The United States is filled with ATMs. According to Statistic Brain, there were 425,000 of these machines in the country as of March 29, 2017. Statistic Brain also reported that the average ATM in the United States saw 800 transactions every month.
With all of these machines and all of these transactions, it wouldn't be surprising if every once in a while an ATM ate a consumer's cash or check deposit without crediting their account or providing them a receipt. The question is, what should you do if this happens to you?
Contact your bank ASAP
Don't just ignore what happened. Contact your bank, and do it immediately.
If you are standing outside your own bank when this happens, using one of your financial institution's ATMs, simply go inside and explain what happened. Your bank can correct the situation on the spot, crediting the deposit to your account and issuing you a paper receipt verifying the funds.
That's the simplest solution. But what if you are using a stand-alone ATM that's not near your bank branch? What if you are using an ATM not even run by your bank and it swallows your deposit without recording it?
Again, this is frustrating, but don't panic. It's imperative to call your bank immediately. Use the number on the back of your debit card to contact your bank and explain the situation to the customer service representative. The bank will usually credit you for the deposit and perform an investigation. If it determines that you actually did deposit the amount you claimed, it will finally deposit that amount in your account, removing the credit. The time it takes for this to happen will vary depending on your bank.
Does this happen often? That's difficult to say. There are no statistics available on how often ATMs eat deposits without crediting consumers' accounts. But what isn't hard to determine is that consumers use ATMs often. A 2017 banking study said that 61 percent of consumers visited an ATM at least once a month. That leaves plenty of room for potential ATM grabs. (See also: 6 Big Ways ATMs Are Changing)
The alternatives
If you want to avoid the chance that your ATM will eat your deposit, you do have other options.
If you are depositing cash, your only real alternative is to visit a bank branch in person and make the deposit with a teller. This might be an inconvenience, depending on your bank's branch locations and their hours, but it's safer to hand your cash deposit to a teller than it is to stuff it in an envelope and deposit it in an ATM that could make a mistake.
If you are depositing a check, you have more options. Yes, you can deposit your check in person with a teller if you want to avoid the ATM. But you can also sign up with a bank that offers mobile deposit. Using your bank's smartphone app, you can take a photo of your check and deposit that check right into your account from anywhere.
Just be aware that mobile banking isn't foolproof, either. Hold onto your checks after you deposit them until you see the money appear in your account. Your bank might send you a message saying that it couldn't read the photo, or that there was an error. You'll have to snap another photo of your check to try again.
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FAQs
What should you do if an ATM eats your deposit? If an ATM eats your money without depositing the correct amount, note the time and location, get a transaction receipt or photograph any error messages, and contact a customer service representative right away.
What to do if an ATM eats your cash deposit? ›
What to Do After an ATM Error
- Document as much as possible. ...
- Contact the bank or ATM operator. ...
- Wait for the bank to investigate: Under the Electronic Funds Transfer Act, the bank must investigate an ATM error within 10 days. ...
- File a complaint with the Consumer Financial Protection Bureau (CFPB).
Do not panic – the cash will be returned to your bank account. Take note of the date, place, and time. Contact your bank / card issuer.
What happens if money gets stuck in ATM while depositing? ›
If money which has been deposited at an ATM gets stuck, first try pulling it out and redepositing it. If this does not work, the ATM will probably also withhold your payment card due to a system error in the ATM.
What if money was deposited in an ATM machine but not received? ›
Your first step should be to call the bank's 24-hour customer service helpline. After making a note of your issue and recording your transaction reference number, the executive will register your complaint and will issue you a complaint tracking number. The matter is then investigated.
How do I get my money back from a failed ATM? ›
If an ATM fails to give you money, report the problem as soon as possible by immediately contacting your bank or credit union. If a bank other than your own card issuer owns the ATM, it may also make sense to contact the ATM owner, but your bank has the ultimate power to fix the situation.
Will a bank refund me if I have been robbed at an ATM? ›
While banks are generally obligated to refund money lost to fraud, they may deny the refund if you were negligent or involved in the scam.
How long will an ATM deposit take to clear? ›
After successfully depositing your check into an ATM, you'll likely be wondering how and when you can access your cash. Many banks make check deposits available within two business days, and some may process them even faster.
Why did ATM hold my cash deposit? ›
Generally speaking, there is a hold placed on deposits made through the ATM because the deposit needs to be verified. The ATM machine itself does not know what's in the envelope. Cash, cheques of maybe the envelope is empty. Verification is a necessary, manual process.
What happens when an ATM takes your money but doesn t give it to you? ›
Be patient. Under the Electronic Funds Transfer Act, your financial institution is obligated to investigate the ATM mishap within 10 days (45 days if the bank is willing to credit the missing fund amount). They are required to notify you in writing once the inquiry is resolved. File a complaint.
ATM transaction reversal timeline
Banks do generally aim to resolve issues within a few business days. However, in some cases, the reversal occurs automatically within a few hours. Customers must stay patient and allow the bank to thoroughly investigate before seeking further updates.
What to do when money is deducted from ATM but not received? ›
What To Do When ATM Does Not Dispense Cash, But, Account Is Debited?
- Steps to be taken when ATM does not dispense cash, but your account is debited:
- Step 1: Check Your Account Balance.
- Step 2: Contact Your Bank.
- Step 3: Lodge a Complaint.
- Step 4: File a Police Complaint.
- Preventive Measures.
- Conclusion.
If you make a deposit at your own bank's ATM, it could take up to 2 business days before you can withdraw the funds.
What happens when an ATM retracts your cash? ›
The cash retract is a digital transaction that will be ratified by the ATM software audit log. Once the ATM has counted the amount still in the ATM and the amount withdrawn, rest assured that the withdrawal amount will return to your account within 48 hours as the ATM will pick up on it.
Can I dispute an ATM deposit? ›
If the ATM gave you the wrong amount of money, you should immediately call your bank or credit union. If your bank or credit union does not own the ATM, you should also call the ATM owner.
Do banks investigate cash deposits? ›
It's not just lump sum cash deposits that can raise flags. Several related deposits that equal more than $10,000 or several deposits over $9,800 can also trigger a bank's suspicion, causing it to report the activity to FinCEN.
