What to do when your ATM transaction fails?

NEW YORK - JULY 21:  A man operates an automat...

Image by Getty Images via Daylife

There are numerous complaints about failed and partly failed ATM transactions in India. The RBI had promised an expanded access to bank ATMs from April 1 this year.

Three months later, it is turning out to be a nightmare for many customers as banks still haven’t got their act together.

Just try getting cash out of an ATM of a bank (where you don’t have an account). It will be nothing short of a miracle if your transaction goes through smoothly. Often your request is turned down — for a variety of operational reasons.

What is  failed ATM transaction?

You may not get the cash — but your card swipe may have still deducted the balance in your account.

What to do now?

  1. Keep the transaction slip  safely
  2. First inform the security person employed at the ATM and register a complaint in the complaint book available at the ATM and ask the security to counter sign that complaint.
  3. Then visit your branch and ask for complaint form. Fill the details in that form and take a xerox the form and then submit the form to your bank and get the acknowledgement in the xerox copy. Follow through with an email.
  4. Regulatory norms mandates that the bank should complete its investigation within 12 working days. Otherwise they need to pay penalty.
  5. Even still your grievance is unresolved, you can approach banking ombudsman 
Reblog this post [with Zemanta]


Post a Comment

All comments are moderated. Please post no spam

Disclaimer & Privacy Policies

(c) Mrs. Ruby Christy. This site and contents are owned by Mrs. Ruby Christy;
Use of this website and/or services offered by us indicates your acceptance of our Disclaimer& Privacy Policies.

Information and opinions provided on this website (www.investchips.com) has been independently obtained from sources believed to be reliable. However, such information may include inaccuracies, errors or omissions. Investchips.com and its affiliates, information providers or content providers and R.John Christy and his Family shall have no liability to you or third parties for the accuracy, completeness, timeliness or correct sequencing of information available on this website or feeds, or for any decision made or action taken by you in reliance upon such information, or for the delay or interruption of such information. Investchips.com,its affiliates, information providers ,content providers and R. John Christy and his Family shall have no liability for investment decisions or other actions taken or made by you based on the information provided on this website. Any action you choose to take in the markets is totally your own responsibility. Investchips.com and R. John Christy and his Family will not be liable for any, direct or indirect, consequential or incidental damages or loss arising out of the use of this information. This information is neither an offer to sell nor solicitation to buy any of the securities mentioned herein. Opinions expressed by R. John Christy are his own and not of his past, present and future employers.
The DoubleClick DART cookie is used by Google in the ads served on this websites displaying AdSense for content ads. When users visit this website and either view or click on an ad, a cookie may be dropped on that end user's browser.
  • Google, as a third party vendor, uses cookies to serve ads on this site.
  • Google's use of the DART cookie enables it to serve ads to your users based on their visit to this site and other sites on the Internet.
  • Users may opt out of the use of the DART cookie by visiting the Google ad and content network privacy policy.
  • www.investchips.com never collects any personal information of visitors.