What To Do When ATM Does Not Dispense Cash, But, Account Is Debited?

Everyone must be aware of the ATMs even though if you haven't visited the ATM premises. In the time of UPI, ATM sounds an old days machine, but it's not. Cash still holds a key position in our financial activities such as buying groceries, paying bills, gas, or paying medical needs. To withdraw cash from ATM all you need is a Debit or Credit Card. Nowadays, our banking system is so advanced that you can also withdraw cash without any card. To access this facility, all you need is a mobile banking app and a registered mobile number with your account.

Using an ATM could be challenging for you at times even though you are familiar with the technology and the machine. It might be possible at times that your transaction is denied owing to technical issues, or the ATM may run out of cash. In the worst-case scenario, what if the ATM rejects your transaction, but you receive an SMS stating that the money has been debited from your account. This might hurt your saving is especially concerning if the sum in question is significant.

2 factors could be responsible for the glitch, Technical or fraud

Technical: It is very much possible the ATM is faulty. However, banks keep their assets up to date, but technical malfunction could be possible even after regular checks. Usually, banks resolve the technical issue with the ATM soon after founding or receiving the complaint from the customer. In this case, the amount gets auto-credited in your account after some time or the bank notify about the transaction.

Fraud: Fraud can happen to anyone. It's always good to check, ATM 2-3 times before inserting the ATM card and PIN. Various instances have been recorded where a skimmer was inserted into the card slot, reading all of your information from the magnetic strip. Also, your card may be cloned using the same stolen information, and money can be withdrawn from your account without your notice.

In the last decade, the cases of fraud have grown rapidly. However, banks take precautions and keep their assets checked and also banks make sure that the customers are aware of these frauds. Banks run a campaign to inform the ways how customers can avoid such bank fraud and keep their hard-earned money safe.

It doesn't matter what is the scenario, your money should be your priority and you should be aware of the ways you can get your money in case of a technical glitch.

Here are some ways by which you could claim your money

Contact Customer Care

Your first step should be to call on the customer care number provided by the respective bank within 24 hours of the incident. The executive will register your complaint and issue you a complaint tracking number after taking note of your issue and documenting your transaction reference number. Now, the matter will be looked at and investigated by the authority. As per the Reserve Bank of India (RBI) rules, any amount deducted from the account must be credited to the customer's account within seven working days of the complaint being filed. Otherwise, the bank is entitled to Rs 100 for each day of late payment.

visit your Respective Bank

In case the customer care number doesn't work or you are unable to file a complaint through that channel, immediately, visit the nearest branch and file a complaint at the bank's helpdesk or concerned authority. A complaint tracking number will be provided to you once more. You should also make a note of the executive's phone number in case you need to follow up.

Speak To Manager

If your issue is still not fixed or resolved, talk to the manager of the branch where you have your account. This will allow you to resolve the issue easily. It is easier to resolve problems by contacting a senior individual. You can also visit the bank's official website and file a complaint with the bank's grievance cell, which handles high-priority concerns.

Contact Ombudsman

If none of the above-mentioned solutions, fixes your issue, you should contact the RBI or the banking ombudsman. Such grievances can be filed in writing, either by letter or online. However, you have to wait at least 30 days from the date of the filing complaint to take this action.

All these above mentioned solutions could help you to get your money back. You are advised to take precautions before withdrawing money from the ATM.