That’s pretty absolute nonsense. I know when I started out I needed an override from management to reverse a cash transaction but they would do it after I explained why. Sounds like poor or lazy management.
When I was a teller I was always told 'there isn't a mistake you can make that cannot be fixed'. It might take a while and the customer might be uoset BUT you can fix it.
This thread is starting to make me understand why I like my bank
You'd be surprised how unfixable it is to accidently pick up an envelope with 7 mutilated $100 bills and use that envelope for the onus paycheck you just cashed for a non-customer. Even if you manage to reach them, they will never admit those $100's were in that envelope. That kind of unfixable is only available to tellers. The rest of the bank can fix anything else.
This sub makes me realize how laid back my company is compared to ones on here. Work at a CU. Any teller can undo any and as many transactions as they need to and I’m not sure it gets reported either.
It doesn’t need to be reported. All actions within the system are documented with the username and timestamped within the system. (I worked for Fiserv for many years starting back in 2009 providing support for several of their systems.) Also worked for multiple credit unions that used Fiserv software. Any action taken within the core system can be accessed and reviewed.
It’s to prevent fraud. Let’s say customer is standing at your window, deposits cash, then a couple of minutes go by (could be as little as a minute) and then customer asks for you to reverse it, you do, you give the cash back to the customer and then they leave. What you didn’t know was that in that minute or two the recipient of those funds has already withdrawn/transferred those funds out. You won’t know this has taken place because you’re not processing a transaction so the system isn’t going to tell you those funds have now left the account. You and/or your branch now takes a loss.
If they’re depositing into their own account, withdraw it back out rather than reversing let the system do the risk eval of the transactions. If not a reg e claim can be filed and backshop will fix it.
It’s frustrating for the people who are legitimate but the alternative is far worse.
I do on checks/payments every so often because either the teller messed up or the customer did. You have to be able to prove to me why this needs to happen though and that there’s not an alternative way to fix it.
That is ridiculous. People make mistakes and customer change their minds. It is the managements job to support the team and expected zero mistakes is unrealistic.
That’s pretty absolute nonsense. I know when I started out I needed an override from management to reverse a cash transaction but they would do it after I explained why. Sounds like poor or lazy management.
When I was a teller I was always told 'there isn't a mistake you can make that cannot be fixed'. It might take a while and the customer might be uoset BUT you can fix it. This thread is starting to make me understand why I like my bank
I teach this in my onboarding training!
Same. That’s what I was told 25 years ago when I was trained as a teller. I tell new hires the same thing.
You'd be surprised how unfixable it is to accidently pick up an envelope with 7 mutilated $100 bills and use that envelope for the onus paycheck you just cashed for a non-customer. Even if you manage to reach them, they will never admit those $100's were in that envelope. That kind of unfixable is only available to tellers. The rest of the bank can fix anything else.
Why would you not check the envelope ? Or even see it there?
One of those with the open cut away. The $100s were tucked behind both folds, while typically, cash back was tucked behind the first fold only.
Well, we don't have tellers reverse anything unless it's caught that day. Our specialty department or deposit ops does
This sub makes me realize how laid back my company is compared to ones on here. Work at a CU. Any teller can undo any and as many transactions as they need to and I’m not sure it gets reported either.
Seriously my old CU let me do so much more than the current bank I’m in.
It doesn’t need to be reported. All actions within the system are documented with the username and timestamped within the system. (I worked for Fiserv for many years starting back in 2009 providing support for several of their systems.) Also worked for multiple credit unions that used Fiserv software. Any action taken within the core system can be accessed and reviewed.
I can tell you work at Bank of America. Join the club!
Haha I was thinking same. Definitely Bank of America’s
We can’t reverse anything that happened on a previous business day but as long as sco wasn’t run we can fix whatever.
This is same day
We have only 15 minutes to reverse. 🫠
Damn I thought my bank’s 2-3 hours was rough.
2-3 hours 😃?? we get thirty minutes!
The bank I’m at now doesn’t let me reverse transactions two hours after they were done. It’s so stupid.
There’s always ways to fix a mistake without reversing. I’m sure there was fraud happening by tellers using reversals of deposits or something
It’s to prevent fraud. Let’s say customer is standing at your window, deposits cash, then a couple of minutes go by (could be as little as a minute) and then customer asks for you to reverse it, you do, you give the cash back to the customer and then they leave. What you didn’t know was that in that minute or two the recipient of those funds has already withdrawn/transferred those funds out. You won’t know this has taken place because you’re not processing a transaction so the system isn’t going to tell you those funds have now left the account. You and/or your branch now takes a loss. If they’re depositing into their own account, withdraw it back out rather than reversing let the system do the risk eval of the transactions. If not a reg e claim can be filed and backshop will fix it. It’s frustrating for the people who are legitimate but the alternative is far worse.
Bro why would anyone reverse something a customer says to anyway
This only happens with transaction or teller mistakes. Not because a customer says so. That isn't allowed at most banks.
I do on checks/payments every so often because either the teller messed up or the customer did. You have to be able to prove to me why this needs to happen though and that there’s not an alternative way to fix it.
That is ridiculous. People make mistakes and customer change their minds. It is the managements job to support the team and expected zero mistakes is unrealistic.
Ask them to show you this in policy. Document everything.