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Lost money: What if the money is debited from the account and not received from the ATM?



What if, you come across an issue where your cash is stuck in ATM, the money is debited from your account and not received from the ATM?

cash stuck in ATM, didnt receive money Image credit: zeebiz

What if the money is debited from the account and not received from the ATM?

ATM transactions save a lot of our time from the hustle and bustle of banks. As well as to facilitate cash transactions. What if, you come across an issue where your cash is stuck in ATM, you lost money or your money is debited from the account and not received from the ATM?

In case of ATM failure or other ATM transaction failure, the bank will credit the amount in your account within a specified time. However, if the ATM transaction fails and your bank does not repay the money debited from the account within the stipulated time, you will be compensated.

If you lose money, you should immediately lodge a complaint with the bank that issued the card or the bank that owns the ATM. The bank should credit the lost money from the customer's account within 5 working days from the date of the ATM transaction.

The RBI has directed the card issuing bank to pay Rs 100 per day for any delay in re-crediting the customer's money beyond 5 working days from the date of failure of the ATM transaction.

In case of non-receipt of reply from the bank within 30 days from the date of loss of money, the customer can seek the assistance of the Banking Ombudsman on the same complaint.





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