SBI account holder? You can lose money at bank ATM; Do not fail to take these 5 steps

If you visit a bank ATM to withdraw cash, you must be aware of the notice prominently displayed that asks you to collect your cash and credit card or debit card as the case may be. Safety first, it warns. So, onus is on you to ensure you do not lose your hard-earned money. However, what happens if you try to withdraw a money and you have inserted your card in the ATM as well as punched in the PIN, but then the actual money is dispensed? Much to your horror, you then find that the amount got deducted from your account? This is exactly what happened to this man, much to his pain!

An East Delhi resident had tried to withdraw Rs 40,000 from his bank account with the State Bank of India at the lender's ATM. The resident said that the ATM did not dispense the cash but the amount was actually debited from his bank account!

A K Mitra, who lives in Prashant Apartment of IP Extension, told NBT newspaper that though he has formally lodged a complaint with the SBI, he is yet to get the money back into this account even after a week.

This is not the first such instance. Many people face such a situation during their day to day visits to ATM. Sometimes, the ATM goes dead just as you punch in your PIN and leaves you feeling frustrated and fearful that you will lose your money. But the questions are why does it happen and what one should do in cases like these?

Why does it happen?

The State Bank of India allows its customers to withdraw up to a daily limit of Rs 40,000. But there is a catch. Though incidents like these are not rare but there is one infamous reason behind it. If you try to withdraw Rs 40,000 in one go, it may happen that the ATM will not dispense the cash and amount may get deducted from the person's account. The jugaad to resort to is that you can actually withdraw the amount in 4 transactions of Rs 10,000 each. Of course, there is always the antique option of withdrawing the cash using a cheque.

What to do if money gets deducted? 

First of all, you should not throw the receipt you get at the time of ATM transaction. In fact, make sure you take the receipt. Call on the customer care helpline to lodge a formal complaint. Ideally, the amount should get credited back to your account automatically within a day. 

Secondly, if the amount doesn't get credited back to your account, you should rush to approach your bank branch. Thereafter, the amount should get credited to your account within three to four working days. 

Thirdly, if the same doesn't happen, you should follow the matter with the bank officials in person to get it resolved at the earliest.  

Fourthly, if the matter is not resolved within 10 days, you can approach the bank's local head office, which is bound to resolve your issue within 5 days. 

Fifthly, if this also did not work, you can approach the bank's corporate centre on the 16th day.

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It is better for customers to register their complaint in writing either with the bank branch directly or using email. A written proof of communication always makes your case strong and has a better chance of early redressal.