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Wells Fargo goes greener at ATMs

By David McMillin · Bankrate.com
Monday, July 1, 2013
Posted: 6 pm ET

As the banking industry continues to encourage account holders to move toward paperless statements, Wells Fargo is taking another eco-friendly step forward at its ATMs with cellphone text receipts.

The California-based bank was the first financial institution to offer electronic receipts for ATM users in 2007, and six years later, Wells Fargo is the first to offer receipts via text messaging, too. Alicia Moore, head of Wells Fargo ATM banking, says many of the bank's customers already are taking advantage of the ability to walk away from ATMs without a receipt in hand.

"Today, almost half of all eligible transactions at the ATM result in customers selecting an e-receipt or not printing a receipt," Moore says. "Our customers tell us they appreciate the ability to reduce paper waste. Text receipts just give them one more option."

The text receipts are delivered to the account holder's phone within minutes, and they include all the usual information account holders expect, including a description of the transaction, the account, available balance, time and date, and the location of the ATM.

Reducing all those receipts does more than provide a convenience for customers. The new feature reduces printing costs for the bank, too. With more than 12,000 ATMs across the country, it's safe to say that text receipts can put a dent in the number of paper rolls loaded into those machines.

As more banks offer electronic options for consumers, I'll be curious to see if any institutions experiment with charging a nominal fee for printing receipts. While an ATM receipt certainly doesn't come with the costs of a mailed, multipage monthly statement, each piece of paper does represent an expense for banks.

What do you think of the new feature? Would you prefer to receive records of your ATM transactions via text messages?

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7 Comments
Bill
March 19, 2014 at 1:42 am

As long as the CEO of the Banks earn millions, I want a paper receipt.

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Jackie
July 02, 2013 at 1:21 pm

I think it is great that they offer it as an option for those who are interested, but I'm not. I don't always have my cellphone with me, and even when I do, it is usually buried at the bottom of my purse. I don't want to have to dig it out to make sure the receipt arrived. I like the little slips of paper I can just file away in the outer pocket of my purse. I would not use any bank that tried to charge a fee for the paper receipts. That's a small cost of doing business and they should absorb it.

Dave
July 02, 2013 at 8:03 am

I prefer the convenience and think its a great idea. Its nice to get it via text or email and not have to carry the little peice of paper around.

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