They call it Cash Accept Machine (CAM) while others, Cash Deposit Machine. Or worst, another kind of an Automated Teller Machine (ATM). Whatever name they want to call it, this new deposit system is fast, convenient, and relevant in the current health crisis.
What is a CAM?
The Cash Accept Machine is a self-service platform that allows cardholders to make cash deposit transactions even beyond banking hours. Think of this machine as a Virtual Bank Teller, who counts cash, detects counterfeit bills, and credits your account in real-time.
Want to know cash accept machine near you? Visit these cash accept machines: Cash Accept Machine BPI, Cash Accept Machine BDO or Cash Accept Machine Metrobank.
Five Benefits of Using the CAM
Banking has never been this sophisticated – a machine doing what humans do. Perhaps in the future, we will do our banking transactions via a do-it-yourself facility with only a few banking personnel operating the bank. But, for now, let us discuss the advantage of using this deposit machine.
1. 24/7 Availability
CAMs accept cash deposits any time of the day, even beyond banking hours. All you need to have is your cash, ATM card, or in the absence of a physical card, an account number, to deposit your money successfully.
2. Real-time Crediting of Funds
Successful cash deposits are credited to the account immediately. That means there are stand-by funds for your checking account. In cases an unscheduled post-dated check is deposited or for you have unpaid overdue bills, there are funds for these purpose.
3. Automatic counting of bills
CAMs accept a maximum of 100 bills, regardless of denomination. It works like a bill counter. Once the bills are inserted correctly, the machine automatically counts the money and confirms your deposit transaction immediately.
4. Counterfeit-Detection Mechanism
Built-in counterfeit detection feature enables the machine not to accept counterfeit, stapled, crumpled, mutilated, and damaged bills.
Deposit transaction does not require any documents, such as deposit slip or cash envelope. Thus, the bank saves on papers used to print deposit slips and deposit envelopes. Depositors may also opt not to print the deposit transaction receipt.
Other Banking Services
Aside from cash deposit and depending on your bank, clients may use the following card-based services using the facility:
- Balance Inquiry
- Change of PIN
- Transfer of funds
- Bills Payment
- Mobile Phone Reloading
- Prepaid Card Reloading
Related Post: List of Banks who Waived their Interbank Fund Transfer Fee
There is no reason why you should not use the deposit machine on your next bank visit.
Aside from the convenience, it also saves you time and effort since you do not have to wait for the bank’s business hours to do your business. Plus, you can finish your deposits within two minutes
That is fully awesome! I had no idea that this sort of thing was an option. It’s much better than a standard ATM.
This would be so, so helpful here in NI. I had no idea this was an option at all. We always seem to be so behind here in regards to business, banking, posting, etc. We’re stuck in the darkages! This would well and truly open up a whole new world.
I love having availability to my money 24/7. It makes it super simple to get it when I need it and that’s nice!
I have never heard of this machine. I can see how it would save time though.
I love these machines! The sound of the money being counted is a sound I can never get tired of liking!
ha..ha.. same here.
Great to know…I usually love doing transactions over the machine but of course we have online banking