ATM withdrawal failed? Here's how to get your money back
First Published | Nov 5, 2024, 3:40 PM ISTSometimes, ATMs don't dispense cash, but you get a debit SMS. This guide explains why this happens and 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.
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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.
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