Quiz: Is it Safe to Deposit Money Through an ATM?

Staff

When depositing money through an ATM, what should you write on the envelope?

Banks require various amounts of information, but nearly all require you to at least write the deposit amount on the envelope holding your cash and checks.

What does a bank employee do after removing your deposit envelope from the ATM?

After confirming that you deposited the amount that you indicated you did, the employee processes the checks normally.

How do banks prevent customers from fraudulently claiming they deposited more than they actually did at an ATM?

By doing this, it matters less what someone keys in on the ATM and more what they have actually deposited at the machine.

What do experts recommend as a best practice when it comes to ATM deposits?

If a check is lost, it can be cancelled and a new one issued. Cash, however, is simply unverifiable, and you might be out of luck if your deposit gets lost. Also, always get a receipt for your ATM deposit. It might be the only way you could prove your case if you get in a dispute with the bank.

What technological advancement is cutting down on the problems of depositing checks at ATMs?

Scanning each check upon deposit helps the process become less likely for fraud or error and eliminates the need for a deposit envelope.

What is a problem with ATMs that scan checks upon deposit?

Additionally, if a person is depositing a large number of checks at once, it could aggravate the people waiting in line.

What added security measure should you take advantage of when depositing checks at an ATM that scans?

The added information will help you track your transaction and prove that you actually made the deposit you claim.

How do financial planners recommend you prevent problems with bank deposits?

Any time you notice any error on your bank account, report it as quickly as possible to your bank. Use your receipts to substantiate your claims.

What is "skimming?"

Avoid this electronic theft by carefully examining an ATM for anything that appears to be suspicious. If in doubt, don't use the ATM, or you could be the victim of identity theft.

What new service does USAA bank offer to its customers?

The customer simply photographs a check with an iPhone and sends it to the bank using a special application.

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About This Quiz

How safe is it to deposit cash and checks at an ATM? Take this quiz to check what you need to know before depositing your money in an ATM.

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