OCBC Bank has introduced a new cheque encashment service at its automated teller machines (ATMs).

Instant cash from cheque

What this means is that customers can cash out their cheques immediately by depositing it into the ATMs.

The process from cheque to cash will take less than three minutes.

According to OCBC Bank, this saves 60 per cent of their time as compared to waiting to be served at a branch.

Customers can encash a maximum of S$30,000 in a single cheque.

Security is also not compromised, as all the necessary security checks and verifications are performed by OCBC Bank's Digital Ambassadors on mobile tablets in real-time.

Available since Feb. 2020

This service has been around since Feb. 2020.

So far, the ATMs have processed cheques totalling close to S$17 million.

Here's how to use this new function:

1. Insert ATM card and enter your personal identification number (PIN).
2. Select "Cash from cheque".
3. Enter the cheque amount.
4. Digital ambassador will verify the cheque information and insert cheque into cheque slot.
5. Confirm transaction on ATM screen.
6. Choose note denominations (for SME-issued cash cheques).
7. Provide declaration on usage and purpose of S$1,000 notes, if applicable.
8. Select "receipt" or "no receipt".
9. Get cash.

Available at 23 branches

Currently, these next-generation ATMs are available at 23 branches in Singapore:

• Bedok
• Choa Chu Kang
• Clementi
• ION Orchard
• Nex
• Orchard Gateway
• Tiong Bahru Plaza
• Waterway Point
• Bishan
• City Square Mall
• Harbourfront Centre
• JEM
• Northpoint City
• Paya Lebar Square
• Toa Payoh Central
• White Sands
• Causeway Point
• Compass One
• Hougang Mall
• Jurong Point
• OCBC Centre
• Tampines
• United Square

Top image form OCBC Bank Singapore & @chongpangcitysg.