6 ms·

Sorry if this is ignorant but how does the ATM system for this work? Who owns the ATMs at Target and 7-11? Is there a limit to how much cash you can deposit?

Sorry if this is ignorant but how does the ATM system for this work? Who owns the ATMs at Target and 7-11? Is there a limit to how much cash you can deposit? I'd like to use this but I will be processing a lot of cash in the future and worry about depositing thousands of dollars at an ATM.

wonderofworld 8y ago
ATM is reimbursement based. Very much how shared branching with credit unions work.
- deleted 8y ago
  [deleted]
sct202 8y ago
They're probably partnering with Cardtronics (which includes Allpoint) which has a really wide ATM network, partially owned and partially thru partnerships with other banks, credit unions, etc.
ceejayoz 8y ago
I use Simple, which is similarly online-only. They recommend depositing cash by getting a money order, which you can deposit via online check deposit by taking a picture of it. I doubt the ATMs at Target/7-11 can take cash deposits. I've only seen that feature on bank branch ATMs.
- JohnJamesRambo 8y ago
  Wow that's a bummer.
  - ceejayoz 8y ago
    It'd be non-starter if I was, say, a landscaper and often received cash payments from clients. I've had no trouble personally going basically cash-free. If someone gives me cash for some reason, I just buy the next grocery run with it to use it up.
wonderofworld 8y ago
The limit on deposit is based on FDIC limits and how much you want to risk. The amount FDIC insures today is $250,000 https://www.fdic.gov/deposit/deposits/ https://www.fdic.gov/deposit/deposits/
zaroth 8y ago
I would be very unconfortable depositing large amounts of cash at an ATM unless it was a first-party (owned by my bank) ATM with the newest tech that can scan bills as they go in. Even then I think for cash I might be more comfortable handing it to a teller and getting a receipt. These third party low-rent ATMs at convenience stores don’t even take deposits. They are withdrawal only.
- warent 8y ago
  Not to come across like this is an attack, but do you have any evidence/rationale behind that fear? I've never heard of ATMs mishandling money, although I haven't researched it before.
  - valeness 8y ago
    This is anecdotal, and not explicitly about ATMs, but I have had those "Pay your bills here" machines at 7/11 and other convenience stores mishandle my money a couple times. It would report I paid $150 instead of $200, missing a single $50 note. This was resolved after about 2 hours on the phone with the company who manages the machines, but I still don't use them anymore.
  - zaroth 8y ago
    Years ago depositing cash into envelopes which would slide into the machine, once or twice I had the deposit amount “adjusted” after the fact. How can you prove if it was you or them that miscounted? Modern “envelope-less” machines do not have this risk. Counting cash by hand is surprisingly error prone. I ran a snack bar in high school and I would hand-count a large pile of grubby $1s before bringing to the bank. About once a week the total from their counting machine would not match my tally. I think even once it was the machine that got it wrong. If you’re face to face with a human you can error correct before the pile of cash disappears.
  - snazz 8y ago
    Debit card skimmers are very common in ATMs, as are cameras to catch people entering their PIN. Although I have never seen an ATM where you can deposit money at a grocery or convenience store, and so I’m not sure what the potential attacks are for such a situation, I would imagine that tampered-with ATMs could capture other information or remove money from your account. See https://krebsonsecurity.com https://krebsonsecurity.com for a ton of articles about various skimmers and scanners that have appeared in ATMs and gas pumps.
cujo 8y ago
Sounds like it's probably using the AllPoint network. http://www.allpointnetwork.com/ http://www.allpointnetwork.com/

wonderofworld 8y ago

ATM is reimbursement based. Very much how shared branching with credit unions work.

deleted 8y ago
[deleted]

sct202 8y ago

They're probably partnering with Cardtronics (which includes Allpoint) which has a really wide ATM network, partially owned and partially thru partnerships with other banks, credit unions, etc.

ceejayoz 8y ago

I use Simple, which is similarly online-only. They recommend depositing cash by getting a money order, which you can deposit via online check deposit by taking a picture of it. I doubt the ATMs at Target/7-11 can take cash deposits. I've only seen that feature on bank branch ATMs.

JohnJamesRambo 8y ago
Wow that's a bummer.
- ceejayoz 8y ago
  It'd be non-starter if I was, say, a landscaper and often received cash payments from clients. I've had no trouble personally going basically cash-free. If someone gives me cash for some reason, I just buy the next grocery run with it to use it up.

wonderofworld 8y ago

The limit on deposit is based on FDIC limits and how much you want to risk. The amount FDIC insures today is $250,000 https://www.fdic.gov/deposit/deposits/ https://www.fdic.gov/deposit/deposits/

zaroth 8y ago

I would be very unconfortable depositing large amounts of cash at an ATM unless it was a first-party (owned by my bank) ATM with the newest tech that can scan bills as they go in. Even then I think for cash I might be more comfortable handing it to a teller and getting a receipt. These third party low-rent ATMs at convenience stores don’t even take deposits. They are withdrawal only.

warent 8y ago
Not to come across like this is an attack, but do you have any evidence/rationale behind that fear? I've never heard of ATMs mishandling money, although I haven't researched it before.
- valeness 8y ago
  This is anecdotal, and not explicitly about ATMs, but I have had those "Pay your bills here" machines at 7/11 and other convenience stores mishandle my money a couple times. It would report I paid $150 instead of $200, missing a single $50 note. This was resolved after about 2 hours on the phone with the company who manages the machines, but I still don't use them anymore.
- zaroth 8y ago
  Years ago depositing cash into envelopes which would slide into the machine, once or twice I had the deposit amount “adjusted” after the fact. How can you prove if it was you or them that miscounted? Modern “envelope-less” machines do not have this risk. Counting cash by hand is surprisingly error prone. I ran a snack bar in high school and I would hand-count a large pile of grubby $1s before bringing to the bank. About once a week the total from their counting machine would not match my tally. I think even once it was the machine that got it wrong. If you’re face to face with a human you can error correct before the pile of cash disappears.
- snazz 8y ago
  Debit card skimmers are very common in ATMs, as are cameras to catch people entering their PIN. Although I have never seen an ATM where you can deposit money at a grocery or convenience store, and so I’m not sure what the potential attacks are for such a situation, I would imagine that tampered-with ATMs could capture other information or remove money from your account. See https://krebsonsecurity.com https://krebsonsecurity.com for a ton of articles about various skimmers and scanners that have appeared in ATMs and gas pumps.

cujo 8y ago

Sounds like it's probably using the AllPoint network. http://www.allpointnetwork.com/ http://www.allpointnetwork.com/