Posted By: Bankwoman1
ATM Deposits - 09/30/20 06:20 PM
Question on how we handle ATM deposits. Currently, when a deposit is made in an ATM (proprietary) a hold is put on the funds until the next business day and $200 is made available immediately. Our terms and conditions state that funds from a cash or check deposit are made available on the first business day after the day we receive the deposit (this is for all deposits). We have a cut off time of 12:00 pm for our ATM machines and this is stated in our T&C's. My question is this - do we need to make that $200 available immediately when an ATM deposit is made? I feel like somewhere along the way we got confused with Reg CC holds and what our T&C's actually state. We actually make deposits made in person to a teller available immediately unless it is decided a Reg CC hold is needed. However, our system is set up to automatically hold the funds from an ATM deposit until the next business day, which makes perfect sense to me since we would want to have a chance to pull the deposits each day and view the deposit. We've had too many empty envelope incidents in the past.
So, couldn't we actually hold the full amount of the deposit until the next business day and then once the check is pulled from the ATM decide if a Reg CC hold is needed? I feel like we are hurting ourselves by making that $200 available.
I hope this makes sense!
Thanks!
So, couldn't we actually hold the full amount of the deposit until the next business day and then once the check is pulled from the ATM decide if a Reg CC hold is needed? I feel like we are hurting ourselves by making that $200 available.
I hope this makes sense!
Thanks!