topic Re: Has an ATM ever ate your money? in The Lounge

Has an ATM ever ate your money?

mynewhome — Sat, 07 Sep 2019 13:57:52 GMT

I have a Tangerine account and use Scotiabank ATM's. Some of the machines accept deposits without envelopes. I have done a few with cash without problems until my most recent one which took the cash but did not acknowledge it. It gave me a receipt indicating an error and to contact the telephone number on the receipt.

The way the bank handles this is more disturbing than the small amount of cash involved.

-Have to wait 10 business days before they can formally investigate.

- After 10 days give a temporary credit pending results of investigation

- Over 1 month later a call indicating there was no discrepancy in the machine and take back the temporary credit leaving a negative balance in my account

-Was told the only action I could do was to submit a letter in writing to the department of b.s.

-Called back and spoke to someone who promised to help....

waiting

So how can anyone feel confidence in making any cash deposits in these machines now?

Switching to simplii financial.

Re: Has an ATM ever ate your money?

Dunkman — Sat, 07 Sep 2019 14:00:33 GMT

@mynewhome

Personally, I don't do cash deposits via ATM. Just don't want to risk it.

This topic would be more appropriate for the Lounge section.

Re: Has an ATM ever ate your money?

Psygineer — Sat, 07 Sep 2019 14:43:03 GMT

Honestly, I would never do those. I don't see the point of taking any risks with deposits. I don't even like using ATMs in general. I pay via credit card whenever possible and debit when I have to.

I withdrew $500 from an ATM once and only once due to travelling and wanting to make sure I had emergency money. I counted the money twice and I was short $20. I contacted the bank, similar story, ended up just losing the $20.

Re: Has an ATM ever ate your money?

countonalex — Sat, 07 Sep 2019 14:43:39 GMT

Never and I use them every so often. I try not to carry cash with me.

Re: Has an ATM ever ate your money?

Korth — Sun, 08 Sep 2019 07:31:58 GMT

Mechanical malfunctions and computer mistakes and human error aren't impossible. But they are extremely improbable - money-dispensing machinery is very tightly regulated, certified, controlled, and calibrated. Quite advanced technology with multiple failsafe redundancies, checks, double-checks, and audits. Banks spend money preventing security issues because they don't wanna lose money to preventable security issues.

You might have been a victim of card skimming. It's a form of theft the banks take very seriously but also keep carefully unadvertised. Look it up and admire the shockingly factory-perfect technical and professional qualities that savvy thieves can accomplish.