ATM Fails to Record Deposit: What to do?
Answer by Randy Carey and John Burnett, BOL Gurus Guru Bio
Question: One of our customers made a deposit into another bank's ATM machine and it never posted to her account here. Our customer did not keep a receipt, stating she never had a problem with ATM deposits. I called the bank whose ATM it was deposited into, and they admitted to having problems that day, but did not see that deposit. Our customer contacted the bank from which the check was drawn on, and they stated they would charge their customer $27.00 for a stop payment fee. Is there a formal process I can start to research this transaction? Are there any rules or laws on this topic such as provisional credit? Today, without this credit, the customer's account will be overdrawn.
Answer by Randy Carey:
Any rules governing this situation would be found in your network participation agreement.
Answer by John Burnett:
A credit missing from your customer's account is certainly a Regulation E error resolution claim that the customer can make, and you'll need to pursue the procedures spelled out by the ATM network to investigate the claim, as Randy suggests. If the other bank locates the deposit envelope and confirms the deposit was made, you'll need to reverse your customer's overdraft fees in addition to providing credit for the deposit.
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