ATM Transaction Failed But Amount Debited- What to do in Such Case?

Using an ATM, as convenient as it is, can be challenging at times. Due to technical reasons, your transaction may be declined. But what if the ATM transaction fails and you receive an SMS stating that the funds were deducted from your account? Here is what you can do if your ATM transaction fails and the amount gets debited.

Factors responsible for failed transactions

1. The ATM could be broken. Banks typically check their machines at regular intervals as part of standard procedure. All complaints received due to technical issues are quickly resolved. So your money should be automatically credited to your account, and the bank will notify you of this.
2. The ATM may run out of cash, in which case a message will appear on its screen. If this is the case, any deductions are reversed almost instantly. The RBI, on the other hand, has taken note of the increasing number of ATM cash-outs.
3. Before inserting your card, double-check the slot. There have been reports of a skimmer being inserted into the slot and reading all of your data from the magnetic strip. The stolen data can be used to 'clone' your card and withdraw funds from your account.

What to do if an ATM transaction fails?

Your natural instinct is to get your money back as soon as possible. Your transaction slip will be important evidence and should be kept. Here is what to do if an ATM transaction fails.

• The first step should be to call the bank's 24-hour customer service line. After noting your issue and recording your transaction reference number, the executive will register your complaint and issue you a complaint tracking number. Any deductions must be credited to the customer's account within seven working days of filing the complaint. Otherwise, the bank will be charged Rs 100 per day of late payment.
• If the first step does not work, you should go to the nearest branch and file a complaint with the helpdesk. You will be given a complaint tracking number once more. You should also keep the executive's contact information on file for easy follow-up.
• If your complaint is still unresolved, contact the manager of the branch where you keep your account. Contacting a senior person expedites the resolution of complaints. You can also go to the bank's website and file a complaint with the grievance cell, which typically handles high-priority complaints.
• If none of these options resolves your complaint, you should contact the RBI or the banking ombudsman. Such complaints can be made in writing, either by mail or online. However, you must wait 30 days from the date of complaint registration before proceeding with this step.
• The NCDRC, established under the Consumer Protection Act of 1986, is a quasi-judicial body tasked with resolving customer complaints. It has a proven track record and will act on your behalf.
• This is only necessary in a few cases. If nothing happens in your case for a month or so, you can hire legal counsel to represent you. Customers benefit from the banking industry's intense competition because banks are now more proactive than ever before in resolving complaints. It may take some time and effort.