Free Money From ATM - is it really free?

jkrowling

Well, imagine my surprise when I went to withdraw €90 from my bank account today and got back €180 . To make sure I wasn't going crazy I put my card back in to check the balance and it showed that only the €90 had been deducted. So, I tried again and once more got an extra €90 .

Now if your a sceptic like me, you'll think that nothing is ever free in this life so I'm now worried I'm going to be done for fraud or some other crazy crime.

Anyone know whats the outcome or repurcussions of this are? I spoke to a lad in the queue behind me who told me that this machine has been doing this since last week and that so far he's got over €1000 extra :eek:

January

Where be this magic machine???

XJR

I was left short by €100 euro on an ATM once - when I complained to the bank I was told categorically it couldn't and didn't happen so I was left down the €100. So maybe it cuts both ways - take the money and run. Banks are only a shower of fV<7€r$

it will be taken out of ur account... heard of this before.


if i were you, id prob lodge as much as i could, take it out, lodge again, take it out and then close account.




in a perfect world, that mite work..

KillerShamrock

Deleted User wrote: »

it will be taken out of ur account... heard of this before.


if i were you, id prob lodge as much as i could, take it out, lodge again, take it out and then close account.




in a perfect world, that mite work..

Yeah and no bank will lend to you for sometime after it.

Put it back in your account the atm records ALL cards put in the machine plus with the cctv footage they will work it out.
So they will just overdraw your account and they are perfectly entitled to because at the end of the day you got the money and that will affect your credit rating its the same as forcing credit on your laser or credit card.

dotsman

Yup, I'm afraid it's not your money.

Once they balance the machine and realise they are missing the money, they will go through each transaction and apply the correct amount withdrawn.

Notify them and they of what happened and they are happy with you.
Don't notify them and have the money taken off your balance anyway. And if the balance doesn't cover the amount you owe, your account goes into arrears (very expensive interest).


To use an analogy. Imagine you are a regular in a shop. One day you are given €90 too much change. They notice at the end of the shift and, looking at the CCTV, can see that you were the person they gave too much too, and then see you counting your change, laughing at them and sticking your finger up at them behind their back. How likely are they to let you back into the shop until you return the money?

Ultimately, they made the first mistake, not you. And they will accept that and apologise for that. But you then knowingly defrauded them. Any business (and especially banks) take that $hit seriously.

jkrowling

ok, apparantly this error has been going on since last week and only on certain multiples - €40 and €90 are giving back double. I am not a customer of this bank, I simply used their ATM for convienence. And, to make it even more interesting, you take €40 out now you'll get €40 back but go back an hour later and take €40 you get €80!!!

This is just crazy, it's been going on a week now and they still haven't copped on. How can they prove who got what amount when it's doing it so randomly and on different amounts?

IsThatSo?

The atm records details of your bank account i.e. NSC and account number. Therefore when they balance up and see they are out a LOT of money they will start work on tracing the differences. They will find you and they will get the money back, it just might take a while.

Closing the bank account and doing a runner is not a good idea, really, it will come back to bite you.

jkrowling

If it's doing it randonly, how can they proove who got what?

IsThatSo?

This kind of error usually happens when they but the notes into the wrong slots. The machine is programmed to think that 20's go into a certain place and 50's into another place. If the person loading the machine puts the boxes into the wrong section the machine dosn't know.

Sounds like an odd one though that its just happening on certain figures with that particular ATM, doesn't sound like the usual error.

I guess it comes down to the kind of person you are. Be honest and report the error or be dishonest, keep the money and return for more. IMO its not worth the risk of it coming back to bite you for the sake of 200 odd quid. What goes around comes around

pgroarke

AIB Shop Street.
It happened in that case because the person loading put 20s in instead of 10s.

Large queues formed when the rumour spread.
In that case when the bank found out, the customers were "asked" to return the money but were not obliged to.
However anyone who refused to return the money was effectively blacklisted regarding any AIB services (loans mortgages etc) until they reimbursed the bank.

puntosporting

This happened in patrick stree in limerick bout 10 years ago i doubled my money 200 for 100 like galway a que formed eventualy gardai blocked off the ATM i never heard anymore about it?

ajmull

Ever hear of stealing?

stepbar

You might think it's gas now, but wait until you apply for your next loan. The smile will run fairly quickly off your face.

MarkR

Their credit rating can only be affected by credit scorings and applications for loans etc. It can't be affected by something your bank thought you did (assuming that by its random nature they had to absorb the cost)

What box would be ticked? The "I think he got too much money from the atm before, but I can't prove it.." box?

Of course if they can prove it, and you are unable to repay, or you go into the red when the money does come out, then that will cause problems.

IsThatSo?

People get greedy and when they see the error they do another transaction, and come back for more again after that. That is a dead give away to the bank.

Hoist on their own petard!!

Toots

There's no such thing as a free lunch!! When the bank cops on what's been going on, they can look back over the transactions done on the ATM and figure out who got extra money. I'd be very shocked if your account isn't debited eventually.

nlgbbbblth

MarkR wrote: »

Their credit rating can only be affected by credit scorings and applications for loans etc. It can't be affected by something your bank thought you did (assuming that by its random nature they had to absorb the cost)

What box would be ticked? The "I think he got too much money from the atm before, but I can't prove it.." box?

Of course if they can prove it, and you are unable to repay, or you go into the red when the money does come out, then that will cause problems.

Do not underestimate the long memories of banks and their employees.

Customers who profit from a bank error / honest mistake and refuse to repay what they genuinely owe will find that the same bank may do them no favours next time they look for a loan / mortgage / general assistance.

Even if it is seven or eight years later.

kaiser sauze

stepbar wrote: »

You might think it's gas now, but wait until you apply for your next loan. The smile will run fairly quickly off your face.

There are many banks available to consumers now and this type of error cannot go onto a credit history.

So, no, keep it, it's their error and the onus is on them, not on you.

How quick are banks to refund errors on your accounts?

GSpoon

kaiser sauze wrote: »

There are many banks available to consumers now and this type of error cannot go onto a credit history.

So, no, keep it, it's their error and the onus is on them, not on you.

How quick are banks to refund errors on your accounts?

Thats ridiculous, ATMS are balanced at the end of every business day. No such thing as free money! Fair enough if it happens once, thats an error but if you go back again.. thats theft. If consumers are going to 'try' and outsmart the banks then the banks will have to increase the charges elsewhere to cover the cost of the funds they have lost... Not so smart now.:p

dotsman

kaiser sauze wrote: »

There are many banks available to consumers now and this type of error cannot go onto a credit history.

So, no, keep it, it's their error and the onus is on them, not on you.

How quick are banks to refund errors on your accounts?

Actually, they are very quick as soon as the error is discovered. They also apologise and pay interest on the amount. Also, and importantly, they do not intentionaly overcharge you. However, in this case, you are intentionally stealing from them.

The fact is, that whichever way you cut it, you are robbing a bank. The only thing that differs you from some scumbag doing a heist is the amount of money. I think it says a lot about people that they would steal money, just because they think there is a chance they could get away with it.

If you were in a shop and noticed that the cashier had left the till open while they went off on a lunch/toilet break etc, would you stick your hand in the till? If you saw someone drop their wallet, would you wait for them to walk on so you could steal it? Yes, someone in the bank has made a mistake. But you know who owns the money, yet you actively and intentionaly steal it. It is a shame that the banks won't follow up with prosecutions, but anybody who steal from this deserves the same jail sentance as all other thieves.


As for the thief's credit history. It's very simple. If they can find who the thieves are, they will deduct the money from the thieves' accounts. Now, if your balance doesn't cover the amount you stole (remember, this could be a couple days or a couple weeks after you stole the money), then you go into an unauthorised overdraft. At the least this attracts surcharge interest as well as possibly other penalties. Failure to pay this, will result in your credit history being affected.

pseudonym1

dotsman wrote: »

Actually, they are very quick as soon as the error is discovered. They also apologise and pay interest on the amount. Also, and importantly, they do not intentionaly overcharge you. However, in this case, you are intentionally stealing from them.

The fact is, that whichever way you cut it, you are robbing a bank. The only thing that differs you from some scumbag doing a heist is the amount of money. I think it says a lot about people that they would steal money, just because they think there is a chance they could get away with it.

If you were in a shop and noticed that the cashier had left the till open while they went off on a lunch/toilet break etc, would you stick your hand in the till? If you saw someone drop their wallet, would you wait for them to walk on so you could steal it? Yes, someone in the bank has made a mistake. But you know who owns the money, yet you actively and intentionaly steal it. It is a shame that the banks won't follow up with prosecutions, but anybody who steal from this deserves the same jail sentance as all other thieves.


As for the thief's credit history. It's very simple. If they can find who the thieves are, they will deduct the money from the thieves' accounts. Now, if your balance doesn't cover the amount you stole (remember, this could be a couple days or a couple weeks after you stole the money), then you go into an unauthorised overdraft. At the least this attracts surcharge interest as well as possibly other penalties. Failure to pay this, will result in your credit history being affected.

In my case I had to repeatedly explain the error made by banks no apology and no interest was paid.

Banks have done as they pleased and been ripping us off for years. I don't veiw it as the same as stealing.

Actually if I ever fullfill my dream and pull off a heist on a bank - I probably wouldn't veiw that as stealing .. I DON'T LIKE BANKS.

OP I don't know wheather you should take the risk all by yourself - post up on boards where the ATM is

flushje

What bank are you with? I got a extra €100 from one before and never heard anything about it. I wouldnt have went back the 2 nd time though.

KillerShamrock

pseudonym1 wrote: »

In my case I had to repeatedly explain the error made by banks no apology and no interest was paid.

Banks have done as they pleased and been ripping us off for years. I don't veiw it as the same as stealing.

Actually if I ever fullfill my dream and pull off a heist on a bank - I probably wouldn't veiw that as stealing .. I DON'T LIKE BANKS.

OP I don't know wheather you should take the risk all by yourself - post up on boards where the ATM is

Regardless of banks been ripping you/people off for years or not and that you dont like them that changes nothing you are still stealing. Its not yours.
Stealing is no different depending on who you do it to.

If you take more money than is yours and the bank finds out they take it back from you. if that puts you overdrawn they Will charge you interest and over limit fees it will affect your credit rating if you dont pay it back.
They do not have to and will not say sorry.

stepbar

kaiser sauze wrote: »

There are many banks available to consumers now and this type of error cannot go onto a credit history.

So, no, keep it, it's their error and the onus is on them, not on you.

How quick are banks to refund errors on your accounts?

But it's stealing yeah? Just try it, you'll end up probably having to move banks if you insist on keeping the money.

BENDYBINN

typical ireland-full of begrudgers-if it happened to themselves it would be a different story
keep your mouth shut and have a great christmas!

Toiletroll

stepbar wrote: »

You might think it's gas now, but wait until you apply for your next loan. The smile will run fairly quickly off your face.

I reckon go and try to get a loan anyway!... You mgiht not be smiling afterwards in this day and age

parsi

Treat it as a bailout.

If the bank comes looking tell them that you over-extended yourself , your cash projection software got it wrong, you had a bad day and you're temporarily suffering from a lack of liquidity and as soon as that sorts itself out you'll pay them back.

dotsman

parsi wrote: »

Treat it as a bailout.

If the bank comes looking tell them that you over-extended yourself , your cash projection software got it wrong, you had a bad day and you're temporarily suffering from a lack of liquidity and as soon as that sorts itself out you'll pay them back.

Our man in Havana

parsi wrote: »

Treat it as a bailout.

If the bank comes looking tell them that you over-extended yourself , your cash projection software got it wrong, you had a bad day and you're temporarily suffering from a lack of liquidity and as soon as that sorts itself out you'll pay them back.

Very Good. I must try that sometime.

nlgbbbblth

kaiser sauze wrote: »

There are many banks available to consumers now and this type of error cannot go onto a credit history.

No it won't go on their credit history but it can be noted on their file. Or some staff member will remember it.

You'd be surprised how good someone's memory can be when it comes to recalling unscrupulous pricks who take advantage of honest mistakes.