ATM Cash Withdraw Update: Withdrawing cash from ATMs has become a daily necessity. However, sometimes it happens that money is debited from the account, but no cash is dispensed from the machine. In such situations, people panic and don’t know what to do next. If this has happened to you, there’s no need to worry, as the rules are entirely in the customer’s favor.
What to do as soon as money is debited from your account
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As soon as you realize that money has been debited from your account but you haven’t received the cash from the ATM, the first step should be to inform your bank. If the bank branch is open, you can go there immediately and file a complaint. If the branch is closed, you can also call the bank’s customer care number and provide details of the transaction. A timely complaint leads to a quicker resolution.
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RBI Rules on ATM Transactions
The Reserve Bank of India (RBI) has established clear guidelines for handling failed ATM transactions. According to these rules, if no cash is dispensed from the ATM but the account is debited, the bank is obligated to return the amount to the customer. This rule applies even if you used another bank’s ATM. In other words, the bank cannot make any excuses.
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What to keep in mind when filing a complaint
Having the ATM transaction slip is helpful when filing a complaint with the bank. If you don’t have the slip, you can still file a complaint using your bank statement or transaction ID. Based on this information, the bank investigates the transaction and determines why the cash was not dispensed.
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How long does it take for the money to be credited back to the account?
After a complaint about a failed ATM transaction is registered, the bank has to take action within a stipulated time. In many cases, the amount is automatically credited back to the account within 24 hours. If this doesn’t happen, the bank is required to return the money within a maximum of one week or provide a valid reason for the transaction failure.
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What to do if you don’t receive a refund on time
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If the money is not credited back to your account even after 24 hours, the customer should file a written complaint at the bank branch. Even after this, if the bank does not return the amount within a week, according to RBI rules, the bank is liable to pay the customer a compensation of ₹100 for each day of delay.
Why patience and correct information are important
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In such problems related to ATMs, the most important thing is to be patient and follow the correct procedure. The rules are made in the best interest of the customers, so instead of panicking, it is better to file a complaint correctly. This not only keeps your money safe but also increases the chances of getting it back on time.