prompts to deposit checks and cash directly into the ATM, which reads the checks, counts the cash, and totals the transaction. Regions began piloting the technology in several markets in 2009, one of which was Tuscaloosa, Ala. The bank will be the first to deploy the ATMs broadly in Alabama. “Our customers have told us that they want more convenience and flexibility to manage their money and DepositSmart ATMs SM allow customers to make deposits quickly and easily during non-business hours,” explained John Owen, head of the Consumer Services Group for Regions Bank. “The response from customers in our pilot markets has been overwhelmingly positive; in fact, deposit volume at DepositSmart ATMs SM is triple that of traditional Envelope Deposit ATMs.” DepositSmart technology provides a number of benefits for customers:
Quick credit for cash deposits.
Same-day posting of checks deposited before 6 p.m. local time on regular business days.
Itemized receipt lists the number and denomination of bills deposited and displays images of deposited checks.
Stacks up to 20 checks or 50 bills at one time for each deposit, or a combination of both with no envelope required.
ATM adds up multiple bills and checks and calculates the total deposit amount, no deposit slip needed.
ATM screen displays a list of bills and images of checks to be deposited for verification and approval.
Transactions are encrypted and transmitted through Regions' network to ensure security and reliability.
By eliminating the need for paper deposit slips and envelopes, customers use less paper and save trees.
In March, Regions began installing DepositSmart ATMs SM in select locations across the 16 states the bank serves. By the end of 2010, Regions will upgrade all existing branch ATMs to DepositSmart ATMs SM in the following markets:
Tampa/St. Petersburg, Fla.
About Regions Financial Corporation Regions Financial Corporation, with $137 billion in assets, is a member of the S&P 100 Index and one of the nation's largest full-service providers of consumer and commercial banking, trust, securities brokerage, mortgage and insurance products and services. Regions serves customers in 16 states across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates approximately 1,800 banking offices and 2,200 ATMs. Its investment and securities brokerage trust and asset management division, Morgan Keegan & Company Inc., provides services from over 300 offices. Additional information about Regions and its full line of products and services can be found at www.regions.com.