Have you ever experienced the frustration of having money deducted from your bank account but not received from the ATM? It’s a common problem that can leave you feeling helpless and anxious about your finances. However, there are steps you can take to resolve the issue and ensure that your funds are returned to you promptly.
Here are the 10 most important steps you should follow:
- If any money was deducted for failed ATM transactions it would automatically be reversed with T+5 days, where T is the transaction date.
- According to RBI rules, if an ATM cash withdrawal transaction has failed although the bank account was debited, banks have to automatically reverse the deducted money within T+5 days maximum.
- However, a bank will have to pay compensation if they do not auto-reverse the money for a failed transaction within T+5 days. The compensation of Rs 100 per day is payable for default in auto- reversal of money debited.
- An individual must inform the bank about money wrongly deducted from the account to avoid any issues in the future.
- One of the first things that an individual should do is note down the ATM machine number and safely keep the ATM transaction slip.
- After that, an individual should contact their own bank’s customer care and tell them details about the incident.
- The incident must be reported to the bank branch as soon as possible.
- An individual can also file a complaint by visiting their own bank’s branch (home or non-home).
- There is a three-tier authority where the individual can approach to get the money back if the bank does not acknowledge wrong debit.
- Multiple ledgers record an ATM transaction and it is only considered successful when the transaction has the same status in all the ledgers.