Failed ATM transactions due to faulty ATM machines, power outages etc are very common. However, not everyone is aware about how to get your money back in such cases leading to avoidable monetary loss at times. Good part is that there exist policies to get your money back easily provided you know where to complain and when to complain. Continue reading to know all that you should do to get your money back in case you land up in such a situation:-
You can register a complaint on toll free numbers, customer care emails or visit the bank branch. The contact numbers and emails are generally provided on Debit/Credit cards, cheque books and Net Banking websites and Apps. Whenever you register any complaint, do not forget to take your complaint ID for future reference. Some information that would come in handy while registering a complaint is as follows :
- SMS of the transaction.
- ATM receipt. (Do keep a xerox of the receipt since the ink tends to wear out with time).
- E-statement from mobile or net banking.
- Statement from Bank branch.
Ideally, one should wait for 24-48 hrs after a failed transaction. In most cases, the amount is automatically reversed. You can still register the complaint without waiting for the said period. In case of automatic reversal of the debited amount, your complaint would also be automatically closed. In case the amount is not credited, register a complaint with any of the above means without wasting further time. As per RBI guidelines, one can register within 30 days from the date of failed transaction. After registering complaint, wait for 5 working days. The time earlier was 7 working days but since Sep 20, 2019, RBI has reduced the time to 5 working days from the day of registration of complaint. In case even after 5 days, you have not received your amount, the bank is liable to pay a fine of Rs100/- per day. This fine/compensation is supposed to be paid by the bank automatically to the customer’s account. However, in case of a failure on part of the bank to pay the customer, the customer can approach the Banking Ombudsman with the grievance.
REJECTION OF COMPLAINT
In case the Bank rejects your complaint, you can ask for the CCTV footage. Form needs to be filled for the same which is available with the bank branch (Details given in NPCI circular dated March 26, 2013). In case the matter is still not resolved, the customer can raise the issue to the next level in hierarchy as shown below starting with the Branch Manager:-
In case the Branch Manager cannot help you, contact the Grievance Redressal Cell. There are generally three levels of the grievance cell. But where will you find it? Well, as per RBI, all the details are supposed to be displayed in all the Bank Branches. In case you are unable to find it, take the help of the Branch Manager or Operations manager of the branch to get contact number/email of the Nodal Officer/Grievance cell. All details are also available on the Bank website. In case, all this process has taken more than 30 days, the customer is permitted to directly contact the Banking Ombudsman.
FEW POINTS TO KEEP IN MIND
1. ATM card is not transferrable. In case any of your relative or friend is using it, the Bank may reject your request. 2.Do not forget to take the complaint number or receipt in case complaining in the bank branch from the Branch employee. Keep this complaint number for all future correspondence in the matter. 3.You do not need to register an FIR complaint in such cases since they do not involve any fraud. 4.Do not get disappointed if it takes time to resolve the issue. RBI has instituted enough processes for redressal of grievances. The Banks too are committed to give their customers good service but at times few individuals at branch level may be unable to resolve your problems. Better escalate the matter rather than feeling disappointed.
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