Do ATMs Err?

​They do.

I, of course, found out the hard way. I withdrew $60, received $20 and a receipt showing I withdrew $80. There was an error message on the screen.  Not sure what to do, I left my chip enabled card in the ATM machine while I frenetically, fumbled for my phone and snapped a photo. I then grabbed the $20. Incredulous, thinking "how am I going to prove I didn't really get $60?" I walked into the bank branch.

The bank manager, who was not the regular manager but filling in for the day, was not concerned. She explained to me that the machine was "probably out of money." She said she would file a claim and that my $40. would be returned in 10 business days. Wouldn't it have been great if she just pulled $40. from the drawer and gave it to me? Apparently that was not an option. She explained that when the daily transactions were reconciled that the machine would be off by $40. My claim would be validated and I would get my money back. Fair enough.
​
I further researched what to do should this occur again. Seems what I did was a pretty good process. However, there might be an 800 number on the ATM machine that you can grab. You can also call your card issuer and your bank. The claims and reconciliation process is the same. Lastly consumers are protected by the ​Electronic Funds Transfer Act of 1978 known as Regulation E. Big relief.  Be careful, though, because the regulation only applies to consumers. It does not protect business accounts. If you have a small-business account, you'll likely still benefit from the claim. However, if your claim is unresolved, you will not have the benefit of federal protection. If your record keeping is not stellar, you risk taking a loss.