A media storage system for an automated banking machine (10) inlcudes a flipper member (90, 178) which is rotationally movable to engage sheets. A gripper member (138, 182) is movably mounted relative to the flipper member. The flipper member further includes an arcuately extending slot (92, 180). The 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) as the gripper member moves to release the sheet. Sheets released by the flipper member are positioned in a stack (94, 184). The flexible flap (160) engages each sheet after it has been released by the flipper member to conform the sheet to the stack. In alternative embodiments a flipper member (178) includes a picker portion (202). Picker portion is selectively operated to remove sheets from the stack.