ATM – Often money is deducted from the account when the transaction fails. If this has happened to you too then there is no need to worry. If money is being deducted from your bank account even after your transaction fails, then complain about it to that bank…you will get money at the rate of Rs 100 per day.
It often happens with people that cash is not withdrawn from the ATM and money is deducted from the account. Sometimes the transaction fails due to network or some other reason. Often when a transaction fails, money is deducted from the account. If this has happened to you too then there is no need to worry.
If money is being deducted from your account even after your transaction fails, then complain about it to the bank of which you are a customer. You can complain about this by calling the customer care of the bank.
Many times money gets stuck in ATM also. If your money is stuck in ATM then banks refund this money within 12 to 15 days.
Provision for compensation –
In case the bank does not return the amount debited from your account within the stipulated time, there is a provision for compensation. According to RBI rules, the bank has to resolve the complaint within 5 days. If the bank does not resolve the issue within this period, then compensation of Rs 100 per day has to be paid. If you are still not satisfied, you can lodge a complaint on https://cms.rbi.org.in.
The amount of compensation is fixed –
These rules of RBI also apply to all authorized payment systems like card to card fund transfer, PoS transactions, IMPS transactions, UPI transactions, cardless e-commerce and mobile app transactions. The amount of compensation is fixed, while in many cases the settlement period from the bank is also short. Be it card to card transfer or IMPS, in these cases the complaint has to be resolved by the next day.
Keep these things in mind –
It should be kept in mind that whenever the transaction is not completed in the ATM, then in that case you should immediately check the withdrawal notification. Besides, information about bank account balance should also be obtained immediately to ensure that money has not been deducted from the account.
If the money is deducted then you can wait for five days, if the deducted amount is still not coming then in such a situation you can contact the bank complaining about transaction failure.
