I was too trusting of the nifty ATMs that take checks without an envelope. I used the ATM outside our cafeteria at work to make deposits many times. I never had any problem, until last time.
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I usually deposit printed business checks. This time it was a handwritten personal check. The machine took it, tried to scan it but it had problems. It was supposed to spit it back if it doesn’t like the check. After making some noise, it gave up. It printed a slip saying:
We encountered a problem returning your check. Please contact your financial institution.
The machine belongs to a different credit union than the credit union I have account with. I wasn’t sure which institution 'your financial institution' was referring to. I called the credit union that owns the machine. I thought they would give the check back to me after someone collected the deposits from the machine.
No. The rep said I should really contact my credit union even though my credit union has nothing to do with the machine that malfunctioned. I didn’t get to the step where I would enter the deposit amount or select depositing to checking or savings. She said there are established procedures for these things. If a customer of her institution had a similar problem she would know exactly what to do.
I called my credit union next. Sure enough the rep said I called the right place. The procedure is called an ATM dispute. He asked me what happened and the amount of the check. He then entered the dispute for me. I was able to see the dispute in online banking.
Atm Check Deposit Limit Bank Of America
On the second business day after I reported the incidence, I received a provisional credit in my account for the amount of the check. The provisional credit means the credit union took my words for it for the moment but if they can’t corroborate my report they will deny my claim and take the money back out.
Because the check deposit was only for $30, I wasn’t too worried. I thought I would let the system and established procedures work its way. Three weeks later, I called customer service when I saw the status of the claim is still 'in process.' I was told they still don’t have the final result yet. The next follow-up would be in another three weeks. That would be six weeks after the incidence.
Too be honest as much as I like Alliant Credit Union, I’m disappointed in its handling of this. It can’t be that hard for the institution that owns of the ATM to see that the machine was out of balance with an extra check unaccounted for. If the industry established procedure is for me to contact my own institution, then Alliant should chase it down for me. The thought of possibly losing a larger deposit due to a malfunctioned ATM just knocked down my confidence in both the machine and the process.
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Atm Checklist
You are correct in noting that the availability schedule at 12 CFR 229.12(f) allows you to hold funds deposited in a nonproprietary ATM until the fifth business day following the banking day of deposit. The normal requirement that you make the first $100 available on the following business day does not apply. Your disclosure must reflect the practice. The model clause is C9, but the commentary indicates you must go further and assist your customer in identifying proprietary ATMsDeposits at proprietary ATMs generally are treated as deposits at banking offices. Funds from items deposited to proprietary ATMs are available according to the terms of the disclosure you distributed to your customers.
However, in evaluating specific deposits, you may delay availability when scheduled availability is conditioned on 'in person, to an employee' deposits. For example, cash deposited in person, to an employee is a next day availability item. That same cash, deposited to a proprietary ATM, can be a second business day availability item. A cashiers check deposited to a payee's account is subject to the same analysis. Local and nonlocal checks are available according to the terms of your disclosure regardless of whether they are deposited to an ATM or in person to an employee.
To help, it would be necessary to know how your losses are occurring, but 12 CFR 229.19(a)(4) may be useful to you if the problem arises from the fact that deposits are not removed daily from certain ATMs:
(4) Funds deposited at an ATM that is not on, or within 50 feet of, the premises of the depositary bank are considered deposited on the day the funds are removed from the ATM, if funds normally are removed from the ATM not more than two times each week…
First published on BankersOnline.com 11/5/01