Bank Support: Unlock the Secret to Banking Success

Unlock the secrets to financial success in banking! Explore topics like ATM skimming devices, the source of banks’ cash, and the distinction between pending and posted transactions. Have a worthwhile banking question? Contact our expert, Alex, at alexexpertbanker@gmail.com. Your inquiries will be featured on our website with prompt and insightful responses from Alex.

Question: What is an ATM skimming device?

Asked by: Andrea from Rochester, New York.

Answer: Criminals use ATM skimming devices to illegally capture personal information from unsuspecting users’ ATM/debit cards. These devices, attached to an ATM, consist of a skimmer placed over or inside the card reader to record data from the card’s magnetic strip. Furthermore, a tiny camera or keypad overlay may be utilized to capture the user’s PIN. The gathered information is used to create cloned cards to gain unauthorized access to the victim’s bank accounts, resulting in financial losses. FICO, the data analytics firm, reported a significant rise in skimming device scams nationwide. In 2023, there was a staggering 96% surge in compromised ATM/debit cards, affecting over 315,000 cards and at least 3,500 financial institutions. According to the FBI, skimming annually costs financial institutions and consumers over $1 billion. To safeguard against skimming devices, cardholders and bank employees should regularly inspect ATMs for any unusual attachments. If any ATM has been tampered with, it should be reported to the proper authorities immediately.

Question: Where do banks get their cash supply?

Asked by: Katie from Fort Lauderdale, Florida.

Answer: The Federal Reserve, referred to as the central bank, plays a crucial role in the U.S. monetary system by regulating the cash supply to meet economic demands. The Federal Reserve makes its annual currency printing decisions based on economic indicators, forecasting models, and historical data. The Bureau of Engraving and Printing, under the U.S. Department of the Treasury, is responsible for designing and printing paper money. After the notes are printed, they are sent to one of the Federal Reserve’s 28 cash offices before being distributed to approximately 8,400 banks, savings and loans, and credit unions across the United States. Armored carriers are instrumental in securely transporting cash. They employ advanced security measures such as reinforced armor, GPS tracking, and armed guards for safe transit. The Federal Reserve’s print order for the 2024 calendar year ranged from 5.3 billion to 6.9 billion notes, valued between $180.5 billion and $204.4 billion. To meet demand effectively, the Federal Reserve and Bureau of Engraving and Printing staff will adjust the production of each denomination within this range throughout the year.

Question: What is the difference between pending and posted?

Asked by: Shawn from Des Moines, Iowa.

Answer: There is a huge difference between pending and posted transactions. When a transaction is pending, it is authorized but not yet fully processed by the bank. This implies that funds have been earmarked for the transaction but are waiting to be finalized. While pending transactions impact the account’s available balance, they don’t affect the current balance. In contrast, a posted or “cleared” transaction is fully processed. It’s worth noting that transaction specifics, including the amount, might change once a transaction is posted. Occasionally, pending transactions may disappear, indicating they were cancelled and dropped off. The timing for a transaction to post varies depending on its type. ACH transactions typically post within a day but could extend up to three business days. Domestic wire transfers usually post on the same day, while international transfers might need up to five business days. Check deposits are commonly processed by the following business day or within two to seven business days if a hold is placed. Debit card transactions typically require one to two days to post.

Written by: Alex Sanchez

Important: For your specific questions about banking, contact your banking expert, Alex, at: alexexpertbanker@gmail.com

About our Author: With nearly 20 years of experience in the banking industry, Alex is currently a branch manager with First Interstate Bank. Throughout his career, he has contributed his expertise to renowned financial institutions like Bank of America, US Bank, and Chase. He also has a bachelor’s degree in Business Economics from the University of California, Riverside.

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