New generation multibancos given green light

THE LATEST generation of ‘smart’ multibanco machines, which recognise, count and validate deposited banknotes, as well as read cheques, are to be introduced nationwide starting this month. This follows the installation of the first machine by Millennium BCP at its Lisbon Fonte Nova branch last week.

The new machines allow clients to make direct deposits of both cash and cheques, without the necessity of filling out forms or placing money or cheques into sealed envelopes. The new service is in addition to all the regular services such as cash withdrawals, balance enquiries and cheque book requests.

One of the advantages of the new machines is that accounts are credited immediately and do not require five working days to clear, with receipts issued confirming the amount deposited and the new adjusted balance. It is hoped that 150 new machines will be installed by the end of the year.