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April 11, 2012

Consumer Law

Automatic Teller Machines (ATMs) and the Law

Should you save the receipts of each transaction?

Ideally, you should keep them until you reconcile your account balance with the monthly bank statement. The idea is to ensure that the bank got as much of a deposit as you thought you put in, and that it doesn't claim a larger withdrawal than you thought you took out. Bank computer errors are quite rare, but they have happened. Don't count on anyone else to catch them.

But once you have done the reconciliation, there's no reason to keep the slips, which are hard to store and can become quite voluminous. The bank's confirming statement is good enough proof in case a dispute comes up later.

>>How can you find out about ATM fees?
>>What fees are unreasonable?
>>What fees are reasonable?
>>Do you have a contract with your ATM issuer?
>>How can you safeguard yourself in making ATM deposits?
>>How can you make your ATM transactions secure?
>>How carefully should you guard your PIN?
>>Should you save the receipts of each transaction?
>>If you don’t save them, should you be careful of how you dispose transaction slips?
>>What happens when you leave your card in the ATM?

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