Common Questions on CAM (Cash Acceptance Machines)
|Q:||What is a Cash Acceptance Machine (CAM)?|
|ANS:||It is a 24-hour self-service banking terminal, which accepts cash deposits using ATM card or POSB passbook. Do note some of our touch-screen machines can be activated without use of your card or passbook to deposit to your preferred accounts.|
But personally I note that for some branches after midnight, the Deposits Machines do not accept any more cash. Probably because the machines go under maintenance after midnight, in the early hours of morning.
Also do take care when depositing money, there's a "horror story" in year 2010 about the ATM taking away $800 from an elderly man (read below)
ACCORDING to retiree A. P. Chong, he fed $2,800 in notes into a bank cash-deposit machine in Upper Cross Street only to find, to his horror, that the system had acknowledged a deposit of only $2,000.
After an investigation, DBS Bank maintained that that is all the 65-year-old fed in.
But Mr Chong is sticking to his story. He insists he was entrusted with $2,800 in savings by a few elderly relatives, and he was banking the sum into his decades-old POSB savings account.
He broke up the wad of cash into smaller instalments of $10 and $50 notes that June 10 evening, and fed each in turn into the machine, he said.
But, when the former accountant scrutinised the receipts issued by the machine, he found that they recorded a total deposit of only $2,000.
He called the bank's customer hotline an hour later to report the matter, and was told that the bank would need some time to conduct investigations.
Mr Chong, who said he has been using automated banking services for years, wanted prompt action."A whole month has passed before presenting me with these findings. Why couldn't the bank check the machine immediately after I reported the incident? Anything could have happened during the time in between," he said.
When this reporter attempted to deposit cash in batches at the same CDM, it took so long for a receipt to be issued that a call was made to the DBS helpline.
A customer-service officer was able to rattle off details of every single transaction made in the past five minutes. She also promised that the problem encountered would be taken care of.
Meanwhile, Mr Chong continues to hope that the $800 he insists is at large will turn up.
"I've lodged another complaint with the bank, and will wait for them to get back to me," he said wistfully.
You can read more of the story here:
Data compiled and content written by Singapore Banks 101 Blog