How bank customers lose their hard earned money to ATM transactions daily

Many bank customers unknowingly lose their hard earned money to Automated Teller Machine (ATM) withdrawals daily.

That’s what Wole Olanipekun, a resident at Alagbole, said happened to him at an ATM recently.

Wole goes to that ATM every month to get cash so he can pay his rent. But this month, he heard the money shuffling and then something went wrong.

“Finally my receipt came out but no money. It is always advisable to cross check the amount you cash out before leaving an ATM site in case the entire sum is not dispensed so that you won’t be short changed by your bank,” Wole said.

Below are ways an ATM machine can rip you off your hard earned money:

Mechanical errors arising from the ATM itself:

Many customers do not count their cash after using the ATM. Sometimes, an ATM can malfunctions and causes a dispense error due to mechanical errors arising from the ATM itself.

It is always advisable to count your cash and make sure it is complete after using the ATM machine.

Software issues affecting operations of the ATM:

Software issue is a big factor responsible for why many customers are debited at ATM machines without dispensing physical cash to you.

One can, therefore, see from the foregoing that a dispense error is not totally avoidable.

Network and communication failures:

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Network and communication errors can occur when you use your card at your bank’s ATM or at the ATM of another bank and it can be a situation whereby your account is debited for twice the sum of cash dispensed by the ATM or your account is debited for the intended sum of money you want to withdraw but a lower amount of cash is dispensed by the ATM.

Transaction bank charges:

Customers most of the time are interested in the money they have withdrawn from the ATM without bothering to reconcile their bank charges. Frivolous charges are usually debited from customer’s account after ATM transactions without the customer crosschecking when they get alerts on their phones.

Some customers confirmed that they dreaded making withdrawals using other banks ATMs because of the continued charge of N65 for every transaction.

“Even the N65 charge which CBN authorised should be charged after three transactions, I am not sure the banks follow the rule due to the debit alerts we receive after withdrawals,” one person said.