According to Gallop, 80% of new bank accounts are still opened in a branch instead of online or over the phone. With each new account opened, the financial institution typically issues a set of pre-printed temporary checks for the customer to use while their personalized checks are ordered and shipped. Generic temporary checks can raise security concerns with vendors, which may lead to rejecting the check as a form of payment.
How can you fix this common issue? Many branches fix this issue by opting-in to custom starter checks for their customers.
Custom Temporary Checks vs. Generic Temporary Checks
Custom temporary checks provide a unique way to reduce the hassle and risk associated with generic temporary checks for both the customer and the financial institution. The ability to create customized temporary checks in-house quickly provides customers with starter checks that include all of their personal information. This reduces the headaches and costs associated with generic starter checks.
Why You Should Print Custom Temporary Checks
Custom starter checks provide many benefits for both the customer and the bank, including incremental fee revenue and reduced risk of check fraud, and now the customer can get their temporary checks using self-service. The Personal Teller Machine offers a self-service “check withdrawal” transaction that allows the customer to print personalized temporary checks in addition to other check types such as official or cashier’s checks. This teller kiosk allows for on-demand check printing for all types of checks. Allowing the customer to complete the check issuance process through a self-service kiosk creates a better in-branch customer experience, and provides an incremental fee revenue opportunity for the bank, without increasing a teller’s workload.
Self-Service Check Issuance Process with Personal Teller Machine
The Personal Teller Machine integrates with the financial institution’s core platform which allows customer information to be securely auto-populated onto a temporary check form.
- The customer starts a transaction using the Personal Teller Machine by selecting the applicable workflow from the main screen.
- The customer enters the variable information into the temporary check form. An image of the temporary check is displayed on the screen, and the customer validates the information to be printed on the check.
- Once the transaction is completed and confirmed by the customer, the Personal Teller Machine sends the data to a secure MICR check printer.
- The printer drawer holds different types of blank check stock, such as starter check stock or official check stock, so the Personal Teller Machine tells the MICR check printer which blank check stock to use when printing the temporary checks.
- The customer collects the custom temporary checks from the MICR check printer and the transaction is complete.
Can You Get Custom Temporary Checks from the Bank?
You can get custom temporary checks from the bank by using technology like a Personal Teller Machine (PTM). Using the Source Technologies Personal Teller Machine for routine transactions such as temporary check issuance saves financial institutions time and reduces expenses while creating a positive customer experience in the branch. If you want to find out more, connect with us to see how an automated teller machine can transform your business.
Editor’s Note: This article was originally published on November 11, 2016, and it has been updated on April 20, 2020.