Personal Finance

ATM ate my cash deposit

  • Last Updated:
  • Sep 9th, 2019 10:14 pm
[OP]
Newbie
Mar 1, 2018
37 posts
9 upvotes

ATM ate my cash deposit

I have a Tangerine account and use Scotiabank ATM's. Some of the machines accept deposits without envelopes. I have done a few with cash without problems until my most recent one which took the cash but did not acknowledge it. It gave me a receipt indicating an error and to contact the telephone number on the receipt.

The way the bank handles this is more disturbing than the small amount of cash involved.

-Have to wait 10 business days before they can formally investigate.

- After 10 days give a temporary credit pending results of investigation

- Over 1 month later a call indicating there was no discrepancy in the machine and take back the temporary credit leaving a negative balance in my account

-Was told the only action I could do was to submit a letter in writing to the department of b.s.

-Called back and spoke to someone who promised to help....


waiting...



So how can anyone feel confidence in making any cash deposits in these machines now?
27 replies
Deal Addict
Jan 2, 2015
1394 posts
416 upvotes
Toronto, ON
For obvious reasons people hate it when they're punished over something they didn't do wrong and had no control over.

Having said that... the same thing could have happened with an envelope-using ATM. Not only could the machine fail to acknowledge the deposit (for instance, a power cut at exactly the wrong moment) but cash could be miscounted, the envelope could be assigned to another customer (and maybe you get someone else's deposit) and so forth. Presumably you need to complain to sort that out too.

Is the problem with Tangerine, Scotiabank, or the ATM servicing company? Can you find out who services the ATM and complain to them too?
Deal Addict
Jan 21, 2018
1120 posts
994 upvotes
Vancouver
A good rule is to never deposit cash at an ATM. I'm sure it works 99% of the time, but we see plenty of reports of problems like disputes over the amount deposited, and it's usually problematic to resolve.

When you do have a problem with an ATM, it can be very frustrating to pursue it. The bank branch will say that they know nothing about it because the ATMs are operated by a separate division, can't help. You have to apply to a murky internal department who won't deal with you directly. There's a long delay, then they may simply say that they could not verify your report and you're out of luck. They won't give you any specifics of what steps they took, if any. If you know they're wrong, it's hard not to suspect that they actually did nothing, and this is just a delaying tactic to make you go away. Or worse, that someone in the bank stole the money. Insiders tell us that this should not be possible because there are always two people checking each other when the money from the ATM is counted - but a more cynical person might say that such measures wouldn't be needed if the bank didn't know that problems have occurred in the past.

I've had issues with ATMs issuing cash, but only in other countries, never in Canada. The issue in those other countries seems to be unreliable communications, where the ATM first authorizes a cash withdrawal against your Canadian account using networks like Cirrus or Maestro, then drops offline with an error code before it can complete the transaction and never issues the cash or any form of receipt showing the error. When you check your Canadian account, it shows the cash withdrawn. Then it's doubly difficult to deal indirectly with a bank in another country that stubbornly says that their central computer shows the cash issued, and has no knowledge of an error. I've always gotten the money back, but sometimes it took up to 5 months, and I suspect that sometimes my Canadian bank simply chose to disbelieve a bank in another country that's notorious for such errors.
Member
User avatar
Jan 19, 2006
427 posts
199 upvotes
BC
Could initialing each bill with a Sharpie help prove those were your bills?

Seems ridiculous that this sort of precaution may be needed!
Deal Addict
Dec 12, 2009
3460 posts
1308 upvotes
Toronto
cloudsuck wrote:
Sep 7th, 2019 11:56 am
Could initialing each bill with a Sharpie help prove those were your bills?

Seems ridiculous that this sort of precaution may be needed!
One could just lay them out so you can see all the serial #'s on the back and take a photo.
The colours indicate the denomination.
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Comparing the consumer accessible credit scores
Deal Addict
Nov 8, 2017
1077 posts
524 upvotes
Was gonna put 1400 thru an ATM today. Think I'll wait till Monday now
Member
Oct 1, 2003
384 posts
36 upvotes
Vancouver
You can deposit cash in an ATM!?

I didn't know that. I'm so ignorant. Never really crossed my mind.

Can yo deposit coins too?
Sr. Member
Jul 21, 2009
761 posts
178 upvotes
Toronto
doobievibes wrote:
Sep 7th, 2019 2:50 pm
You can deposit cash in an ATM!?

I didn't know that. I'm so ignorant. Never really crossed my mind.

Can yo deposit coins too?
Not even the teller will deposit your coins unless you roll them first.

If I have cash which is getting rarer nowadays I just go inside to deposit it in person when its not busy. Too many stories like this going around.
Newbie
Nov 14, 2014
49 posts
16 upvotes
Mississauga, ON
Scote64 wrote:
Sep 7th, 2019 10:47 am
I've had issues with ATMs issuing cash, but only in other countries, never in Canada. The issue in those other countries seems to be unreliable communications, where the ATM first authorizes a cash withdrawal against your Canadian account using networks like Cirrus or Maestro, then drops offline with an error code before it can complete the transaction and never issues the cash or any form of receipt showing the error. When you check your Canadian account, it shows the cash withdrawn. Then it's doubly difficult to deal indirectly with a bank in another country that stubbornly says that their central computer shows the cash issued, and has no knowledge of an error. I've always gotten the money back, but sometimes it took up to 5 months, and I suspect that sometimes my Canadian bank simply chose to disbelieve a bank in another country that's notorious for such errors.
Unfortunately you're right on with this. Disputing transactions with foreign FI's is a long and tedious process, and they generally just provide some internal report back to your bank that shows the specifics of the transaction, essentially saying "see? it doesn't say the word error anywhere!". Your bank then has 3 options:
  1. Go through the long and often expensive process of arbitration to fight the foreign FI on it if they think they can prove otherwise (and it's very expensive to start one of these cases and lose),
  2. Decide that the fight isn't worth it, credit you back the money and just write it off, or
  3. Tell you that there's nothing more they can do and you're out the money

These issues happen all the time, and they're a massive pain for everyone involved. I would much rather use a credit card whenever possible in foreign countries, even if it does mean paying a bit more in FX - worth it to avoid these kinds of things.
Deal Addict
Apr 9, 2010
2823 posts
1010 upvotes
Montreal
submarine wrote:
Sep 7th, 2019 3:37 pm
Not even the teller will deposit your coins unless you roll them first.

If I have cash which is getting rarer nowadays I just go inside to deposit it in person when its not busy. Too many stories like this going around.
Tellers will deposit loonies and toonies without them being rolled.

Same here, I only deposit cash at the teller.
Penalty Box
Dec 16, 2017
2538 posts
1019 upvotes
CND Brain & Hear…
doobievibes wrote:
Sep 7th, 2019 2:50 pm
You can deposit cash in an ATM!?

I didn't know that. I'm so ignorant. Never really crossed my mind.

Can yo deposit coins too?
Did you fall from heaven?
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Penalty Box
Dec 16, 2017
2538 posts
1019 upvotes
CND Brain & Hear…
[quote=cirrux post_id=31410070 time=1567885551
I would much rather use a credit card whenever possible in foreign countries, even if it does mean paying a bit more in FX - worth it to avoid these kinds of things.
[/quote]

I agree on using a Card at POS as the main payment method.
I however disagree with you over a bit more in FX. It is IMPOSSIBLE. It is the CHEAPEST and LOWEST cost effective on forex fee
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Newbie
Nov 14, 2014
49 posts
16 upvotes
Mississauga, ON
dekvitaly wrote:
Sep 7th, 2019 4:43 pm
I agree on using a Card at POS as the main payment method.
I however disagree with you over a bit more in FX. It is IMPOSSIBLE. It is the CHEAPEST and LOWEST cost effective on forex fee
That’s fair. I was just meaning for myself personally - I work at a bank so I get foreign cash at a much lower rate, but in general I agree with you.
Penalty Box
Dec 16, 2017
2538 posts
1019 upvotes
CND Brain & Hear…
cirrux wrote:
Sep 7th, 2019 5:28 pm
That’s fair. I was just meaning for myself personally - I work at a bank so I get foreign cash at a much lower rate, but in general I agree with you.
I dont work for bank I yet gain 1% from buying foreign currency :D especially USD only.

Again it always changes the dynamics based on how comfortable you are with multistep
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Sr. Member
User avatar
Dec 17, 2017
552 posts
566 upvotes
That's why I also deposit cash to my CIBC in person, and then e transfer over to my Tangerine.

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