How do banks know that when using the ouside atm you really deposit that amount?

Answer 1

You account is credited the amount tentatively until it is verified by your banking institution.

Answer 2

They don't. That's why they give you a warning that there may be a hold on the deposit. Most banks will still make up to a certain amount of your deposit available, but they do put a daily limit on the amount and it usually isn't more than $100. Also, if you have a check or other debit transaction trying to post to your account, the deposit won't be available until (at least) the next business day! Then you get one of those lovely overdraft fees.

Answer 3

They don't and they don't usually credit the deposit from the machine entry. All deposits are subject to verification and unless you have enough money in the account to cover the deposit you cannot draw upon it. If by some chance you took the money out and there was not enough money to cover, many banks make a loan and charge interest on the debt. Your banks "fine print" rules cover all this. So, if you put an empty envelope into the ATM, they'll catch you the very first thing next morning. Meanwhile its not likely you will get that phony deposit money out in a withdrawal.

Banks are not stupid and they have all the rules of your contract with them written to favor their position. So if you are thinking of trying to deposit an amount and "forget" to put it in the ATM envelope, its likely to blow up in your face and cost you money....besides doing so may be a crime.

Answer 4

i know if u r a customer of a bank in PA and then u can even deposit ur money from NJ, CT atms too. All they do is the person who services the atm, reads the account no and bank name you have written and look for the ABA no / routing no, (that is if u already havent written that) and via back office deposit operations of the bank it gets credited to ur account in your bank. This is the same way you withdraw the money from the ATM, as well.

The atm fees that they charge covers most of the back office work that takes place, while we rush to do whatever we have to do. Ofcourse we need to be aware of the differenc ebetween Available Balance and Current Balance.

Happy Banking !

Answer 5

The banks automatically add the deposit amount to your balance, but do not allow it to be withdrawn. Most banks balance their ATM cash daily, Monday through Friday, to reconcile the deposits and withdrawals. If a deposit is made, the amount deposit must go through the normal "clearing" process if the deposits is made from checks. So, the amount may still not be available for withdrawal. Hope this helps.

Answer 6

Your deposit is generally credited to your account balance but not your available balance pending verification when they open the machine on the next business day.

I would never deposit cash via ATM. You're better off buying an 89-cent money order somewhere, and making it out to yourself.

Answer 7

because there is a person who services the ATM on a daily basis and the deposited envelopes go to the bank for verification.

Answer 8

Most banks will not allow you to use the funds you deposited until they have verified the deposit. It may show up in your account ballance instantly, but the recently deposited ammount will not be available for use.

Answer 9

They don't they are trusting you to put the right amount in. If you have been a customer for a long time they will clear a large amount but if not nothing or very little will clear right away

Answer 10

They give you the benefit of the doubt until the lil guy empties it and counts it. It happens at 3pm at my HSBC holding branch