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How much do you trust depositing a check at an ATM?

S

spidey07

No Lifer
I always deposit checks at an ATM. Just punch in the numbers and feed it the check.

I deposited a 10K personal check today without flinching (quick loan to the GF for car related stuff, so I'm not bragging).

If there is a problem, a stop payment can be ordered.

On another note, what is the legally allowed hold on deposited checks at a certain amount? Credit union that is not this account says "3-5 business day hold on all deposits over 5,000".
 
Well, it's a local hold so up to $9900 could be held for 2 days, and the remaining $5000 could be held for 5 more days.

Of course, any decent bank won't put a hold on it anyways.

Edited for clarity.
 
Originally posted by: kstu
i do all my banking online or with an ATM. i haven't spoken to a teller in years.
Click to expand...

same, just sign it, put it in the envelope, never had an issue in 11+ years
 
it had not before occured to me how many people are so paranoid of Automated Teller Machines

i've deposited thousands of dollars in CASH into the ATM without a problem
 
Originally posted by: LS20
it had not before occured to me how many people are so paranoid of Automated Teller Machines

i've deposited thousands of dollars in CASH into the ATM without a problem
Click to expand...

Now if that's a night drop or something like that when it's not my money, sure.

But I wouldn't feed my cash into an ATM. So I guess I have a little paranoia.
 
I dont have any issues depositing a check at an ATM, why would I when it is so easily traceable..

Cash, on the other hand, i always give to a teller in person or drive thru....
 
Originally posted by: miketheidiot
i have no idea what you are talking about? Since when has this been possible?
Click to expand...

Shortly after they invented the little drivethrus where you put your documents into a tube and it's transferred to a teller. Shortly after that there was an automated teller machine.

You just access your account, punch in the deposit and put the check into the machine. You're essentially doing exactly what a teller would do.
 
I've always used ATMs for deposits. A friend advised me that going to the teller would help it clear faster, but he also said I'd have access to some of that check's money right away. So I've gotten thirsty from all these grains of salt.
 
Gee, the bank trusts those machines to be pretty secure - after all, the bank is willing to leave thousands of dollars in untraceable cash in them. Why would I worry about a very traceable check?
 
I've deposited up to 20K in an ATM w/o any issues - the only issue was with the bank holding half of those funds for a week which would have occurred via ATM or teller.

I don't mind depositing a grand or two in cash into the ATM, but more than that I always worry the envelope itself isn't going to stay sealed.
 
We used the ATM for deposits all the time, until they lost one of my husband's paychecks. The bank told us that they don't open the deposit envelopes at the branch, they ship them all to L.A. (we live in Central CA). Just the teller since then. This is doubly important now that we have our mortgage payments tied to paydays.
 
I never trust it. I like getting the teller receipt, checking it, then comparing against the online register when it shows up.

With that said, I do have fairly reasonable confidence that the system would work and your money would appear properly with a check.
 
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