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 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.
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.
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.
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.