Regions Bank is offering customers a new twist on an old service.
The $121 billion-asset unit of Regions Financial (RF) said Tuesday that roughly 700 of the company's 2,000 automated teller machines now enable customers to cash checks.
To use the service, which mirrors service the bank offers in branches, customers insert a check into one of the company's DepositSmart ATMs, which provide instructions for cashing the check and information about costs and cash availability. Fees for the service range from 1% to 3%, depending on the amount and origin of the check. There is no fee for checks under $10.
"Customers want more convenience and more tools to manage their money," Scott Peters, Regions' head of consumer services, said in a press release.
For checks Regions can verify immediately, consumers receive cash or a combination of cash and a credit to their bank card if the amount of the check exceeds cash available through the ATM.
If Regions requires more time to verify the check, consumers can cancel the transaction or choose to be notified by text message after the check has been verified, and then visit an ATM or branch to complete the transaction.
The feature from Regions comes as banks aim for ways to make ATMs more convenient. Both JPMorgan Chase (JPM) and PNC Financial Services Group (PNC) are rolling out ATMs that dispense $1 bills and allow customers to do such things as buy prepaid bank cards or pay bills.
Not all Regions' ATMs dispense $5 or $10 bills and none dispense $1 bills or coins. Any amount exceeding what the ATMs dispense will be credited to the customer's account, according to a company spokesman.