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

Sometimes, ATMs don't dispense cash, but you get a debit SMS. This guide explains why this happens and how to get your money back.

ATM Issues

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

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.

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.

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.

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.