Have you ever encountered an issue where you tried withdrawing money from an ATM, but the cash didn’t dispense, even though the amount was debited from your account? Such incidents can be alarming and it’s crucial to know the right steps to resolve them promptly.
Immediate Actions to Take
Document the Transaction: First and foremost, jot down the ATM machine number, usually found on its front. Keep any transaction slips you may have received as evidence.
Report the Issue: Contact your bank’s customer care immediately and provide a detailed account of what transpired. Additionally, you can visit your bank’s branch to lodge a complaint in person.
Regulations to Know
According to the Reserve Bank of India (RBI), if money is debited from your account despite a failed ATM transaction, the concerned bank is obligated to refund the debited amount within five days from the date of the transaction. Banks failing to comply may need to compensate the account holder. In fact, for every day of delay beyond the stipulated five days, banks are liable to pay a compensation of ₹100 per day. This compensation is calculated from the date of the ATM transaction until the day the debited amount is recredited to the account holder.
When Banks Aren’t Co-operative
In instances where the bank refuses to acknowledge that you didn’t receive the cash, there’s a three-tier authority system you can turn to:
Internal Ombudsman of the Bank: Initially, escalate the matter to the bank’s internal ombudsman. Every bank has a dedicated officer for this purpose, known as the nodal officer. They handle customer grievances against the bank.
RBI Ombudsman System: If you’re unsatisfied with the bank’s internal ombudsman’s resolution, you can approach the RBI’s ombudsman system. The RBI maintains a dedicated website for lodging such complaints and has appointed ombudsman officers with whom customers can directly interact and share their grievances.
Consumer Court: As a last resort, if you’re still unsatisfied with the RBI’s response, you can knock on the doors of the consumer court. However, ensure you have ample evidence to prove your case, substantiating that money was debited from your account but not received.
By being aware of these procedures, bank customers can navigate ATM discrepancies with confidence and ensure their rightful money is returned. Remember, swift action and maintaining transaction proofs are essential components to successfully resolve such matters.