Yes, I make deposits at ATMs
No, I don't make deposits at ATMs
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I make deposits at ATMs all the time. I have made hundreds of ATM deposits at Bank of America, Wells Fargo, and Bank One, and not one mistake has ever been made. I write my name, account number, and deposit amount on the envelope, even if there is no pre-printed places for this information.I can understand why some people would be hesitant to make ATM deposits. However, I can only go on my experiences.I have emailed Bank of America, asking them what safeguards are in place to prevent employee theft when opening, counting, and posting ATM deposits. I will post the answer when I get it.They did tell me, however, that ATM deposits are covered by Regulation E. This is good to know in case something happens, but I want to know what procedures are in place to make sure something doesn't happen in the first place.
Something about the whole experience of depositing at an ATM seems 'inefficient'. I need that absolute confirmation that the money's going the right place, at the right time. And what if something IS wrong with it - I won't find out for probably at least a week.That's why I either go to a branch and know my money's going right in, or transfer it electronically. Pretty much always, if you manage your money sanely, you can do it electronically.
Hello: I don't need to use an ATM because my bank (Commerce Bank) has great hours (7 days a week, drive in open early and late).Splotto
Some of my online banks accept deposits via ATM, but it actually takes LONGER for them to post ATM deposits than it does for them to post mailed-in deposits. (Usually 3 biz days from when I drop it in the mail, and 5 biz days from when I make the ATM deposit)
BankOne, and I mail in my deposits.jason
Yes, I make most deposits using an ATM at a branch of my bank, but seldom for a deposit of cash. I see no reason not to do so. I don't recall any mistakes that the bank made using this method. Some mistakes were made by me that were rapidly pointed out by the bank.
Whenever I have a paper check to deposit (fairly rare for me), I deposit it at an ATM. I've never had any problems. Once I had a tiny ($3) deposit I had intended for my savings account land in my checking account and I initially blamed the bank, but then I realized that I'd accidentally used a checking deposit slip. I suppose it could be argued that such a mistake wouldn't have happened if I had gone to a human teller, but that introduces other potential errors. And the inconvenience -- even if it had been a larger deposit -- was minimal. It took 5 seconds to make the transfer in online banking. In the years I've been making deposits at ATMs, I've never had anything happen that would give me reason to rethink it.
Here is the answer I got from Bank of America about security procedures when dealing with ATM deposits:Normally, an armored car service is used, although bank employees certainly may be called upon to remove deposits from an ATM located within a banking center. All envelopes are removed in a cash vault, and along with normal security procedures in place when cash is handled, cameras are present within the vault as well. Should a dispute merit it, the camera tapes will be reviewed to ensure that it is resolved in an accurate fashion.
Normally, an armored car service is used, although bank employees certainly may be called upon to remove deposits from an ATM located within a banking center. All envelopes are removed in a cash vault, and along with normal security procedures in place when cash is handled, cameras are present within the vault as well. Should a dispute merit it, the camera tapes will be reviewed to ensure that it is resolved in an accurate fashion. That's pretty comforting. I bank at Bank One and have made ATM deposits of both cash and checks and have never had any problems.
I have done almost all of my banking through an ATM-- cash withdrawls and deposits at US Bank. I should note I have never deposited cash in an ATM only checks but some have been very large and I've never had a problem. I am always sure to print a receipt for the transaction and I can always check online or via the phone to check on the account balance and available balance. At US Bank the transaction is posted almost immediately although the money may not all be available. I'm in my early 20's and so the electronic means to money, internet, ATM dosen't bother me so much. My parents on the other hand never use an ATM. I would also assume that the use of ATM deposits are dependent on how you receive money -- i.e. by paper check, direct deposit or cash.Many thanks to all who post here.-Ben
I have made many a deposit into ATMs, most notably Bank One. I have never had a single problem. I still do not feel comfortable depositing cash into an ATM though. I figure if it is a check, I at least have some recourse, the issuer could report it stolen, and reissue. It would be a hassle, but at least there would be some recourse. With cash, there is no recourse if the bank makes a mistake and will not own up to it. The advantage to ATM deposits are available balance at the time of deposit even for checks, using a teller you only get that with cash only. I run my checking account close, so if it is really a problem, I can always do an instand deposit from the savings account via ATM.
With cash, there is no recourse if the bank makes a mistake and will not own up to it. Well, if you keep a receipt you have some recourse. Still, it's not *THAT* great, but it's better than nothing.
All,As a proponent of modern-day methods to manage money, I, too deposit checks into an ATM from time to time.In the northeast, Fleet makes it very user-friendly to use their ATM's (to include such unusual language settings as Russian, Korean, etc.).On deposits, the first $100 is available immediately, and the remaning deposited monies are available within 1 to 4 business days (depending on the origin of the deposited check).That's it from here...SJJATM Depositor at large
My bank's ATM deposit envelopes have a place on the outside to indicate if a cash deposit is being made. My understanding is that when ever a cash deposit envelope is opened there are at least two employees present.
I understand that this is how most banks handle ATM deposits, that and cameras.
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