'Forget to collect cash from ATM'; know what happens to your money

New Delhi: India is moving towards a cashless society but the transition will take some time. Cash still has a significant value in our society. Withdrawing money from the ATM is our daily routine. There are things that often go wrong in this process. We leave the card inside the machine or the transaction gets cancelled because of some issue. Have you ever wondered what happens if you get the cash from the machine but leave it there? This article will guide you on what happens if the cash is left at the ATM.

Amount deducted from the bank but money not collected from ATM

This incident might have happened at least once with all of us. We go to the ATM, feed details and wait for the money. We get an SMS that the amount is debited from your account but we do not get cash from the machine. This is an embarrassing moment but you don't have to get panic in this situation. The money will be credited to your account within the next 24 to 48 hours. In any case, if the money does not reflect in your account, you need to lodge a complaint with your bank and provide them with the transaction ID and the bank will make sure that your money gets back to you in a short time. 

You forget to collect money from the ATM

The new ATMs are designed in such a manner that you do not get the card back until you collect the money. But there are still older ATMs in operation which makes use of the swipe mechanism and in such a case, this might happen. If you swipe the card, enter details and forget to collect the money, in this case, the bank is not responsible for the money transacted and it is counted as a valid transaction. The only way to track this down is by getting access to the CCTV footage of that time. In any manner, you will not get your money back. The ATM machine never takes the money back once it comes out of it. 

There are very slim chances that you will get your money back. But we still advise you to lodge a complaint with the bank and provide them with the transaction number and time, date. Thus, always make sure that you have collected the cash from ATM. Always be twice sure before leaving the ATM space.