Our lovely credit union has created a new policy on ATM deposits. Specifically, if you deposit something in the ATM, you get to your money two business days later. As a side bonus, they will immediately clear $100 of the deposits right away. This means if you have paid bills, you better hold off on mailing those checks/paying online for two days while the money sits in their systems.
Now, for most people this isn’t a big surprise. In fact, my credit union was quick to point out that “all the other banks do it” several times during my conversations with them over the past week. To them, it’s a case of fraud prevention. Apparently the credit union’s systems cannot handle the idea that some people are bad, so instead of punishing the bad people, EVERYONE gets to be screwed.
I had a conversation with their head of ATM services, who kindly reiterated their policy again and again (even after I pointed out that fraudsters would just do 50 $100 deposits to gain access to $5000 as opposed to one $5000 deposit.
Oh, did I leave out that the maximum someone can withdraw is $400 a day?
I offered a few different solutions, things that maybe the Credit Union didn’t think of. Of course, they didn’t really seem to be able to do anything since their “systems’ cannot handle falgging one account as “good” and the others as “bad”.
I don’t know which would be worse in this case. Having a bank who doesn’t care or having a bank which is essentially clueless when it comes to building an IT infrastructure that can meet it’s customer’s demands.

Advertisements