In today’s digital age, the ATM card has become a very important part of our lives. From withdrawing money to making online payments, it is useful everywhere. But many times, the card gets blocked, or even after expiry, people do not get a new card. Many people think that work is being done with UPI, so what is the need for a card? But this thinking can put you in trouble.
Important work can be stopped due to a blocked card
If your ATM card is blocked or has expired, then not only will there be a problem in withdrawing money from the ATM, but many of your other important tasks can also be stopped. If you have activated the facility of auto-debit from your card, such as EMI, credit card bill, or loan installment, then these payments will not be made on time. When the payment is not made, the bank will not be able to deduct money from your account.
Penalty and impact on CIBIL score
When your payment is not made on time, the bank charges a penalty and late fees on you. Repeated auto-debit failures spoil your banking history. Banks and lending institutions consider this to be your negligence. Due to this, your record becomes negative, which directly affects your CIBIL score. Once your CIBIL score falls, you will find it very difficult to get a new loan or credit card in the future.
What to do immediately
If your ATM card is blocked, contact your bank immediately. The process of getting a new card is easy, and most banks also take online requests. Until you get a new card, keep making all your auto-debit payments manually on time, so that you can avoid penalties and late fees. It is wrong to consider an ATM card as just a means of withdrawing money, because its blocking can cause you to lose money, as well as have a bad effect on your CIBIL score.