Cash not dispensed from ATM but amount debited: It might happen with anyone that while carrying out a bank ATM transaction, the machine didn’t dispense cash and yet the money is debited from his/her account. The question is what to do in such a situation. Most of us will panic, but we need to take a few immediate steps rather than losing our patience. Here are a few guidelines stated by RBI which can help you get your money back.
The debit card user/ customer should first lodge a complaint with the card issuing bank at the earliest. The customer must follow the same process even if the transaction was carried out at another bank’s/non-bank’s ATM. If the day is holiday, then also card user must contact the customer care centre to loge the complaint.
According to the RBI guidelines, banks have been mandated to resolve customer complaints by re-crediting the customer’s account within 7 working days from the date of complaint.
Further, the customer should take a few precautions including; he should keep the slip of failed transaction, if slip is not available then he can give bank statement, lodge complaint with bank in writing and attach the failed transaction slip. The transaction slip is necessary as it contains information like ATM ID, location, time, and bank response code.
According to reports, if your money has not been retrieved, you should wait for 24 hours because banks generally return the amount in a day.
Unfortunately, if the case is related to another bank ATM, there is a possibility that you may have to bear the loss.
Further, the RBI guideline effective from July 1, 2011, say that banks have to pay compensation of Rs 100 per day for delays in re-crediting the amount beyond 7 working days from the date of receipt of complaint for failed ATM transactions.
If the complaint is not lodged within 30 days of transaction, the customer will not be entitled to get any compensation for delay in resolving his / her complaint.
The customer has also been facilitated to approach Banking Ombudsman if the grievance is not redressed by his/her card issuing bank.
Since all bank ATMs have CCTV camera installed inside the room, banks can easily collect the footage and find out if there was a transaction or not.
In case of WLAs (White Label ATMs), the contact number/toll free numbers are also available on which complaints can be filed regarding failed transactions at the ATMs. Notably, White Label ATMs are owned and operated by non-banks.