Banks insist on strict ATM cash management
Money

Banks insist on strict ATM cash management

By Eileen Mencias

The Bankers Association of the Philippines said the money that goes into the automated teller machines do not come from a bank’s transactions of the day and insisted that banks have strict cash management protocols.

BAP issued the statement two days after the Bangko Sentral ng Pilipinas urged the public to regularly inspect their banknotes for authenticity even if these are dispensed by a bank’s ATM.

“ Banks have always maintained qualified personnel trained and equipped to identify counterfeit banknotes to prevent these fake banknotes from entering the banking system,” the BAP said.

The BAP, however, said that if someone suspects they are holding a fake banknote, the person is encouraged to immediately report it to the authorities for immediate resolution.

The BSP urged people to immediately report a fake banknote dispensed from an ATM to the bank that owns the machine so the bank can immediately conduct an investigation.

Under BSP rules, a person or entity that takes hold of a fake note or coin must issue a temporary receipt to the owner. The receipt must indicate the owner’s name, address, and community tax certificate or the number of a Philippine government issued ID, the date of the receipt, the denomination, and the serial number.

The owner of the fake money must be required to countersign the receipt and should they refuse, the bank should just indicate it in the receipt and have it delivered to the currency Issue and Integrity Office of the BSP.

 

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