ATM Card- ATM card has become an important part of everyone’s life. Be it withdrawing money, making payments or online transactions. It is needed almost everywhere. But many times the card gets blocked or even after it expires, people do not get a new one made.
Many people think that cash can be withdrawn through UPI. Then what is the need to get an ATM card made immediately. But due to the card being blocked, there is not only a problem in withdrawing money from the ATM. Rather, due to this, your other work can also be stopped. If you have set auto-debit from your card. Like EMI, credit card bill or loan installment, then these payments will not be completed if the card is blocked.
The bank will not be able to deduct money from your account. And when the payment is not made on time. Then penalty and late fees will be charged. This sequence does not stop only with late fees. Rather, repeated auto-debit failures also spoil your banking history. Banks or lenders consider this as irresponsibility. That is, your record can become negative due to your slightest negligence.
This has a direct impact on your CIBIL score. Once the score goes down, it becomes difficult to get approval for a new loan or credit card. This means that you may have to face financial problems in the future just because your card is blocked. If the card is blocked, first of all contact the bank immediately. The process of getting a new card is easy and most banks also take online requests. Until you get a new card, try to keep making payments manually on time. So that you do not incur a penalty.
Overall, taking the ATM card lightly can prove to be costly. It is not just a means to withdraw cash. Rather, blocking the card can lead to other problems as well. This will not only lead to loss of money but can also lower your CIBIL score.