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....
So how can anyone feel confidence in making any cash deposits in these machines now?
Switching to simplii financial.
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.
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.
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.