The other day I needed to make two large ATM withdrawals. I expected to make $600 withdrawals. The first day I used two accounts because one account is limited to $500 and the other account is much higher.
When I counted the money later, I noticed that the Banco Universal ATM in El Rey had only given me $500. I checked the account on the Internet and saw that it only took $500 from the account. I was pretty sure I had asked for $600, which is not an automatic selection and has to be entered manually, but thought I might have made a mistake.
The next morning I went to the same ATM and carefully entered $600. When the money came out it was $500. The Internet has verified that only $500 was removed from the account.
This is a MAJOR Problem with the software in this machine and maybe all Banco Universal’s ATMs. It did not tell me that I was asking for more than it was programmed to give, it just gave a different amount. I rarely get the paper slip because it doesn’t give me an account balance for banks in the US and often doesn’t have paper anyway.
So my reading of this is that either Banco Universal ATMs have been programmed to give out a maximum of $500 or Banco Universal has some agreement with CLAVE to give no more than $500. Since the ATMs (CLAVE) now charge $3.00 per transaction, by requiring more transactions, CLAVE gets more service charge.
The correct procedure for the ATM would to have been to tell me that I had requested an amount greater than was available. The the only complaint I would have then would be the gouging for wanting more transactions.
To give money that is less than requested with no notification is just plain wrong. This is a warning to double check your money on ATM withdrawals and to always request a receipt. The ATMs are playing more games.
UPDATE March 3, 2010: Do to all of the comments that I have received about the $500 maximum ATM limit, I went back and reviewed my past statements. Sure enough the times I had thought I had taken our $600 only showed $500 on the statement.
It shows that I have been far too trusting of the machines and had not counted my money. Maybe that is the reason it didn’t last as long as I thought it should. Even though the ATM doled out the same amount as it removed from my account, I still consider it a programming error to not tell the client that it is not giving the amount requested of the machine. I have had HSBC ATM tell me when I have asked for over $500, so maybe it is only some banks.
At any rate, my apologizes to all whose comments I disputed on $500 being the standard ATM limit. I guess I was struck down once more with a senior moment.