ATM withdrawal failed? Here's how to get your money back

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ATM Issues

Debit cards make cash withdrawals easy, but ATMs can malfunction or run out of cash. This article discusses common ATM problems.

ATM Issues

Technical Issues: Banks regularly check ATMs. Technical issues are usually resolved quickly, and your money is refunded.

Logistical Issues: ATMs can run out of cash. A screen message will appear, and the debited amount is usually refunded immediately. However, ATMs face penalties for cash-out times exceeding 10 hours a month.

ATM Issues

Fraud: Check the card slot for skimmers before inserting your card. Skimmers steal card data, enabling fraudulent withdrawals.

Getting Your Money Back:

1. Call Customer Care: Report the failed transaction to your bank's 24/7 customer care, providing the transaction reference number. The RBI mandates refunds within 5 days, failing which banks pay a penalty.

ATM Issues

Visit Your Bank: Visit your branch, obtain a complaint tracking number, and note down the contact details of the bank representative. Escalate to the manager if needed. You can also file a complaint on the bank's website. If unresolved, complain to the RBI or Banking Ombudsman after 30 days.

ATM Issues

National Consumer Disputes Redressal Commission (NCDRC): The NCDRC, established under the Consumer Protection Act, of 1986, addresses consumer complaints and has a good track record.

Legal Recourse: If your refund is delayed beyond a month, consult a legal advisor.