My bank "lost" a $7,000 check :(

[Glenda]

Before I went on vacation, I deposited a paycheck via ATM into my checking account. Or so I thought. When I got back online again several days later, I discovered that the check never went into my checking account.

I called the bank and they don't know what happened. The woman sent a request to the ATM department, and it will take 10 business days for them to mail me a reason why the check wasn't deposited.

SO I don't know whether there was something wrong with the check & they sent it back to the issuer. Or if they deposited it into someone elses account. Or if they just "lost" it. ANd I won't find out for 2 weeks, if then.

Is this normal?

I emailed the check issuer to alert him to the situation, but haven't heard back yet. What else can I do?

In the meantime, my accounts will go below the minimum balance and I will be charged fees. And I will have to pay less than full on my credit cards and incur fees there as well.

Any suggestions or comfort?

Glenda

[pagerbear]

1. The bank had no record of your ATM transaction?

Your instruction to deposit the $7000?

I've a feeling it will turn up when they're earned enough interest off of your money.

[Glenda]

6. There is a record of the ATM transaction

But then the backed out the funds on the following Monday. And I can't find out why.

Glenda

[pagerbear]

10. One sometimes hears of thieves who break into ATMS

...or have clever ways of getting out the envelope the previous user deposited. I hope that's not what happened. Find out from the check issuer if the check surfaced somewhere else.

[rocktivity]

8. Originally posted by Pagerbear

I've a feeling it will turn up when they're earned enough interest off of your money.

Thanks, you've just solved a mystery for me.

About three ago, I lost a couple of hundred dollars from my bank account due to a computer hack. The bank replaced the money, but withdrew it again a few months later--apparently they weren't satisfied that I had nothing to do with it. Well, guess what? The money turned up in my account last month! I figured it was because they'd rechecked their records, but you've shown me that it's much more likely that they were paying back the principal on a "loan"!

:headbang:
rocknation

[RubyDuby in GA]

2. I had a similary situation happen once

Any fees that you incur because of the bank must be paid by the bank.
And have them send a note to any credit card company or whoever you might be paying explaining that the error was their's, not yours.

[Nicholas D Wolfwood]

3. I'd avoid using the ATM for future transactions of that size, however

do you not have your receipt from the ATM?

[Glenda]

9. I was leaving for vacation, and had no choice

The bank wasn't open. However, I think when (or if) this gets straightened out, I am switching banks. They constantly make errors.

G.

[Q3JR4]

15. That's what I'd do,

and I'd be sure to tell them why.

[Zensea]

4. If you can prove it was no error of yours

I believe that legally you can get all those fees reimbursed to you by the bank. Even credit card related fees. Definitely morally & I think this is a case where the law agrees.

[WilliamPitt]

5. Did you keep the ATM receipt?

[Glenda]

7. I *may* have kept the ATM receipt...

But it is not with me, as I am on vacation. But it is recorded in online banking, and I will print that evidence out later when I get to a computer with a printer

G.

[pagerbear]

12. The ATM receipt is only a record of your instruction

It doesn't verify that you actually deposited the money.

[LisaLynne]

11. Oh, what a situation!

I know it's scary now, but I'm sure it'll get worked out in the end. Until then, try not to let it ruin your vacation. Stupid banks!

[qanda]

13. I used to work in the atm department for a bank

And there was a picture of every deposit that came through. All you needed was the date and time and we could find out, within a couple of hours, exactly what was in an envelope. My experience is from eight years ago and so they probably have even better systems in place now.

I suggest that you call Customer Relations or someone other than a general Customer Service number because it really shouldn't take them that long to figure out what happened.

[flamingyouth]

14. How horrible for you

Years ago, Bank of America managed to throw out a bundle of checks that were deposited by our store. At first, they tried to get us to track down all of our customers and tell them what happened. I protested that and kept after them until finally they paid up. It took about 45 days, IIRC. (I have no idea how that could have happened, as I've always been under the impression that the garbage doesn't get taken out until the tills are reconciled at the bank...)

Unfortunately, you will have to stomp your feet, raise your voice, threaten to take your business elsewhere, etc. Good luck! With documentation, they will come around.

[Beware the Beast Man]

16. Actually it is a FDIC guideline

The bank, in matters of electronic transfers has 10 days to credit your account. Just be aware that the credit in ten days(usually plus related fees)is preliminary if the bank feels they need to investigated it further (max 60 days), which they will notify you in a letter.

Bet you ten bucks its stuck in the ATM machine, much like a paper jam on a copier :argh:

But I'm vacation, so I will not talk of banking matters

[Mrs_Beastman]

17. oops, posted as my better half again!

[Raster]

18. Have them physically check the ATM..... True story, a lady I worked

with deposited her weekly check in an ATM. One week she started bouncing checks and couldn't figure it out. The ATM receipt indicated deposit of her weekly check, but the bank had no record. Everyone scratched their head for a couple of weeks, until an ATM serviceman found the envelope with her check still in it wedged between the access area and the hopper for the deposits.

Check the ATM.

[nini]

21. that happened to someone I know too

He insisted they open the machine and look and it was in there - just didn't get picked up by the rolling thing that pulls the envelope in.

[skygazer]

19. Wow, total bummer

Here's what I would do -

First of all, always keep receipts until you have proof that your deposit has cleared. That doesn't help you right now, of course, but it's crucial. I've had problems in the past and having the receipt at least proves that you've made a deposit.

Keep after the bank. Explain the hardship. I once had a problem and the bank put the disputed amount in my account until the problem was solved to help cover my obligations. Since this sounds like a bank error, they should help you. They should be able to tell you NOW it there was something wrong with the check. If the person you talk to doesn't know, ask for their manager. If that person doesn't know, ask for theirs. This is your money.

Keep track of all fees and costs that are incurred as a result. Once it's straightened out, if its the banks fault, you may be able to get them to pay or waive those fees.

Sounds like this isn't the first time you've had a problem. I hate banks - they're arrogant and rude and screw up with MY money. But we need them. If you change banks, tell them why, preferably in a letter.

Good luck. Bummer of a way to start a vacation!

[zbdent]

20. I've been using a similar example for being against BBV

In other words, I tell somebody who thinks that paperless voting is a great idea:

"Do you feel comfortable depositing cash in an ATM? Does an ATM give you a receipt on every transaction?"

BTW, have them check the tapes. Just so they know, you remember about the time you went, so they will have you on their camera tape.

[ronnykmarshall]

22. Contact the writer of the check.

If they have a record of that checking clearing their account you've got your proof right there.

If not, they should stop payment on that check and issue you a new one.

It sounds like that ATM envelope is lost.

I always try to avoid deposits at the ATM. I even work for my bank.

[ellie]

23. This happened to me once

I deposited a check for over $1,000 through the ATM and it was taken out of my account. The bank's explanation was that anything over $1,000 is not considered legal tender through an ATM. It took about a week for them to send it back to me. I had sent out several bills and was in a state of panic. My mom loaned me the money until I got my check back. I think their explanation blew, BTW. Your check is probably in transit, that is why they can't find it at the moment.

[Glenda]

24. I just called the customer service...

...and the bank woman said something like this too. As if it was backed out but might be added later as a teller transaction.

But mainly, she had no idea, and I kept her on the call as long as possible, and finally she called the people who do "research" as they said it would take 3-5 days to find out.

Wow! I learned my lesson. Money in the mattress from now on!!!

G.

[pagerbear]

26. What my bank does with large deposits

...is just make the fund available a little at a time. All the while they are earning interest on the whole amount!

[Glenda]

37. Can they legally do that?!

[Glenda]

25. Last Update,,,

THe person who issued me the check is sending another in it's place. He said the money hadn't disappeared from his checking account. ANd if the bank eventually straightened it out, I could reimburse him at that time. THat's so nice.

I knew after a certain point that I wouldn't get far with the bank. THey have no clue. I called them again today too.

Moral: _______________ <-- what is the moral here? Don't trust banks, and always try to anticipate how they will screw you?

G.

[ronnykmarshall]

27. That's great

Have him keep an eye on his account or stop payment on the previous check.

[Glenda]

28. He was going to keep an eye on it...

But he didn't seem to want to bother with stopping payment on the check. He seemed to think it would be safe lost in the bank. He has more faith in the bank than I do. :) But hey, it's his decision.

Glenda

[TexasBushwhacker]

32. TRUST - What a refreshing concept!

Why don't you offer to pay the stop payment fee for him? It will only be like $25. The thing is, if he doesn't stop payment, I wouldn't trust that the bank will put it in your account. They didn't the first time.

[Glenda]

33. I already told him I would pay for the stop payment...

But he didn't want to bother. As I said, he trusts the bank more than I do

Glenda

[Deja Q]

29. Or, especially, don't trust ATMs (or check cards)

Unless you have to.

Glad you're getting the money in the end!

[MrSandman]

30. Glad my company went to dorect deposit...

Because of my phobia over just this thing.

Well, maybe phobia is a little strong...maybe concern.

[GingerSnaps]

31. Where do you live and do they need anyone else at your job?

Damn that good money for one week.

They might have lost your deposit and you need to call the accounting dept. immediately and that will show the bank that it was cashed by them and what account that it was deposited into.

If it's not cashed then your employer can put a stop on the check.

[Glenda]

34. LOL!! No, that was a month of 25 hr weeks

So not a week. :)

Do you still want to work for that amount?

G.

[MrSandman]

43. I think

25 hours/wk x 4weeks = 100 hours.

$7,000/100hours=$70/hour

Yeah I would do that part-time

[theoceansnerves]

35. just out of curiousity..

which bank was it?

[Glenda]

36. Citizen's Bank...

Which is probably just in New England.

Their motto is "Not your typical bank." Now I wish they were more like a typical bank.

G.

[theoceansnerves]

38. hm

there's a citizens business bank around here.. i'm not sure if that's the same thing. i asked because i thought it might be bank of america.. i closed all my accounts there because of missing money such as this...

[Mrs_Beastman]

39. I work for citizen's read my post above about what is happening with your

deposit

[Glenda]

40. I'm not sure I understand your previous post...

...in relation to my situation.

The bank gave me no information whatsoever initially, except that they thought I had not put a check in the envelope, which I had.

So it was mostly them telling me that I did something wrong, and if not that, a very secretive feeling from them where it was like pulling teeth as to what was going on or what the process was.

It all seems so secretive, as if they did something wrong, and won't admit anything. ANd that is why I distrust them so much now, and have no confidence in them whatsoever.

I mean, if this happens periodically, they should at least be able to tell the customer reassuring words, instead of seeming like the Bush administration.

G

[Mrs_Beastman]

41. From what you've said, you did a claim

...you will get a credit plus fees, if they find the check or not, in ten days....don't panic.

The bank, in matters of electronic transfers has 10 days to credit your account. Just be aware that the credit in ten days(usually plus related fees)is preliminary if the bank feels they need to investigated it further (max 60 days), which they will notify you in a letter.

Bet you ten bucks its stuck in the ATM machine, much like a paper jam in a copier

But I'm vacation, so I will not talk of banking matters

Fyi...my opinion is don't put a stop payment on the check, there is a 75% chance it's stuck in the ATM. the bank will credit to your account and then pull it back out when they are notified by your friend's bank that there is a stop payment on it....you'll be in the same pile of crap your in now.

[Glenda]

42. You are so much more informative...

than the people I've talked to at the bank. How come? :)

Ok, 10 bucks? You're on! Do you think they will tell me whether or not it was stuck in the ATM?

G.

[Mrs_Beastman]

44. two reasons, I think

First, I like my job. Second, seeing $7000 get backed out of your account is very emotional for you...for the bank it's just business... That's hard to explain to someone( or reassure for that matter) who has to pay bills and is watching their rent check bounce.

After the claim is complete, they will have details into what happened, will get that in a letter.

[Zech Marquis]

45. Never never NEVER

deposit anything at an ATM! Especially a $7,000 check?! nonnonononono NO!!! You should ALWAYS go in the lobby!