Facts about failed ATM transactions - Fusion - WeRIndia

Things to know about failed ATM transactions

Things to know about failed ATM transactions

Failed ATM transactions are quite common for many customers nowadays.

Many of you might have confronted a situation wherein the message says that cash has been withdrawn from your account while you did not receive the cash from the machine.

There are mainly two reasons for this. The first one is the technical issue and the second one is the incidence of fraud as several frauds have been reported due to ATM skimming instances.

Here are certain things to know about failed ATM transactions:

  • Visit the nearest branch of the bank from which the account had been debited wrongly. You can also contact the helpline number and report the incident immediately.
  • As per the guidelines of the RBI, banks are given a significant time. They should resolve such issues with reimbursement of debited or lost money in seven working days from the date of submission of the complaint.
  • If banks do not reimburse within the stipulated time, then they have to pay compensation to their customers who lost their money.
  • In other words, if the banks do not resolve the issue within seven working days, then they have to compensate ₹100 for each day of delay.
  • However, the compensation is allowed only when the complaint is lodged with the bank within 30 days from the date of the transaction.
  • The claim settlement is easy if the ATM card and the ATM kiosk are related to the same bank.
  • If they are different, then the compensation should be borne by both the banks as per the RBI rules.
  • If the complaint is not addressed within the prescribed time, then the customer can bring this matter to the notice of Banking Ombudsman.
  • Though the card issuing bank is primarily responsible to redress the grievance of the customers, the sponsor bank will have to provide the necessary support.

Image by Peggy und Marco Lachmann-Anke from Pixabay (Free for commercial use)

Image Reference: https://pixabay.com/photos/atm-brexit-cash-withdraw-cash-1524868/

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