Quiz: Is it Safe to Deposit Money Through an ATM?

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About This Quiz

How safe is it to deposit cash and checks at an ATM? Take this quiz to check what you need to know before depositing your money in an ATM.

When depositing money through an ATM, what should you write on the envelope?

deposit amount

Banks require various amounts of information, but nearly all require you to at least write the deposit amount on the envelope holding your cash and checks.

your name

your account number

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What does a bank employee do after removing your deposit envelope from the ATM?

confirms the deposit amount recorded by the ATM matches what's inside the envelope

After confirming that you deposited the amount that you indicated you did, the employee processes the checks normally.

examines each bill and check for signs of counterfeit

calls the financial institution of each check's account holder

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How do banks prevent customers from fraudulently claiming they deposited more than they actually did at an ATM?

by not making funds available until they have been checked by an employee

By doing this, it matters less what someone keys in on the ATM and more what they have actually deposited at the machine.

by prosecuting people who commit this type of fraud

by only accepting cash deposits at ATMs

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What do experts recommend as a best practice when it comes to ATM deposits?

Don't deposit cash through an ATM.

If a check is lost, it can be cancelled and a new one issued. Cash, however, is simply unverifiable, and you might be out of luck if your deposit gets lost. Also, always get a receipt for your ATM deposit. It might be the only way you could prove your case if you get in a dispute with the bank.

Photocopy all cash and checks before depositing.

Only deposit checks with a live teller.

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What technological advancement is cutting down on the problems of depositing checks at ATMs?

digitally scanning checks as they are deposited

Scanning each check upon deposit helps the process become less likely for fraud or error and eliminates the need for a deposit envelope.

more secure ATM locations

automatic counterfeit detection

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What is a problem with ATMs that scan checks upon deposit?

Illegible checks require a visit to a teller.

Additionally, if a person is depositing a large number of checks at once, it could aggravate the people waiting in line.

They have led to more advanced methods of fraud.

They require more physical space.

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What added security measure should you take advantage of when depositing checks at an ATM that scans?

printing an image of the check on your receipt

The added information will help you track your transaction and prove that you actually made the deposit you claim.

depositing a fake check to test the scanner's accuracy

depositing each check in a separate transaction

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How do financial planners recommend you prevent problems with bank deposits?

checking your online bank statements frequently

Any time you notice any error on your bank account, report it as quickly as possible to your bank. Use your receipts to substantiate your claims.

only making deposits with live tellers

writing down every transaction in at least two places

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What is "skimming?"

reading and storing the card information of ATM users via a hidden device

Avoid this electronic theft by carefully examining an ATM for anything that appears to be suspicious. If in doubt, don't use the ATM, or you could be the victim of identity theft.

claiming that you deposited more than you actually did

depositing multiple copies of the same check at different ATMs

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