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Things to do on a Failed ATM transaction

IamCheated.com Research Team | April 24, 2019  5:43:pm

Things to do on a Failed ATM transaction

The use of ATM's to withdraw cash is going up each day. Today, almost everyone prefers to withdraw cash from ATMs, as this eliminates the hassles of standing in long queues to withdraw cash at banks. Withdrawing cash from ATMs is very easy and comfortable and you can withdraw cash from any of the ATM's near you.

While withdrawing cash from ATMs have various advantages, sometimes, there may be situations where you face issues. One of the common issues faced while withdrawing cash from ATMs is a failed ATM transaction. Many people face this situation where the amount gets debited from their bank account, but the ATM does not dispense cash.

This normally happens due to technical issues or maybe even a fraud. You must be aware that these days, ATM frauds are on the rise. There are many incidents where people have lost lakhs of rupees to ATM frauds.

See Also: ATM Transaction Failed? You Can Claim Rs 100 Per Day

Things to do on a Failed ATM transaction

Inform the bank immediately

In case ATM transactions fail, but your account gets debited, you must call the customer care of your bank and immediately report the issue. You can find the customer care number of the bank at the official website or on the back of your debit card.

You must provide all necessary details to the customer care executive, while reporting the issue. The customer care executive will raise a ticket and investigate the matter. If the error is on the banks side, the amount will be credited within 7 working days.

Compensation to be paid by the bank in case of delay in reimbursement

If the customer has posted a complaint regarding a failed ATM transaction, the bank must resolve the complaint within 7 days of receiving it. The amount must be credited back to the customer’s bank account within 7 days. The customer is entitled to receive a compensation of Rs 100 a day, in case the bank fails to credit the customer's account within 7 days of receiving the complaint.

Things to keep in mind while filing a complaint

As per rules, compensation can be paid by the bank only if the complaint has been filed within 30 days from the date of the transaction. So, in case you face a failed ATM transaction, you must file a complaint as soon as possible.

This 30-day period is applicable only if you are planning to claim the compensation of Rs 100 per day for the delay. Otherwise, you can file a complaint for a failed ATM transaction, even after 30 days.

See Also: Top 6 ATM Safety Tips

Contact the Banking Ombudsman

If the bank does not respond to your complaint or if the issue is not resolved within 30 days, you can approach the banking ombudsman. The Banking Ombudsman has been set up to resolve issues related to banks. While approaching the Banking Ombudsman, you must have proof that you have already contacted the bank.

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