Also found in: Dictionary, Wikipedia.
A situation in which money is taken from a person's account via an ATM but the bank does not admit bank error and the account holder claims he/she never made the withdrawal. It is a type of identity theft but it may be difficult to determine whether the account holder or the bank is responsible for the loss. Phantom withdrawals are relatively rare.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved