Failed ATM transaction: Amount deducted? Know about recredit, lodging complaint, compensation and other details
Every bank account holder must have used ATM in order to withdraw cash. However, there are instances when your account gets debited but you do not get the amount from the machine. Here is what you need to do in such situation.
What is ATM?
Automated Teller Machine or ATM is a computerised machine which is used by bank account holders to withdraw cash and to carry out other financial and non-financial transactions without the need to visit the bank branch. (Image source: PTI)
RBI on if accounts get debited but you do not receive cash
As per the information provided by the Reserve Bank of India (RBI) if your account gets debited but you do not get the amount from the ATM then the banks are supposed to reverse such transactions on their own. (Image source: PTI)
Lodge a complaint
It is always a good practice to lodge a complaint with the card issuing bank or ATM owner bank at the earliest if your account gets debited and you do not receive the amount. Banks/WLA opperators display the name(s) and the contact number(s) of concerned officer(s) / toll free number(s) / help desk number(s) in the ATM premises itself. Therefore in order to lodge a complain you will have to look for the number in the ATM premises. (Image source: PTI)
Banks mandated to re-credit the customer’s account within 5 calendar days
The banks have been mandated to re-credit the customer’s account within 5 calendar days from the date of the failed transaction. If the bank fails to do, then the customer becomes eligible for compensation for delays beyond days of a failed transaction. (Image source: IANS)
Compensation paid
The card issuing bank will have to pay a compensation of Rs 100 per day for delay in re-crediting the customer’s amount. The compensation has to be credited to the account of the customer without any claim being made by the customer.