Depositing a check, transferring funds between bank accounts and withdrawing cash used to entail a drive to the bank and sometimes a long wait in line to see a teller. Today, with the advent of mobile banking consumers rarely have to come face-to-face with another human being. But the newest development in banking aims to reconnect consumers with the teller, kind of.
In what I can only imagine is the most exciting thing to happen since the game room vending machine at the lodge where we held family reunions started spewing free candy, a man with only a few hundred bucks in his bank account was able to withdraw $37,000 from a very obliging ATM. [More]
It’s hard to feel bad for the banking business, but financial institutions can take a huge hit when consumers are the victims of large-scale fraud or ID theft. Replacing debit and credit cards, issuing refunds, investigating sketchy transactions can all add up — and of course that cost ultimately gets passed on to customers. This is why federal regulators are putting banks on alert to be mindful of increasingly popular ATM fraud and to be prepared for attacks on their websites. [More]
Let’s not pretend that the sight of an ATM spewing cash out of its mouth like it hit the oil can just a little too hard last night isn’t something we’ve all dreamed of, though knowing full well that we’d never steal in real life. But it’s far from a dream for cybercriminals who have figured out how to trigger malware infections that get ATMs to spit cash just by sending a text message. [More]
Banks all over the world have known since 2007 that Microsoft would stop support for ATMs running Windows XP on April 8 of this year, but with that deadline looming, only one-third of those 2.2 million machines have upgraded their outdated software. [More]
Some sort-of-good news for anyone still using Windows XP, including 95% of all ATMs in the world: Microsoft will still provide antimalware signatures for the operating system through July 15, 2015. That’s not the same as software patches, but does help consumer and business security programs identify malware on the system. The original end of support date of April 8, 2014 still stands. ATMs aren’t going to stop working or explode, but will be more vulnerable to malware and other badness. [Microsoft]
“Needless to say, you’re not going to be able to use this ATM this morning,” observed a TV reporter standing in front of the Orlando, Florida Chase branch where an automated teller machine was ripped from the building. No. No, you’re not. [More]
The idea sounds kind of neat — you go into an app on your smartphone, pre-order the amount of cash you’ll want to pick up from the ATM at a later point, then it’s waiting for you when you arrive. So-called cardless ATMs are being tested and some are touting the technology as the future of banking, but is it really that much of an improvement over the current system? [More]
The automated teller machine is now ubiquitous and can perform most of the functions you would visit a bank branch for: withdrawing cash, transferring money, making deposits. One thing that has really never changed about ATMs is what they dispense. Cash is cash: untraceable, lightweight, and nobody charges you any fees to use it. How boring and unprofitable. [More]
We’ve heard an unconfirmed rumor that some people like to travel during the summer months, which is great; you need to get out more, enjoy life. But amid all that enjoying of life, don’t forget that you might not be able to access an in-network ATM for your bank account and could end up saddled with a bunch of no-fun fees. [More]
There are your everyday ATM skimming schemes, and then there are global hacking operations that allegedly siphoned $45 million from ATMs around the globe in just a few hours. It’s kind of like a flash mob, said one former prosecutor, and the ease with which it was apparently carried out has got those in the security world a little bit nervous.
Instead of screaming in frustration at an unresponsive machine, Bank of America is introducing the potential for customer to interact with more than just a hunk of machinery by way of its new remote teller video ATMs. And this isn’t some weird computer-generated customer service tool, the ATM will have a live video link for certain transactions.
As a reader of Consumerist, Shawn knew that he should probably stay away from mega-bank and Worst Company in America 2013 Final Four contender Bank of America. Yet his non-BoA lender of choice sold his mortgage to…well, guess who? He moved his other banking there for the sake of convenience, and that’s when he walked up to an ATM and conducted the fateful transaction. [More]
If you’re a Bank of America customer and you sensed that the number of BofA ATMs out there had shrunk in recent months, you were not hallucinating. The company says it decided to pull 1,536 — nearly 1-in-10 — of its ATMs out of use in an effort to cut costs.
What’s more annoying than someone calling it an ATM machine? A super long line at the ATM, which is going to be the reality for many tourists cruising into London for the Olympic games. Officials are warning tourists of epic queues, advising travelers to bring their own British pounds instead of trying to access ATMs.
Back in 1999, the Electronic Fund Transfer Act began requiring that ATMs provide two separate disclosures of associated fees — one on the ATM screen before the transaction is confirmed and a second placard placed in a conspicuous location on the ATM itself. Yesterday, the House of Representatives passed an amendment to the EFTA that would eliminate the placard requirement.
Michael noticed a sign at the TD Bank ATM informing customers that postage stamps would no longer be available at that location. Aw, too bad. It’s fair if a business wants to discontinue a service because it’s unprofitable or problematic to offer. What annoys customers and insults their intelligence is when the change is spun as some kind of favor to customers.