A media storage system for an automated banking machine (10) includes a rotating flipper member (90, 178, 222) which is rotationally movable to engage sheets. A moveable gripper member (138, 182, 226) is movably mounted relative to the flipper member. The flipper member further includes an arcuately extending slot (92, 180, 232). A sheet extending in the slot is held in fixed engagement with the flipper member by the gripper member. Rotation of the flipper member to a releasing position causes the sheet to be engaged with a stop surface (160, 188, 284) as the gripper member moves to release the sheet. Sheets released by the flipper member are positioned in a stack (94, 184, 234). In alternative embodiments a flipper member (178, 222) includes a picker portion (202, 278). The picker portion is selectively operated to remove sheets from the stack for delivery to a user of the machine.