ATM Money Order Deposit partial reversal

Old Jan 1, 20, 5:47 pm
  #1  
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ATM Money Order Deposit partial reversal

Looking for someone who has been through this, I've deposited lots of money orders in various methods and this is my first reversal.

12/23: Deposited 18 Money Orders at big bank ATM - all $499.00, most MG and a couple WU
12/23: Credit for full amount and withdrawal for $499.00
12/24: Letter mailed indicating that deposit amount is incorrect and has been adjusted by $499.00. I'm traveling and just got a scan of the letter. The letter has images of 18 money orders and 6 of them show $0.00 printed under the image. The letter doesn't state which of the 18 is rejected.

I pulled all my records and found the stubs and receipts for the 6 that show $0.00. I checked 3 on MG's website and it says they haven't been cashed and I can request replacement. I check one from same deposit that has $499.00 under the image on the letter on MG's site and it shows cashed.

So first, I'm assuming this account is probably going to get closed because I'm sure this brought attention to the money order deposits.

Second, how long should I expect for the bank to figure out they didn't cash 6 money orders and only reversed 1? I'll make sure there is enough money in there to not put me negative if they reverse it.

Third, how long does it take Moneygram to reissue a Money Order?

Thanks
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Old Jan 1, 20, 6:19 pm
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I wouldn't know, I only deposit MO's at teller line, preferably at WFC where they give you an itemized deposit receipt.
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Old Jan 1, 20, 8:23 pm
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Originally Posted by nmp0 View Post
So first, I'm assuming this account is probably going to get closed because I'm sure this brought attention to the money order deposits.

Second, how long should I expect for the bank to figure out they didn't cash 6 money orders and only reversed 1? I'll make sure there is enough money in there to not put me negative if they reverse it.

Third, how long does it take Moneygram to reissue a Money Order?

Thanks
1) Likely, but you never know. I "big bank" is going to care more than a smaller bank, in general.

2) I'd call the branch, tell them what happened, and they'll have a procedure to follow (basically they'll flag it for when the ATM is reconciled; they'll know when that is, ie, every Thursday...)

3) I had to do this once; I want to say 1-2 weeks but it was a long time ago. It wasn't an exorbitant amount of time but this is proof positive on the importance of saving the MO stubs.
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Old Jan 1, 20, 8:49 pm
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It's fairly quick to get a MO replaced, I'd say two weeks.

I had a curious situation recently where I mailed a bank a WU MO for $995.07 and they posted it for $995.01. They said that as they read it, it was $995.01. I found the receipt and it's clearly printed $995.07. I told them that I really didn't want to fuss over 6 cents, but that it was definitely $995.07 and if they ended up with 6 cents extra and needed to reconcile their books they could give me the 6 cents.
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Old Jan 2, 20, 6:38 am
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Originally Posted by danpeake View Post
1) Likely, but you never know. I "big bank" is going to care more than a smaller bank, in general.

2) I'd call the branch, tell them what happened, and they'll have a procedure to follow (basically they'll flag it for when the ATM is reconciled; they'll know when that is, ie, every Thursday...)

3) I had to do this once; I want to say 1-2 weeks but it was a long time ago. It wasn't an exorbitant amount of time but this is proof positive on the importance of saving the MO stubs.
When one of my recent MOs was returned to the bank, it took me about 1 month to get my money back. It also cost be about 4.6% of the value of the MO in fees to MG to replace it with a check from MG. (I also had to fight the bank for the returned item fees )
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Old Jan 2, 20, 9:40 am
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I’ve only had this happen one time with a MG MO: one of the three MOs I deposited for $499 was rejected by my CU (I was using a Co-Op ATM for deposit). The deposit went through initially, but then I noticed $499 and a $12 “deposit cancellation fee” on my checking statement. I called my CU ASAP, and provided them with the receipt that showed the MO had been accepted for deposit. They ended up mailing the MO to me and crediting the fee; I just deposited it in my bank account and the ACH’d it back to my CU account. The process took about two weeks for me to get the money order back once after the deposit failure.
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Old Jan 2, 20, 9:57 am
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When I thought it was one money order I was hoping that I could avoid involving the bank further and just reissue money order and redeposit. I've confirmed 6 of the 18 are uncashed so I'm going to have to go to the branch today and try to resolve.
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Old Jan 2, 20, 12:23 pm
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Do you remember if you had to manually enter the values for them? Happened to me once when the ink on the MO was very light. In my case it was soon enough after that the bank still had all of the checks from the ATM (not sure if they actually went into the ATM, or had them in the back).They found it and processed the deposit inside. Now I'm more careful of depositing MOs that have light print or where the numbers are slightly shifted.
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Old Jan 2, 20, 1:48 pm
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I had one deposit that had approximately 6 amounts I had to adjust, can't say for certain it was this one.

I just left bank after an hour and the banker talking to 4 different departments, she was more annoyed with her company than me. The final person (supervisor) gave her the specific money order that was reversed. I mentioned the 5 others that showed $0 on letter and not cashed my moneygram. She told first two people about it and was told there was only one money order at issue.

They initiated a review of the one that was reversed and gave me a provisional credit. I'll leave enough money to cover the 6 until the review is done. If after 90 days or so Moneygram says the other 5 weren't cashed I'll request reissue.

The local banker asked if the money orders were for rental properties and I said they were for earning airline miles and kept it brief. She didn't seem interested overall and no one questioned it while she was on phone. If I suffer adverse action I'll put it in the shutdown thread.
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Old Jan 2, 20, 4:59 pm
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Originally Posted by nmp0 View Post
I had one deposit that had approximately 6 amounts I had to adjust, can't say for certain it was this one.

I just left bank after an hour and the banker talking to 4 different departments, she was more annoyed with her company than me. The final person (supervisor) gave her the specific money order that was reversed. I mentioned the 5 others that showed $0 on letter and not cashed my moneygram. She told first two people about it and was told there was only one money order at issue.

They initiated a review of the one that was reversed and gave me a provisional credit. I'll leave enough money to cover the 6 until the review is done. If after 90 days or so Moneygram says the other 5 weren't cashed I'll request reissue.

The local banker asked if the money orders were for rental properties and I said they were for earning airline miles and kept it brief. She didn't seem interested overall and no one questioned it while she was on phone. If I suffer adverse action I'll put it in the shutdown thread.
Thanks for the update; good luck!
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Old Jan 2, 20, 6:27 pm
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Originally Posted by nmp0 View Post
When I thought it was one money order I was hoping that I could avoid involving the bank further and just reissue money order and redeposit. I've confirmed 6 of the 18 are uncashed so I'm going to have to go to the branch today and try to resolve.
It happens and usually one can get a letter from WU/MG verifying the check was cashed or not cashed. Once this letter is in hand the bank will reconcile. If the bank still has the physical check they can simply deposit it. There is no need for a reissue. There are threads on similar items. Anyone who does any real volume has most likely run into the various issues.
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Old Jan 3, 20, 11:56 am
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Originally Posted by Bigzamboni View Post
... Now I'm more careful of depositing MOs that have light print or where the numbers are slightly shifted.
Pet peeve of mine is MO agents that don't timely replace their ink, even after I complain (just get shrugs). Fortunately, lightly printed MOs show up pretty well under UV, seem to get processed better than I would have thought. Still, I usually deposit them separately, so as not to "taint" a much larger deposit involving a number of items.
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Old Jan 3, 20, 1:07 pm
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Originally Posted by tuphat View Post
Pet peeve of mine is MO agents that don't timely replace their ink, even after I complain (just get shrugs). Fortunately, lightly printed MOs show up pretty well under UV, seem to get processed better than I would have thought. Still, I usually deposit them separately, so as not to "taint" a much larger deposit involving a number of items.
I only deposit via a teller and after seeing that the MOs unlike a reg check Never get processed with the amounts, forcing the teller to have to manually find each MO and input the amount. I decided to do 2 things if possible 1- also include at least 1 reg check in the deposit, 2- only deposit like MOs = they all are for the same amount, that way it speeds the whole process up

I also make mention that the are all for the same amount, when handing them over so the teller can check them before scanning them
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Old Jan 3, 20, 5:41 pm
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Guys

You can always write the amount of the value right on the face of the MOs when the ink is faded. I have seen more than one teller does that when they encounter a very faded print. Now I just write the amount myself on those that are barely legible to make things easier. Call me old fashioned, but I much prefer deposit them with a teller, any discrepancies could be resolved right at the spot - IF the branch processes the deposits in the Same Town that is.

All the bad experiences I have had, are from BofA.

Years ago BofA here sent the Images of their check deposits to Miami office to process even though the check deposits were made at the counter. I had a Friday's deposit totally reversed on Monday when I checked account online. Branch was 1/2 mile from home so I went there right away. All the checks deposited on Friday were still at the bank, waiting to be sent to Miami together with Monday's receipts. They found mine then the manager started calling around - it took him 4 calls to finally get the right dept which was in California - to manually fix the discrepancy. All that was caused by a new imaging machine the branch switched to about 2 weeks before - they had issues after issues with that machine... Luckily this was the only bad experience on making deposits.

Another time going back to the Mint Time, a BofA branch literally "lost" several thousands of the dollar coins, manifested in the form of reversed deposit. Luckily a manager of a different branch which I thought was them making the mistake, took it upon herself to track down the offended branch and got that straightened out (that branch had an "unidentified" overage in their daily reconciliation of funds... )

Never have problem with other institutions,

Wells Fargo has the best practice - they list the amount of each deposited item on the receipt, making reconciliation much easier.
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