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Thread: Do ATM machines read banknotes serial numbers at deposit or withdraw?

PostDo ATM machines read banknotes serial numbers at deposit or withdraw?
Posted by farfaraway 9 years ago (17 Jul 2009)
Different detecting methods (serial numbers, RFID, marking, etc) are used to detect counterfeit banknotes.

Are they used in Australia to track good banknotes?

Ex. Someone uses a stolen ATM card. Once he got away with the good dollar bills is he safe or those dollar bills can be recognized in the future when trying to spend them.

That would implicate that ATM machines read serial numbers at the withdraw and later on when the bank realizes that the card was stolen, they have the serial numbers in the database. That would also implicate that they scan the bills when someone is making a deposit.

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PostDo ATM machines read banknotes serial numbers at deposit or withdraw?
Posted by moneyman93 9 years ago (17 Jul 2009)
My local banks ATM certainly doesn't look that complex, and when you make a deposit, you put the notes in an envelope is feeds out, so there's no way it could read the serial numbers.

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PostDo ATM machines read banknotes serial numbers at deposit or withdraw?
Posted by katielizzy 9 years ago (2 Sep 2009)
I work for a bank and I can say they definitely do not record the serial numbers infact there is basically no reason for us to do so at any point in general over the counter enquiries. The only time I have been reqested to record a serial number is on a counfeit note advice form to the RBA.
We do record other serial numbers for example for travellers cheques and bank drafts where the "note" is esentially treated like a cheque. Even for foreign currency we do not record serial numbers.
Other banks may have different requirements in their policies and proceedures. But I really don't see any reason that could justify that kind of use for time and resources.

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