As a fan of crime-dramas, I've wondered for years why banks haven't created a way to let customers set a panic ATM PIN. It would be similar to an alarm company's panic password which tells them that you are in trouble without alerting the criminal.
For example, if someone withdraws money from your account using your panic PIN, the ATM would dispense the amount requested along with a receipt showing the new balance is zero. The ATM would then automatically notify local police and bank management, and make the ATM video available to the police.
What do you think of this idea? Any idea why no bank seems to have made this an option?
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The folklore was that entering your PIN backwards at an ATM would alert the police.
A variation of this "duress PIN code" was patented in 1997, but never implemented. I recall reading that banks were concerned that under duress, customers would not remember their alternate PIN, possibly panic, worsening a dangerous situation.
Thank you for the Wikipedia link @Gunnerboy I had not seen that info before. It is interesting that this concept has been floating around for almost 4 decades and federal and state legislatures have been tripping over themselves going back and forth on whether to implement it. I'm guessing that more than a few lives might have been saved in that time. Regarding the possibility that customers may not remember their duress PIN code, that is already a risk with their real PIN under such stressful conditions. I appreciate the info, so thanks.
Great question. It makes sense to implement something rather than nothing.
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@privacyadvocate69 wrote:I solve this issue by not carrying an ATM card with me.
So how do you solve the issue when a mugger demands you go to an ATM and take a cash advance on your credit cards?
@privacyadvocate69 wrote:
@Horseshoez wrote:
@privacyadvocate69 wrote:I solve this issue by not carrying an ATM card with me.
So how do you solve the issue when a mugger demands you go to an ATM and take a cash advance on your credit cards?
I don't. He's just going to have to shoot me.
I only carry one credit card, and I don't even know if it has a pin. If it does, I don't know what it is.
I also don't spend much mental energy worrying about events that are extraordinarily unlikely to happen. What little energy I do put on it is in the relam of "prevention" rather than remediation. I think it's better to avoid putting yourself in situations where you're likely to be mugged than worry about what happens once you are.
Aside from all of that...most ATM cards have a limit of a few hundred dollars anyway. Not the end of the world if that gets stolen.
I thought you implied you don't carry an ATM card due to the possibility of getting mugged; if so then you put at least a little thought/worry into it. 
@Horseshoez wrote:
@privacyadvocate69 wrote:
@Horseshoez wrote:
@privacyadvocate69 wrote:I solve this issue by not carrying an ATM card with me.
So how do you solve the issue when a mugger demands you go to an ATM and take a cash advance on your credit cards?
I don't. He's just going to have to shoot me.
I only carry one credit card, and I don't even know if it has a pin. If it does, I don't know what it is.
I also don't spend much mental energy worrying about events that are extraordinarily unlikely to happen. What little energy I do put on it is in the relam of "prevention" rather than remediation. I think it's better to avoid putting yourself in situations where you're likely to be mugged than worry about what happens once you are.
Aside from all of that...most ATM cards have a limit of a few hundred dollars anyway. Not the end of the world if that gets stolen.
I thought you implied you don't carry an ATM card due to the possibility of getting mugged; if so then you put at least a little thought/worry into it.
No. I don't carry an ATM card because:
1). I don't need to carry one.
2). I don't want to lose it and deal with the potential hassles involved.
LOSING my wallet is a high probability event for me. I lose stuff all the time. Sometimes I am trapped at home for hours because I can't find my **bleep** keys.