ATM withdrawal didn`t dispense cash but money debited from A/c? Know what to do

Has it ever occurred to you that you went to make an ATM transaction but the machine didn`t dispense cash and infact debited money from your account? Know what to do in such cases.

Zee Media Bureau/Reema Sharma

New Delhi: Has it ever occurred to you that you went to make an ATM transaction but the machine didn't dispense cash and infact debited money from your account?

While this is an odd case, but if it happens to you, these steps should be immediately followed (these are as per RBI guidelines):

1. The customer should lodge a complaint with the card issuing bank at the earliest. This process is applicable even if the transaction was carried out at another bank’s/non-bank’s ATM.

2. In case of WLAs, the contact number/toll free numbers are also available for lodging complaints regarding failed transactions at their ATMs.

3. ATMs set up, owned and operated by non-banks are called White Label ATMs.

4. As per the RBI instructions, banks have been mandated to resolve customer complaints by re-crediting the customer’s account within 7 working days from the date of complaint.

5. Effective from July 1, 2011, banks have to pay compensation of Rs 100 per day for delays in re-crediting the amount beyond 7 working days from the date of receipt of complaint for failed ATM transactions.

6. The compensation has to be credited to the account of the customer without any claim being made by the customer. If the complaint is not lodged within 30 days of transaction, the customer is not entitled for any compensation for delay in resolving his / her complaint.

7. The customer can take recourse to the Banking Ombudsman, if the grievance is not redressed by his/her card issuing bank.

8. All bank ATMs have CCTV camera installed inside the room. So it is easy to collect the footage and find out if there was a transaction at all or not.