Wells Fargo & Co. has introduced a new automated teller machine card for midsize and large businesses.
The Wells Fargo Business Express Deposit Card lets businesses make deposits at ATMs and get credit for them the same day. Companies can deposit up to 40 paper items-including cash and checks-at Wells' 4,400 ATMs in 10 western states.
"Businesses now have the option of making deposits at Wells Fargo ATMs literally anytime-24 hours a day, seven days a week-instead of sending employees to bank branches in the middle of the day or paying for courier service," said Gary Cole, a Wells Fargo vice president. "Wells Fargo's innovation is of critical importance for businesses that are seeking to streamline their deposit process to save time and money."
For security reasons, the Business Express Deposit Card does not let employees make withdrawals, transfers, or balance inquiries. The employee leaves the ATM with a receipt confirming the deposit only. The card is designed for businesses that make frequent deposits, like professional services and insurance companies, specialty retailers, wholesalers, and distributors.