Should I start depositing cash at the ATM

[archcommus]

Originally posted by: JW310

Originally posted by: archcommus

Originally posted by: isekii
Depositing Cash and checks are pretty different.

Lets say you deposit $400 bucks in 100 dollar bills and only 300 show up.
How are you gonna prove that you actually deposited $400 bucks ?

You can put whatever amount you want in an ATM deposit. Just cuz it prints a receipt doesn't mean you actually deposited that amount.

Well it wouldn't print the receipt until it verified you entered all the bills, correct? So I would assume that WOULD be proof.

Except that's not how cash deposits at ATMs work. The ATM doesn't count the money you deposit; the money gets counted by a bank employee. With a deposit at an ATM, you put all the cash (or the check(s)) into an envelope (usually provided at the ATM) that you write your account information on. This envelope gets held in the ATM till someone from the bank collects the envelopes, and then takes them to have the contents of each envelope counted and amounts credited to the proper accounts.

JW

Well if this is true I think you'd be nuts to deposit cash in an ATM. I didn't think it would work like that.

 

[Andres3605]

have done it for couple years both cash and checks with no problems so far

 

[dullard]

Everyone around here uses ATMs for everything. Thus the ATMs are a 10 minute line and the bank tellers are always sitting there doing nothing. I find it much quicker to use a bank.

As for depositing cash, most ATMs don't count it or print a receipt. You just have to pray that the cash is counted properly and then deposited in the proper account. If the ATM is robbed before then, you are SOL. Newer ATMs (maybe still under development) actually scan the bills as you enter them and let you confirm that the correct amount was deposited. Until my bank has one of those, I'd never deposit cash.

 

[OrganizedChaos]

bank of america had a commercial the other day showing off these new atms with a bill eater. anyone try one of these yet?

 

[Otaking]

I deposit cash all the time, and nothing's gone wrong with yet.

I have BoA.

 

[isekii]

Originally posted by: OrganizedChaos
bank of america had a commercial the other day showing off these new atms with a bill eater. anyone try one of these yet?

I think those are in the beta testing phase.
I haven't seen any of those around.

 

[archcommus]

Originally posted by: isekii

Originally posted by: OrganizedChaos
bank of america had a commercial the other day showing off these new atms with a bill eater. anyone try one of these yet?

I think those are in the beta testing phase.
I haven't seen any of those around.

What's so difficult about it? I'd think it would've been that way for a long time...

Maybe I'm lucky and my bank has one.

 

[delroy]

I do both cash and checks...no problems yet.
Although I knew someone that had a problem...but I think it was the bank's fault....
That's hopeful, isn't it..
Anyway, for years..it's always been just fine for me. Quicker (obviously), too

 

[Hubris]

Originally posted by: isekii
Depositing Cash and checks are pretty different.

Lets say you deposit $400 bucks in 100 dollar bills and only 300 show up.
How are you gonna prove that you actually deposited $400 bucks ?

You can put whatever amount you want in an ATM deposit. Just cuz it prints a receipt doesn't mean you actually deposited that amount.

You don't think a bank has all sorts of checks and balances (no pun intended) to insure that this doesn't happen? You think a teller's going to risk their job for a $100? While sure, it might happen, it's HIGHLY doubtful.

I've never heard of a case where this happens, and in the case of a he said/she said, I would imagine the banks would agree to trust the person to avoid bad press.

I've ben depositing my cash in an ATM for years; never had a single problem and I've made some hefty deposits at times.

 

[archcommus]

But for having to make a deposit slip and use an envelope, it might be easier to just go inside. Then, I just hand them the bill and a card with my number on it, they take it, give me a receipt and I'm done.

 

[Rumpltzer]

Originally posted by: archcommus
But for having to make a deposit slip and use an envelope, it might be easier to just go inside. Then, I just hand them the bill and a card with my number on it, they take it, give me a receipt and I'm done.

1) My former bank didn't require a deposit slip. Just put the cash/check in the envelope and use the ATM. My current bank does require the slip.

2) The line is my problem with going in. People around here seem to be afraid of the ATM just like people at the post office seem afraid of the automated postal machine thingee. I don't have to wait if I use the ATM.

That, and the bank (and post office) seem to be where the old/crazy people go when they get lonely and want to talk to someone. They don't know what they're doing, and they take forever.

 

[HonkeyDonk]

I read on OT a long time back that someone deposited $600 and it only credited $6. Teller stole the cash? you betcha.

 

[SaturnX]

I've deposited cash through ABMs since I can remember and I've never had a problem.

--Mark

 

[zendari]

I've never deposited cash in my life.

 

[AdamSnow]

I've done it for at least 10 years and have never once had a problem.

 

[akubi]

Originally posted by: Otaking
I deposit cash all the time, and nothing's gone wrong with yet.

I have BoA.

same with me.

 

[DBL]

Originally posted by: HonkeyDonk
I read on OT a long time back that someone deposited $600 and it only credited $6. Teller stole the cash? you betcha.

I've been told that the banks require two people to process the cash deposits, one to open and the other to watch. In addition, there is most likely a camera too. Then there is your receipt showing the deposit. I'm sure there are cases of theft but they have to be extremely rare.

 

[isekii]

Originally posted by: DBL

Originally posted by: HonkeyDonk
I read on OT a long time back that someone deposited $600 and it only credited $6. Teller stole the cash? you betcha.

I've been told that the banks require two people to process the cash deposits, one to open and the other to watch. In addition, there is most likely a camera too. Then there is your receipt showing the deposit. I'm sure there are cases of theft but they have to be extremely rare.

The receipt is just a piece of paper telling you that you made the deposit.
It doesn't check or verify the amount of deposit that you made.

 

[DBL]

Originally posted by: isekii

I've been told that the banks require two people to process the cash deposits, one to open and the other to watch. In addition, there is most likely a camera too. Then there is your receipt showing the deposit. I'm sure there are cases of theft but they have to be extremely rare.

The receipt is just a piece of paper telling you that you made the deposit.
It doesn't check or verify the amount of deposit that you made.

Of course not. It's a paper trail. That combined with the computer transaction and the checks on actually opening cash deposits ensure a safer system than some people want to give the banks credit for.

 

[isekii]

Originally posted by: DBL

Originally posted by: isekii

I've been told that the banks require two people to process the cash deposits, one to open and the other to watch. In addition, there is most likely a camera too. Then there is your receipt showing the deposit. I'm sure there are cases of theft but they have to be extremely rare.

The receipt is just a piece of paper telling you that you made the deposit.
It doesn't check or verify the amount of deposit that you made.

Of course not. It's a paper trial. That combined with the computer transaction and the checks on actually opening cash deposits ensure a safer system than some people want to give the banks credit for.

WHen you make an initial deposit in the ATM. They do not verify the amount that is inside.
They only print the receipt going by what you press.
I can go to my bank and deposit and empty envelope and say i deposited $500 bucks and it'll print a receipt saying I deposited $500 bucks.

 

[dullard]

Originally posted by: DBL
Of course not. It's a paper trial. That combined with the computer transaction and the checks on actually opening cash deposits ensure a safer system than some people want to give the banks credit for.

ATMs are robbed. It is a real event that has happened in the past and will happen in the future. Will it happen to the ATM that you put cash in? Probably not. But it might. Suppose I put in $1,000 cash into an envelope, stuff it in, get a receipt that money was deposited (with no numbers of course), and the ATM is stolen. Now the proof is on me to prove that I actually deposited $1,000 and not $100. Most people don't keep evidence like that. So who knows how much of that I'll ever get back. Yes a good bank would give me $1,000 without any evidence. But will all banks do that? What if I ask for $2,000 and only put in $1,000? Where is the cutoff?

 

[thegimp03]

I've never had a problem with the atm and depositing stuff. Only time when there was something that popped up was when I entered the wrong deposit amount accidentally and bofa wrote me a letter saying that I'd deposited more than what I said.

...Profit!

 

[DBL]

Originally posted by: isekii
WHen you make an initial deposit in the ATM. They do not verify the amount that is inside.
They only print the receipt going by what you press.
I can go to my bank and deposit and empty envelope and say i deposited $500 bucks and it'll print a receipt saying I deposited $500 bucks.

I guess you are having a hard time understanding what I am saying.

I'm simply stating that there are many checks which help to ensure that your money is not stolen. None of the checks is a GUARANTEE but taken together, they serve their purpose. The receipt or electronic transaction ensures that you have made a deposit. That way, the bank could not say, ?you never made a deposit". Obviously, to verify amounts, they would have to run some sort of internal investigation, which I don?t doubt is a set of well thought out procedures. I'd find it hard to believe that an employee would be able to steal one time, let alone multiple times before being caught. There are too many internal controls. Get it?

 

[DBL]

Originally posted by: dullard

Originally posted by: DBL
Of course not. It's a paper trial. That combined with the computer transaction and the checks on actually opening cash deposits ensure a safer system than some people want to give the banks credit for.

ATMs are robbed. It is a real event that has happened in the past and will happen in the future. Will it happen to the ATM that you put cash in? Probably not. But it might. Suppose I put in $1,000 cash into an envelope, stuff it in, get a receipt that money was deposited (with no numbers of course), and the ATM is stolen. Now the proof is on me to prove that I actually deposited $1,000 and not $100. Most people don't keep evidence like that. So who knows how much of that I'll ever get back. Yes a good bank would give me $1,000 without any evidence. But will all banks do that? What if I ask for $2,000 and only put in $1,000? Where is the cutoff?

Banks have insurance. You would get your money back no doubt.

 

[dullard]

Originally posted by: DBL
Banks have insurance. You would get you moeny back no doubt.

So I should always claim that I deposited far more than I actually did. That'll prepare me for the possibility of theft. Thanks for the advice.