A ‘failed ATM transaction’ is a transaction that couldn’t be completed due to unfavorable conditions like time-out errors, server issues, lack of cash in an ATM, etc. In any of such cases, there is high chance that money will be deducted from your account even when the ATM didn’t even dispense any cash. This blog tells you how to deal with such ATM transaction failures and get your deducted money back without having to visit your branch every then and now.
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1. Do not panic and inform your bank
Your ATM transaction has failed and it is a matter of concern. However, to deal with such situations it’s important to be in a state where you can act wisely. Hence, the very first thing you need to do is calm your mind.
Once you are in a stable state, contact your bank’s customer care number and brief them about the case. You’ll be asked to validate some information like repeating your account details, confirming your identity, transaction reference number, etc – all this needs to be done patiently. Once all the details have been shared, the bank will register the issue as a complaint to further act on. A reference number of the complaint will be shared with you for future reference.
2. The bank investigates your issue
By informing your bank about your failed ATM transaction, you’ve done your job. Now, it’s your bank’s turn to act and do its part. By now, the customer care executive you spoke with, had escalated the issue to the technical team – who will investigate your matter on priority. You will be notified about any update or progress made on the issue through SMS/Email.
How many days will it take?
Though issues like wrong bank transactions, failed atm transactions, and money lost between bank transfers are seen as the topmost priority by banks – but there’s still a timeline to which every bank has to adhere to. As per the Reserve Bank of India, any amount deducted incorrectly from a customer’s account must be rolled back within 5 working days of the complaint filing. Check out RBI’s official notification addressing failed ATM transaction issues. This is another reason to stay optimistic about your deducted money, as long as it’s with the bank.
3. 5 days have gone and still didn’t receive the money
In most cases, the banks are able to credit the deducted amount within the time frame given by the RBI, however, in rare cases, banks might fail to meet the timeline resulting in a delay in crediting the deducted amount.
In such cases, the bank is supposed to pay Rs. 100 per day till the money is not credited to the customer’s account. This means, if you haven’t received a refund on the 5th day of the complainant filing, stay assured. The bank is working on it and now you’ll get an additional Rs. 100/- for each day passed so far.
4. Should you visit the home branch
If everything is working as per the process, visiting the branch won’t make any difference. However, in case of unnecessary delays, unsatisfactory response from customer care executives on call, or not getting regular updates about the issue – you may visit your home branch and talk to the bank manager to further escalate the issue.
While visiting the branch, make sure to reach out to the concerned authority with all the details – complaint number, transaction reference number, identity proof, etc – both hard and soft copies. Assuming that they must be knowing about your issue or will get the details on their own – might not work in your favor. So, visit with all the documents and discuss without getting hyper or impolite.
5. The last option – time to raise the issue with the Banking Ombudsman
In case you do not receive any satisfactory response from the bank within 30 days of filing the complaint, raise the issue to the banking ombudsman. The banking ombudsman is a regulatory authority which is created by the Reserve Bank of India to look after banking-related complaints from the general public.
To file your complaint online, visit the official complaint management portal of RBI. Use the below link to jump to the complaint management page directly:
https://cms.rbi.org.in/cms/indexpage.html#eng
You may also refer to a how-to video from RBI to understand the basics of complaint filing before filing up the form.
How to Lodge a Complaint on RBI CMS Portal – Watch Video
Download the RBI CMS Complaint Form
If you’re not comfortable with the online form-filling method, download the complaint form as available on the CMS portal and fill it offline at your convenience. Fill the form with complete information including details of the bank against which you are lodging the complaint. Attach relevant documents as evidence to support your complaint. Once done, send the form to any one of the 15 Banking Ombudsman addresses that fall under your jurisdiction.