Posts Tagged ‘atm’

ATM glitch gives CBA customers ‘free’ cash

UPDATED Andrew Colley

A COMMONWEALTH Bank system outage today turned into a nightmare for the bank when its ATMs began dispensing large sums of cash to customers without funds.

Late this afternoon NSW Police reported that around 40 ATMs operated by a “major bank” were dispensing large amounts of excess cash.

A Commonwealth Bank spokesman late today confirmed that the rogue ATMs were operated by the bank and that the problems were linked to the system outage.

The bank spokesman said the affected ATMs were “not accidentally or randomly dispensing cash; our ATMs are currently operating and have been operating in standby mode.

“That means the ATM … can’t identify the customers’ account balance.

“Some have deliberately withdrawn more money than is in their account … and we will be recouping those funds.”

NSW Police state fraud chief Detective Superintendent Col Dyson today warned consumers who failed to return the money to the bank could face criminal charges.

“People should realise that even though an ATM has dispensed cash, they are not entitled to that money and are committing a criminal offence if they keep it,” Detective Superintendent Dyson said.

“They should also realise that ATM locations are covered extensively by surveillance”.

It’s understood that police have at least one ATM under police guard in Sydney’s west.

Earlier in the day the bank reported that the problem had left customers without access to its NetBank, Bpay and phone banking systems.

“The CBA is working to restore service as matter urgency. Full service is expected to resume this afternoon,” a bank spokeswoman said.

The bank said the problem was caused by a glitch during “routine database maintenance” overnight.

The bank was still trying to determine the extent of the customer impact, according to a CBA spokeswoman.

“We are working on it,” she said.

Australian consumers’ faith in electronic banking systems has recently been shaken by a series of high impact system outages.

Last year National Australia Bank had a catastrophic system outage which left thousands of customers without access to ATMs.

That outage was also caused by problems with overnight transaction processing. NAB’s transaction records were plunged into chaos by a corrupt file which was incorrectly loaded into NAB overnight processing systems.

IT departments at financial institutions such as CBA, Westpac, ANZ, HSBC, Citibank and Bank of Queensland went on high alert at the time when they did not receive daily records of NAB transactions.

The Commonwealth Bank today advised customers needing to conduct urgent fund transfers to visit their local branches.

The bank had not put on extra staff to manage increased loads at branches, the spokeswoman said.

“Customers can still access ATMs and Eftpos with branch staff available to handle any other requirements,” the spokeswoman said.

Police said that it was working with the CBA to determine the cause of the ATM malfunctions.

Earlier today the bank said it was hoping to restore all its services to normal by the end of the day.

http://www.theaustralian.com.au/australian-it/cba-tech-glitch-hits-online-atm-systems/story-e6frgakx-1226014220924

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Shit is just getting more insane. Not only do they tax for everything even for dying, but now they will tax you on how much you spend. Are they TRYING to crash the economy? Do they seriously think any good will come of this. Why would you want to limit how much an individual spends? What’s it anyone’s business how much I or you spend. The banks job is not to decide how and how much money to spend, but to take your deposit, shut up, and put it in safe keeping. It’s bad enough they can take your money and throw it on the stock market and make a killing dispersing a measly .5% or less back to it’s “valued” customers. This will cause several things

1. Bank deposits will shrink

2. People will become broker

3. People will become enraged.

It’s almost like this is all being done on purpose. A third grader can get this right. This is common sense, how in the hell are these men running this country?

Big Banks May Impose Debit Card Purchase Limits

by Simon Zhen

Talks of the impending debit interchange fee caps are pushing big banks to consider imposing limits on debit card purchases.

According to the Federal Reserve, debit cards have become the most popular form of non-cash payments in the United States.

The Fed’s proposal to cap the interchange fees at 7 to 12 cents per debit transaction, which would reduce the particular channel of bank revenue by as much as 84 percent.

Banks Could Limit Debit Card Transactions

Most likely to take the biggest revenue losses are the largest banks including JPMorgan Chase, Bank of America and Citigroup. They are deliberating the possibility of placing a limit on each debit card purchase to $50 – $100, if interchange fees are capped, reported ABC News.

As the public comment period on the Federal Reserve’s proposal came to a close on Feb. 22, banks implored Congress to reconsider due to the possible adverse effects that the changes would have on low-income consumers, the banking industry, and the U.S. payment systems.

With the chances of the big banks limiting the size of a debit card purchase, consumers would have to choose between the using traditional, inconvenient payment options such as cash and paper checks or the debt-burdening credit card. Banks would be happier if shoppers decide to use credit cards for larger purchases because the proposed interchange fee rules do not apply to credit card swipe transactions.

The Fed is expected to finalize the new rules from now until April. Revisions to the debit interchange fee caps remain possible and the big banks will most likely react accordingly in their best interest. It is just one more way that this particular provision of the Dodd-Frank Act can affect consumers directly.

http://www.mybanktracker.com/bank-news/2011/03/01/big-banks-impose-debit-card-purchase-limits/?utm_source=MyBankTracker.com&utm_campaign=6303358400-RSS_EMAIL_CAMPAIGN&utm_medium=email