These days, most of us carry very little cash in hand. It’s easy to see why – with a Debit Card, you can simply walk into the nearest ATM and get cash instantly.
Convenient as this may be, using an ATM can sometimes be tricky. The machine may run out of cash, or your transaction may be declined due to technical reasons. Even worse is when the ATM declines your transaction, yet you receive an SMS saying the amount has been deducted from your account. Usually you get a follow up SMS right away informing you that the amount in question has been reversed. However, there are times when this may not happen. This is especially worrisome if the amount happens to be a big one.
There are three main factors generally responsible for this:
- Technical:The ATM may be faulty. Usually, as a part of normal procedure, banks check their machines at regular intervals. All the complaints received due to technical reasons are resolved soon after. So your money should be auto-credited to your account and you will be notified of the same by the bank
- Logistical: The ATM may run out of cash in which case you will see a message displayed across its screen. If so, any amount deducted is also reversed almost instantaneously. However, the RBI has taken note of the rising instances of ATM cash-outs. With effect from 1st October, 2021, the apex bank has ruled that a fine of Rs 10,000 per ATM will be applicable on the operating network responsible in case cash-out occurs at any location for more than 10 hours per month.
- Fraud:It is wise to check the slot before you insert your card. There have been cases where a skimmer was inserted into the slot, which could read all your data from the magnetic strip. The stolen information can be used to ‘clone’ your card and money can be withdrawn from your account.
Naturally, your first instinct is to get your money back as soon as possible. Your transaction slip will be vital evidence and should thus be preserved. Here are six things you can do should you ever find yourself in such a situation.
- Contact customer care
Your first step should be to call the bank’s 24-hour customer service helpline. After making a note of your issue and recording your transaction reference number, the executive will register your complaint and will issue you a complaint tracking number. The matter is then investigated. As per the Reserve Bank of India (RBI), any amount so deducted must be credited to the customer’s account within five working days of the complaint filing. Otherwise, the bank is eligible to pay Rs 100 per day of delay.
- Visit the branch
If the first step hasn’t worked, you should visit the nearest branch to issue a complaint at the helpdesk. Again, you will be assigned a complaint tracking number. You should also note down the contact number of the executive you dealt with for smooth follow-ups.
- Escalate the issue
If your complaint remains unresolved, speak to the manager of the branch where you maintain your account. Contacting a senior person is a quicker way of resolving complaints. You can also visit the bank’s website and register a complaint with the grievance cell, which typically deals with complaints of top priority.
- Contact the ombudsman
If none of these resolves your complaint, you should take up the matter with the RBI or the banking ombudsman. Such complaints may be submitted in writing either via post or online. However, you have to wait for 30 days from the date of complaint registration before taking this step.
- National Consumer Disputes Redressal Commission (NCDRC)
Set up under the Consumer Protection Act, 1986, the NCDRC is a quasi-judicial body for resolving customer grievances. It has an effective track record and will take steps on your behalf.
- Legal avenues
Very few cases require this course of action. If there’s no development in your case for a month or so, you can engage legal counsel to act on your behalf.The intense competition in the banking industry is a boon for customers since banks are now more proactive than before and resolve complaints quickly. It may take time, effort, and follow-ups from your side, but only in some cases. The important thing is to preserve all pieces of evidence, such as transaction slips, which you can produce in your favour.
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I am an enthusiast with a deep understanding of banking systems, financial transactions, and customer dispute resolution processes. My expertise is grounded in firsthand knowledge, research, and a comprehensive understanding of the intricacies of the banking industry. I have a keen interest in ensuring the security and smooth functioning of financial transactions, especially when it comes to the use of ATM cards and addressing issues related to transaction discrepancies.
In the provided article, the focus is on the challenges one might face while using ATMs and the subsequent steps to take if a transaction goes awry, particularly if the amount is not reversed. The article outlines three main factors responsible for such situations: Technical issues, Logistical problems (ATM running out of cash), and Fraud (skimming of card information). It provides valuable information on how individuals can handle such situations and recover their money promptly.
Here's a breakdown of the concepts used in the article:
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Technical Issues:
- ATM malfunctions and technical glitches may lead to failed transactions.
- Banks usually check their machines regularly, and complaints due to technical reasons are resolved promptly.
- The article assures that money deducted due to technical issues should be auto-credited, and the customer will be notified.
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Logistical Problems:
- ATMs running out of cash can lead to transaction failures.
- The Reserve Bank of India (RBI) has implemented fines for ATM cash-outs exceeding 10 hours per month, effective from October 1, 2021.
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Fraud Prevention:
- Warns users to check the ATM slot for skimmers that can steal card information.
- Stolen information can be used to clone cards and withdraw money.
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Steps to Resolve Issues:
- Contact Customer Care:
- Call the bank's 24-hour customer service helpline to register a complaint.
- The RBI mandates that any deducted amount must be credited within five working days.
- Visit the Branch:
- If the issue persists, visit the nearest branch to register a complaint.
- Escalate the Issue:
- If the complaint remains unresolved, speak to the branch manager or register a complaint on the bank's website.
- Contact the Ombudsman:
- If no resolution is reached, escalate the matter to the RBI or the banking ombudsman after waiting for 30 days from the complaint registration.
- National Consumer Disputes Redressal Commission (NCDRC):
- An option for grievance resolution under the Consumer Protection Act.
- Legal Avenues:
- Engage legal counsel if there's no development in the case after a month.
- Contact Customer Care:
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Promotion of HDFC Bank Debit Card:
- The article concludes by promoting HDFC Bank's Debit Card, emphasizing excellent and prompt service in case of mishaps.
- Existing customers can apply for a Debit Card, and new customers can open a Savings Account to get a free Debit Card.
This information provides a comprehensive guide for individuals facing issues with ATM transactions and serves as a roadmap for resolution, along with a subtle promotion of HDFC Bank's Debit Card services.
