Sunday, October 12, 2014

Slow down and count your money at the ATM

It happens to the best of us. We're busy, trying to juggle a dozen different errands, checking email on our cell phones, attempting to get to our next appointment on time. Ultimately, we lose track of something or other.

For a reader in Charlotte, N.C., forgetfulness came with a stinging price. After going to an ATM to withdrawal some cash, she drove off without the money.The trouble with cash withdrawals is that once the money is withdrawn, it can be challenging to prove it was yours if you leave it behind.

The cash, of course, disappeared, apparently taken by a subsequent customer. The reader contacted a representative of the bank, who said an investigation would be launched. However, the rep didn't hold out much hope that the cash would be recovered. In the interim, awaiting the results of the investigation, the reader was out the funds she forgot.

Concerned about the reader's loss and subsequent aggravation, a friend, P.B., writes to ask what the right thing to do is when you discover money left behind in an ATM.

"My recommendation is to return the money to the financial operation, to be returned to the customer," writes P.B.

There's no question that P.B. is right. If you find cash left in an ATM, there's certainly more chance of locating the rightful owner than if you found some money blowing around on a wooded trail or in a vacant parking lot. The security camera is likely to have captured the transaction that occurred just before you arrived at the ATM. Tempting as it might be to pocket the funds, the right thing to do is to turn the cash in to the financial institution.

There's no question that returning cash to the bank that's wrongly dispensed by an ATM is the right thing to do. There's also no question that if a financial institution incorrectly credits you with too much money on your bank statement, you should point out the error. Since you might get caught pocketing money left behind by a previous ATM customer, the right thing to do is attempt to return it to the rightful owner.

Ultimately, however, the responsibility for being mindful of her cash falls on P.B.'s friend, not the financial institution. While the person who took the money was wrong, the reader bears responsibility for not paying attention to what she was doing.

Whoever took the money should return it, but P.B.'s friend should take responsibility for not paying attention at the ATM -- a mistake she's unlikely to make again. 

Follow him on Twitter: @jseglin 

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Anonymous said...

Notify the Bank and leave them your contact info. Should someone report the loss, they need to say where, when, and how much and if all corresponds, the Bank should notify you. If nothing come of it, so be it. Bonus time.
If it does, you did the right thing.

Alan Owseichik
Greenfield, Ma.

Quirkybutsmart said...

The bank has no direct connection with ATM transactions. if someone wants to do attempt to return the money that's certainly the right thing for them to do, but it is a moral imperative.

Quirkybutsmart said...

Is NOT..