Yesterday I was discussing banks' responsibilities to their customers with my colleagues because of an issue that had arisen -- namely that postdated cheques were paid early because they were deposited at an ATM. The bank claimed that because the items at ATMs are no longer checked before being sent to a processing centre it is impossible to prevent the early clearing of postdated cheques. If the scenario were to act out in this manner and my account was short funds because of the early processing, I am sure that the same bank would also have fined me. In other words, punishing me because their systems lacks accountability.
When I worked at a bank ten years ago, all deposits made at the ATM were checked by two bank officers prior to being sent out with the day's work. The larger banks have moved away from this to random checks of the materials such that it is easy for the items above to escape a routine check and balance. This is happening at the same time that the same major financial institutions are requiring more personal information for third party deposits -- such as company payments -- and signing away all liability for errors made in such financial transactions as wires. The banks want more and more from the consumers in terms of information and fees all the while reducing service capabilities and removing the onus of their own responsibilities to provide secure and professional services.
It's ridiculous and it makes me fuming mad.
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