Mar 19, 2013 8:58 PM by Jacqui Heinrich, email@example.com
Ever wonder if the ATM you're depositing money into might malfunction and eat your cash? Well, it happened to at least two people using the ENT Federal Credit Union ATM on Weber St. in downtown Colorado Springs.
Kaitlin Boyer is a waitress; after working St. Patrick's Day weekend, she had a large sum of cash to deposit into her account. Since she was in a hurry, she used the ATM. "I counted the large bills however I had a lot of smaller bills that I didn't have time to count because I was in a rush," Boyer said.
When the ATM spat out some of her money and ate the rest, she was unable to tell bankers exactly how much she was missing. They counted the money in the jammed ATM and deposited into her account, but then another problem came up. "Another person had called the bank and said they had the same problem, so the amount that he told them that he had put in the ATM was then withdrawn from my account and given to him," Boyer said.
Eventually the bank was able to figure out what money belonged to whom, but because Boyer only had a rough idea of how much cash she was missing it took several days to get the problem resolved. As a single mother and nursing student, those days without funds were more than inconvenient. "It was resolved and I appreciate it and I plan to continue banking here, but I will say I won't be depositing money into the ATM anymore," Boyer said.
This problem isn't specific to one bank; an ATM at any bank could malfunction, which is why bankers at ENT gave us the following statement with advice on how to avoid the issue. To summarize, they say always count your money before you put it into the machine, and call the help line immediately if you experience a problem.
The use of an ATM - particularly envelop-free ATMs - as a means to deposit cash or checks, is an effective and convenient way to manage your money. The important thing to remember if you use an ATM to deposit funds is to first make sure you count your cash before you deposit it; that way you know how much is supposed to be credited to your account. Second, if you experience a machine malfunction, contact your financial institution right away and let them know what happened. When ATMs are reconciled daily, any cash or checks that may have become jammed in the machine are securely removed and an internal auditing process of the machine can determine where the funds should go. By working together, issues like these are easily resolved in a timely and satisfactory manner.
Senior Vice President, Operations
Ent Federal Credit Union