There are occasions when our ATM transaction fails and we are unsure how to handle this situation. The reason for such failure can be the faulty machine or insufficient cash in the machine. However, the amount debited from your account is supposed to be credited back to your account within a specified time.
In case you do not receive the debited amount back in your account within the specified time, the bank has to compensate you for the lost money. Reserve Bank of India has been performing a public awareness campaign regarding the same through its Twitter handle. In addition, the regulator has provided answers for many related questions on its ‘Frequently Asked Questions’ page.
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Here is a list of six things you need to remember when you encounter ATM transaction failure:
- Upon transaction failure, the bank is supposed to return the amount on their own.
- RBI has mandated that the bank should re-credit the amount debited from the account within five calendar days from the date of the failed transaction.
- If the debited amount is not re-credited within the stipulated time, RBI advises lodging a complaint either with the card-issuing bank or with the ATM owned bank at the earliest
- The card issuing bank must pay compensation of Rs.100 per day in the case of delay in re-crediting the customer’s amount beyond the stipulated time.
- You can approach your bank and discuss the matter with the relevant authorities.
- If the response you receive from the bank is not satisfactory, then you can raise the issue to the Banking Ombudsman. You can raise the issue even if you do not receive any response from the bank within 30 days.
For any clarifications/feedback on the topic, please contact the writer at apoorva.n@cleartax.in
