Personal Finance

TD ATM Cash Deposit - Audited incorrectly - $350 instead of $3,500

  • Last Updated:
  • Dec 18th, 2016 11:51 pm
[OP]
Jr. Member
Jul 7, 2008
176 posts
29 upvotes
Malton, Mississauga

TD ATM Cash Deposit - Audited incorrectly - $350 instead of $3,500

UPDATE: Good news! TD debited the $3150 back into my account today, after about 8 business days of investigation..guess not bad interms of turnaround...Thanks again for all the +ve discussions..


Hi All, just want to share my experience so i can get some suggestions on how to proceed.

I deposited $3,500 cash (35 X 100 bills) couple weeks back (8th June) in TD ATM Cash machine in downtown Toronto (university & dundas). I inserted the cash directly into the new slot available for cash. It is supposed to automatically count the cash without the need to key in the amount (like before). Unfortunately after inserting the cash, i got a message that the machine couldnt count the cash and it prompted to me key in the amount, which i did as $3,500. I took the receipt for this manual entry and went home. Suspecting that something might be wrong, I called the TD customer care right away and explained the same - that the automatic counting didnt work so i had to key in the amount manually, the agent said everything will be sorted out next day (in 24hrs).
I was hoping that everything will be sorted out, but to my horror, i got a letter from TD this week saying that they corrected my keyed in amount from $3,500 to $350 and they will deduct $3,150. They did remove that $3,150 from account without even notifying me. I rushed to the bank and explained them the situation for which they started an investigation (2-3 weeks). This is a horrible experience whey they dont even notify before deducting my money from account. How can they get the ATM amount wrong?

Now Im worried, what if they dont do their due diligence and come out with incorrect outcome. I really did deposit $3,500 that too all in 100 bills.Please any suggestions on what to do next will be helpful. Hire a lawyer? get a affidavit from my friend supporting my claim friend? What things do i have to prepare so i can defend properly if the TD outcome is wrong?

I got the said money from my friend who owed me, she also got the money from TD branch few hours earlier from a different branch, but it was a cash transaction.
My experience with TD, esp the one at University & Dundas location is worsening over the years I'm with them (almost 13yrs), this could be the final straw for me to move all my accounts somewhere else.
71 replies
Deal Addict
Jul 28, 2012
1025 posts
445 upvotes
Trois-Rivières, QC
gamred wrote: They did remove that $3,150 from account without even notifying me.
Unfortunately for you, that's standard procedure. The same would happen if you deposited a forged cheque or counterfeit money (whether or not it was your intention). They don't ask, they just reverse.
gamred wrote: How can they get the ATM amount wrong? Now Im worried, what if they dont do their due diligence and come out with incorrect outcome. I really did deposit $3,500 that too all in 100 bills.Please any suggestions on what to do next will be helpful. Hire a lawyer? get a affidavit from my friend supporting my claim friend? What things do i have to prepare so i can defend properly if the TD outcome is wrong?
Every bank has a complaints process. Right now, you are at step 1.
https://www.td.com/to-our-customers/res ... mments.jsp
If the investigation outcome is not in your favour, you can go to step 2 (the Branch Manager or the Customer Care Department) and, if that fails too, step 3 (the Ombudsman).
Deal Addict
Oct 20, 2004
3467 posts
533 upvotes
Toronto
If you have a paper trail proof, you should be OK.
[OP]
Jr. Member
Jul 7, 2008
176 posts
29 upvotes
Malton, Mississauga
Thanks for directing to the TD link.

airodyssey wrote: Every bank has a complaints process. Right now, you are at step 1.
https://www.td.com/to-our-customers/res ... mments.jsp
If the investigation outcome is not in your favour, you can go to step 2 (the Branch Manager or the Customer Care Department) and, if that fails too, step 3 (the Ombudsman).
Deal Fanatic
User avatar
Jan 31, 2006
7140 posts
1811 upvotes
Toronto
If your friend also bank with TD why you did not request her to direct transfer the money to your account instead of giving you the cash? Never deposit a large amount on the ATM. I hope TD will give you back your money.
[OP]
Jr. Member
Jul 7, 2008
176 posts
29 upvotes
Malton, Mississauga
Only receipt i have is from the ATM machine after depositing and my friend can get a confirmation from TD about her withdrawal (35 X $100 = $3,500), thats about it..
But overall, this has been really painful & worrying few days so far..
flame02 wrote: If you have a paper trail proof, you should be OK.
Deal Addict
User avatar
Aug 14, 2009
2138 posts
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London
flame02 wrote: If you have a paper trail proof, you should be OK.
That paper trail proof doesn't help at all. It's up to TD to do the investigation. What if he deposited $150 and manually input $2000? The receipt will say the latter, so you get the point. I've dealt with TD before OP, and they're pretty good in their investigation the last time I had an issue.
Deal Guru
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Mar 23, 2008
12208 posts
8608 upvotes
Edmonton
flame02 wrote: If you have a paper trail proof, you should be OK.
The OP doesn't really have a "paper trail". They at best have someone who can say they gave the OP $3500. But there's no proof that $3500 was deposited.

Hopefully the audit straightens things up for the OP. But I'd never deposit that kind of cash in an ATM. I suspect they won't do that again, either...

C
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Aug 14, 2009
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gamred wrote: Only receipt i have is from the ATM machine after depositing and my friend can get a confirmation from TD about her withdrawal (35 X $100 = $3,500), thats about it..
But overall, this has been really painful & worrying few days so far..
I would just give your friend your account# and transit# next time, and they can just directly transfer the money. It's easier that way imo!
[OP]
Jr. Member
Jul 7, 2008
176 posts
29 upvotes
Malton, Mississauga
Agree, should have done bank transfer but this was just a one time transaction so i asked her to just bring in cash..never again...
datako wrote: I would just give your friend your account# and transit# next time, and they can just directly transfer the money. It's easier that way imo!
[OP]
Jr. Member
Jul 7, 2008
176 posts
29 upvotes
Malton, Mississauga
Was your issue with ATM deposit too?
datako wrote: That paper trail proof doesn't help at all. It's up to TD to do the investigation. What if he deposited $150 and manually input $2000? The receipt will say the latter, so you get the point. I've dealt with TD before OP, and they're pretty good in their investigation the last time I had an issue.
Deal Addict
Apr 27, 2008
1056 posts
490 upvotes
Edmonton
As an aside, after your experience, I would make a point of never depositing large sums of cash in the machine. Even if the machine accepts it properly, an error could always occur with the bank machines day end audit. I.e. a manual error by the employee or with the cash counter, skipping bills, etc...

While not as convenient, it's just safer, and less of pita in the long run to make your cash deposit with the teller.
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Nov 23, 2005
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canukeneh wrote: As an aside, after your experience, I would make a point of never depositing large sums of cash in the machine. Even if the machine accepts it properly, an error could always occur with the bank machines day end audit. I.e. a manual error by the employee or with the cash counter, skipping bills, etc...

While not as convenient, it's just safer, and less of pita in the long run to make your cash deposit with the teller.
+1

While I work for a FI, I still never use ATM's for any deposits, let alone large ones such as OP's.
Penalty Box
Mar 8, 2016
325 posts
48 upvotes
gamred wrote: Hi All, just want to share my experience so i can get some suggestions on how to proceed.

I deposited $3,500 cash (35 X 100 bills) couple weeks back (8th June) in TD ATM Cash machine in downtown Toronto (university & dundas). I inserted the cash directly into the new slot available for cash. It is supposed to automatically count the cash without the need to key in the amount (like before). Unfortunately after inserting the cash, i got a message that the machine couldnt count the cash and it prompted to me key in the amount, which i did as $3,500. I took the receipt for this manual entry and went home. Suspecting that something might be wrong, I called the TD customer care right away and explained the same - that the automatic counting didnt work so i had to key in the amount manually, the agent said everything will be sorted out next day (in 24hrs).
I was hoping that everything will be sorted out, but to my horror, i got a letter from TD this week saying that they corrected my keyed in amount from $3,500 to $350 and they will deduct $3,150. They did remove that $3,150 from account without even notifying me. I rushed to the bank and explained them the situation for which they started an investigation (2-3 weeks). This is a horrible experience whey they dont even notify before deducting my money from account. How can they get the ATM amount wrong?

Now Im worried, what if they dont do their due diligence and come out with incorrect outcome. I really did deposit $3,500 that too all in 100 bills.Please any suggestions on what to do next will be helpful. Hire a lawyer? get a affidavit from my friend supporting my claim friend? What things do i have to prepare so i can defend properly if the TD outcome is wrong?

I got the said money from my friend who owed me, she also got the money from TD branch few hours earlier from a different branch, but it was a cash transaction.
My experience with TD, esp the one at University & Dundas location is worsening over the years I'm with them (almost 13yrs), this could be the final straw for me to move all my accounts somewhere else.
op, this happened to me as well but i didnt deposit as much as you. fortunately for me, i always check the display what it shows as, and i noticed it showed less than what i deposited so i cancelled and put the cash in again. if the money has any folds or bends, even a fold in the middle that everyone does on money to put in their pocket. the machine will error

with that said, i doubt u have anything to worry about. ur money didnt just disappear. they will trace it.
as well, when u deposited the money, did u count it in front of the machine first? u should always do this; why? there are cameras in the machine and that would be proof that u deposited the amount
Deal Addict
Aug 10, 2013
2257 posts
573 upvotes
Toronto
TD would've investigated this when they counted the $ deposited for the day. It seems to me that $3100 would've definitely been flagged as an overpayment to their machine so that if someone old for example deposited $1000 and typed in $100, they would know their machine has an extra $900. Isn't that how it works?
Banned
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Jul 17, 2008
11042 posts
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Yea, there is an in and out balance before and at the end of the day. The deposits must equal withdrawls + whatever money was in the machine at the beginning of the day. TD is a big bank, I rally expect OP to get all his missing money after the investigation is complete.

And taking the money out immediately is standard procedure.
Deal Fanatic
User avatar
Dec 3, 2004
5550 posts
4561 upvotes
Edmonton
Not trying to doubt the OP, but my BS meter is going off a bit, mostly because $350 and $3500 are way different amounts. OP says he put "35 100 bills" in the slot. Well, you can't make $350 with just hundreds. So what are you suggesting, that the guys inside (who are bonded), defrauded you for exactly $3,150? What did they do, take a $50 bill out of their wallet and put it in the pile to make $350? That's what OP must be suggesting, because there's no way that any idiot could miscount $3500 as $350 unless fraud was involved. Sure it could be a rare bank error, but bank errors generally don't look so "even". $3500 vs $350.

What makes this more suspicious is the OP manually entered the amount when the machine couldn't count it. My brain tells me that OP went to the ATM to deposit $350 and when the machine couldn't count it and asked him how much he added a 0 to the end and thought "what the hell it's worth a shot". Then he saw the money show up in his account as $3500 and thought "holy crap, it worked". Got used to having the money and probably figured they couldn't reverse it without asking him and how could they prove he didn't put $3500 in? (not understanding how banks work). Then, of course, the bank reverses the amount because when the bonded people inside got the transaction they only saw $350. OP probably thinks he is being very clever and that he can convince the bank their machines made an error, but the type of error made ($3500 to $350) doesn't make any sense. Only OP will know if I am telling the truth, but I think it's pretty obvious your story doesn't add up. The other thing that doesn't add up is - who deposits $3500 into an ATM? Much more likely you were depositing $350.

Either way, the bank is unlikely to reverse this. Otherwise, anyone could turn $350 to $3500 anytime they wanted. Good luck.
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Jul 17, 2008
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adamtheman wrote: Either way, the bank is unlikely to reverse this. Otherwise, anyone could turn $350 to $3500 anytime they wanted. Good luck.
It will get reversed if he indeed deposited 3500$
[OP]
Jr. Member
Jul 7, 2008
176 posts
29 upvotes
Malton, Mississauga
Are you for real??? my story doesnt add up?? your thought process proves what kind of person you are..
Its really not worth putting an effort to clear your doubt but since I voluntarily posted on RFD to get some feedback and experiences, i will try.

The machine asked me to key in the amount, after it failed to count the cash.
I deposited cash many times (> 10times) but max was $2000 and never had an issue. And I dare ask you why wouldnt anyone deposit $3500? Its look like you dont trust anything
I will fight this to the court if i have to, but im not turning back.
All ATMs cash deposits are cleared within 24-48hrs. I deposited on June 8th, $3,5k showed up on my account on 9th...Then after a week, on 15th, they deducted $3,150 after almost a week..what would say about that?




adamtheman wrote: Not trying to doubt the OP, but my BS meter is going off a bit, mostly because $350 and $3500 are way different amounts. OP says he put "35 100 bills" in the slot. Well, you can't make $350 with just hundreds. So what are you suggesting, that the guys inside (who are bonded), defrauded you for exactly $3,150? What did they do, take a $50 bill out of their wallet and put it in the pile to make $350? That's what OP must be suggesting, because there's no way that any idiot could miscount $3500 as $350 unless fraud was involved. Sure it could be a rare bank error, but bank errors generally don't look so "even". $3500 vs $350.

What makes this more suspicious is the OP manually entered the amount when the machine couldn't count it. My brain tells me that OP went to the ATM to deposit $350 and when the machine couldn't count it and asked him how much he added a 0 to the end and thought "what the hell it's worth a shot". Then he saw the money show up in his account as $3500 and thought "holy crap, it worked". Got used to having the money and probably figured they couldn't reverse it without asking him and how could they prove he didn't put $3500 in? (not understanding how banks work). Then, of course, the bank reverses the amount because when the bonded people inside got the transaction they only saw $350. OP probably thinks he is being very clever and that he can convince the bank their machines made an error, but the type of error made ($3500 to $350) doesn't make any sense. Only OP will know if I am telling the truth, but I think it's pretty obvious your story doesn't add up. The other thing that doesn't add up is - who deposits $3500 into an ATM? Much more likely you were depositing $350.

Either way, the bank is unlikely to reverse this. Otherwise, anyone could turn $350 to $3500 anytime they wanted. Good luck.
Deal Addict
Dec 21, 2011
3425 posts
637 upvotes
London
adamtheman wrote: Not trying to doubt the OP, but my BS meter is going off a bit, mostly because $350 and $3500 are way different amounts. OP says he put "35 100 bills" in the slot. Well, you can't make $350 with just hundreds. So what are you suggesting, that the guys inside (who are bonded), defrauded you for exactly $3,150? What did they do, take a $50 bill out of their wallet and put it in the pile to make $350? That's what OP must be suggesting, because there's no way that any idiot could miscount $3500 as $350 unless fraud was involved. Sure it could be a rare bank error, but bank errors generally don't look so "even". $3500 vs $350.

What makes this more suspicious is the OP manually entered the amount when the machine couldn't count it. My brain tells me that OP went to the ATM to deposit $350 and when the machine couldn't count it and asked him how much he added a 0 to the end and thought "what the hell it's worth a shot". Then he saw the money show up in his account as $3500 and thought "holy crap, it worked". Got used to having the money and probably figured they couldn't reverse it without asking him and how could they prove he didn't put $3500 in? (not understanding how banks work). Then, of course, the bank reverses the amount because when the bonded people inside got the transaction they only saw $350. OP probably thinks he is being very clever and that he can convince the bank their machines made an error, but the type of error made ($3500 to $350) doesn't make any sense. Only OP will know if I am telling the truth, but I think it's pretty obvious your story doesn't add up. The other thing that doesn't add up is - who deposits $3500 into an ATM? Much more likely you were depositing $350.

Either way, the bank is unlikely to reverse this. Otherwise, anyone could turn $350 to $3500 anytime they wanted. Good luck.
Some people deposit rent money in the ATM if it was given by cash and they need it in by the first. Just saying it does happen.

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