By Alexis: Does anyone else find it strange that some banks still print ATM statements on fax-type paper that fades?
I’ve noticed over the years that ATM statements don’t always correlate with the statements you receive in the mail. (By the way, I was just informed that bank aren’t required to send back your cancelled checks anymore.)
I’m not knocking the paperless system. I do check my account from time to time online. However, I once had a dispute with a very large well known bank about an amount that should of been credited to my account. I printed the ATM statement, and had to wait for my mailed hard copy statement. By the time I could prove my point, the ATM receipt was barely visible.
I notice offices don’t use the paper that fades anymore with their fax machines, so why do banks? Since they are institutions dealing with money, I would think it would be even more important to print such inquiries on paper of permanence.
These days if I have a questionable receipt, I copy it on to normal paper. Not all banks print on disappearing paper. Is it a paper issue or an ethical issue?
Answer:
Answer by bkc99xx
It’s just a paper issue, based on cost and convenience. The balance that shows on that receipt is simply a snapshot on one day where the exact balance at the beginning of the day may not match what funds you actually have available. With deposit requirements and electronic transfers taking place all day long, it can be difficult to reconcile the exact balance using an ATM receipt anyway.
They print on that paper because the system is fairly inexpensive and maintenance free. Otherwise, when you went to the machine it would be broken down more often or would perhaps work, but wouldn’t provide a receipt.
For withdrawals, I use the ATM’s if I need to. However, for deposits, I always use the drive-up or go inside for a receipt. They usually print those and they certainly will last until I verify the transaction online.
Please leave your answer in the comments! Thanks.