Like many others you might have also confronted a situation wherein after visiting an ATM for withdrawal of cash, the display message says that cash has been debited while you are left empty-handed. This can be due to primarily two reasons, first some technical snag with the automated teller machine and the second can be the incidence of fraud as increasingly there has been reported rising number of ATM skimming or cloning instances.
Customers First-Hand Take On Facing Such A Situation:
Visit the nearest bank branch from which the account has been wrongfully debited or call their help number and inform of the incidence of loss as the earliest i.e. within 24 hours of facing the situation.
Banks prescribed time limit to resolve such atm transaction failure:
In accordance with the RBI's circular on banking services, bankers are given considerable time of as much as 50 days to resolve such ATM transaction failure issues with reimbursement of debited or lost money. And if banks do not comply with the guidelines then the lenders have to compensate the cardholders with extra sum.
Compensation by banks if money is not reimbursed within 7 working days:
If after lodging of the complaint with the bank, the bank does not credits the amount bank in your account within 7 working days, then for each day of delay it is required you to pay a compensation of Rs. 100.
Point to note for customers to be entitled for the compensation:
Herein the claimant needs to make a note that the amount of compensation will be credited only on the condition if he or she files the claim with the issuing bank within 30 days of the date of transaction.
The claim settlement procedure is easy in case the card issuing bank and the ATM kiosk are of the same entity but in case when the acquiring bank or the bank from whose ATM machine we have initiated the transaction are different, RBI has suggested that the compensation will be met out by both the parties via the ATM system provider. SO in all, the customer is now left to the discretion of the ATM service provider such as Rupay, Visa or Mastercard.