2007-07-13 08:36:11 · 5 answers · asked by Tyler S 1 in Business & Finance ➔ Personal Finance
It costs a couple of bucks to make a new card, so they don't shred the cards, they simply don't return them.
If they think your card was stolen, or if they have cancelled your account, a credit card company will issue orders to merchants to confiscate your card, and in some cases, to cut it in half. At one point, they were offering a $50 bounty on such cards, to encourage cashiers to check the lists. I don't know if the bounty still exists, but I do know that they still have lists of cards that should be confiscated.
Additionally, ATMs are programmed that if you repeatedly enter bad passwords, the machine assumes that card has been stolen. I couldn't get my password to work at the ATM, so I went in and told a cashier; she said it was good I stopped at three attempts, because on the fourth, the card gets retained, and only the ATM service people could retrieve it for me. She reset my account, changed my PIN to something I could remember, and then I was able to get in.
If you read the agreements that come with the card, THE CARD DOESN'T BELONG TO YOU. The issuing company owns the card, so they have the right to confiscate it, or to destroy it, as they please.
2007-07-13 08:49:15 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The ATM can't actually SHRED the card. It can KEEP the card. The bank employee that retrieves the card from the machine may shred it in some cases. The most common reason for the machine to keep you card is entering an incorrect PIN number. You normally have three tries before you lose the card. If the card was reported stolen, it may be kept. The machine will also keep the card if it is not removed from the slot after the transaction. That is to prevent someone else from stealing a card you left in the machine.
2007-07-13 17:22:27 · answer #2 · answered by STEVEN F 7 · 0⤊ 1⤋
It depends on the bank. Some banks will destroy a card retained by an ATM for security reasons. Many feel it's cheaper and has less liability to destroy the old card and issue a replacement to the rightful cardholder than to provide safekeeping and special handling for a card that has become separated from it's rightful owner.
2007-07-13 16:39:39 · answer #3 · answered by Ted 7 · 0⤊ 1⤋
No not shred. But it you try to many times to get money out with it dening you. I think 3 times. Then it will keep it and you have to call the bank and get it back.
2007-07-13 15:47:17 · answer #4 · answered by supergirlsls 2 · 0⤊ 0⤋
No. But the ATM can keep from returning it.
2007-07-13 15:39:36 · answer #5 · answered by Anonymous · 2⤊ 0⤋