how does a deposit on ATM work?

[Jerboy]

How does depositing work on ATM? You put the cash or check in an envelope you get from side of the ATM and write the amount on cash $xx, check $xx, total $xx. You insert your card, type in the PIN, check deposit and type in the same amount you put on the envelope. You insert the envelope in proper orientation when it asks you to do so. The deposit amount immediately reflects on your account.

How does the ATM know how much you put in the envelope and what happens if you put different amount on the screen than you put in envelope??

 

[pyonir]

the transaction immediately shows up, but you don't have access to the funds until the cash/check deposit clears at the bank when the ATM security picks up the days deposits.

 

[eLiTeGoodGuy]

Most banks only give you an instant credit of $100, maybe a bit more, so you can't say you deposited $10,000. Also, most ATM's only let you withdraw a max of $400 a day, so you can't take out a huge sum of money. The ammount is checked the next morning by hand as soon as the bank opens up.

If you were thinking that this is a good way to make some quick cash... do the words "bank fraud" mean anything to you?

 

[Freejack2]

It's simple, they give you perhaps the first hundred dollars. After all they got your info, your face and probably car license if you drove there on camera.
If you put a check in when someone empties the atm machine the next day all the deposits get entered and processed.
If you put cash in it gets pocketed and some bank employee goes home a lot wealthier.
Just kidding on the last bit.
At least I hope I am. :/

Oh wait, didn't see who was posting the thread. When they see your name they always pocket the cash and deposit the checks for 1/10th of their face value.
Don't think it's personal though, they do the same to Donald Trump and Bill Gates also.

 

[Jerboy]

It couldn't be so hard to include a bill accepters and verify it on the spot. It seems dumb to let the customer type in the amount to deposit.

Anyways, I wouldn't be withdrawing the cash in a looooong time, but I'll likely have to go back to bank tomorrow and deposit $250, so I won't be shafted by service charge each month.

 

[AnimeKnight]

The transacation shows up on your balance.. however depending on the bank.. for wells fargo they give you immediate $100 credit from what ever you deposited.

for wells fargo.. 2 people from the bank will go gather the envelopes (one officer and one teller) double custody.. cuz the atm machine requires 2 keys and a combo to open them (office has one key and the combo the teller had the other).. and they go thru the envelopes to see if any of them have indicated cash deposit on the envelop.. if it does indicated.. they will open the envelop up and count the cash and process by a teller this way to avoid anybody from pocketing the $$

if you depost before the cut off time your deposits will process on the same night and credit the full amount.. if you deposit an empty envelop and then get a less cash out of it.. your account will be debted whatever you taken out

 

[amnesiac]

Originally posted by: Jerboy
It couldn't be so hard to include a bill accepters and verify it on the spot. It seems dumb to let the customer type in the amount to deposit.

Anyways, I wouldn't be withdrawing the cash in a looooong time, but I'll likely have to go back to bank tomorrow and deposit $250, so I won't be shafted by service charge each month.

The retard using the ATM before me takes long enough to check his friggin' balance. You think I want to wait another 20 minutes so he can unfold and de-crease all his bills so some shoddy scanner can read it? The bank does a fine job of correcting errors, IMO. They know where you live, after all. They even credited me money that I overdeposited. That was nice of them

 

[Jerboy]

Originally posted by: amnesiac 2.0

Originally posted by: Jerboy
It couldn't be so hard to include a bill accepters and verify it on the spot. It seems dumb to let the customer type in the amount to deposit.

Anyways, I wouldn't be withdrawing the cash in a looooong time, but I'll likely have to go back to bank tomorrow and deposit $250, so I won't be shafted by service charge each month.

The retard using the ATM before me takes long enough to check his friggin' balance. You think I want to wait another 20 minutes so he can unfold and de-crease all his bills so some shoddy scanner can read it? The bank does a fine job of correcting errors, IMO. They know where you live, after all. They even credited me money that I overdeposited. That was nice of them

I feel like such a dumb@ss. I seldom use my savings and let it sit for about a year and half when the account was below daily minimum and threw about $50 down the drain .

 

[recha]

taken directly of howstuffworks.com

 

[yellowperil]

Just as a sidenote, I wouldn't deposit cash into an ATM. I used to do this since I have a student acct with BoA (which gives you only 1 teller transaction a month) and did all my banking by ATM. Last month I deposited $1700 in cash from graduation gifts, and it only showed up as $1500. I filed a claim but I really had no evidence other than the word of my relatives. They credited me the $200 a couple weeks later after researching it, but the whole thing was a big hassle.

 

[Jarwa]

I don't even have an ATM card. I gotta get me one of those things. Especially now that I have direct deposit.

 

[Jerboy]

I feel like such a dumb@ss. I seldom use my savings and let it sit for about a year and half when the account was below daily minimum and threw about $50 down the drain .

Getting a few dollars a month robbed by the bank is worse than giving $1 to some transient begging for money :disgust:

 

[Thegonagle]

I don't deposit cash in the ATM anymore, after I think I lost $20. I swear I deposited 7 $20 bills, but they adjusted my deposit down to $120 a day or two later. I was so pissed off that I posted a thread about it. I didn't have a pen, so I didn't write anything on the envelope, so I guess it could be possible that my cash was not in double-custody when the envelope was opened and then oops, 1 $20 out of 7 disappeared. I bring cash for deposit to a human teller now.