MoneyDont Waste Your Money


How safe is it to deposit cash into an ATM?

Tips for making sure your money transfers
Posted at 10:54 AM, Aug 16, 2021
and last updated 2021-08-16 13:54:49-04

(KERO) — Imagine making a deposit into your bank and then the money disappears.

That's what happened to one bank customer who had his whole payday vanish.

Consumer reporter John Matarese has some tips on how to keep this from happening to you so you don't waste your money.

Most of us use ATMs to get cash.

But some people, like workers who rely on tips, use ATMs to make cash deposits.

But did you ever wonder: is that risky?

Eric Morton says he's out a bunch of cash, actually a lot of cash, after what he believes was an ATM malfunction

e says he deposited $1,300 cash into an ATM.

"I hear it counting the money, counting the money," said Morton. "As its processing, an error hits the screen."

Confused, he decided to check his account.

"I then follow up, go back to the ATM and check my account, to say maybe it's in there. It was not in there."

Morton owns a courier company, and says he frequently deposits cash.

But he says when he called the bank's security department and the agent questioned whether he was telling the truth.

"So I feel like I am defending myself more than you are trying to help me, I am trying to find out where my $1,300 went and no one can tell me anything."

Morton says he's not asking the bank to take him at his word.

He is just asking the bank to look at the footage from the camera on, and the cameras around that ATM.

"That's all I have been asking. Check the camera footage."

So don't let this happen to you.

With cash, says:

Use an ATM at a physical bank, not a freestanding one.

Don't deposit cash to an out of network ATM.

And consider using a live teller if it's a very large amount.

Good news: after we got involved, the bank looked at the video and determined that Morton was telling the truth.

They have just put $1,300 back in his account.