New Delhi. Nowadays, withdrawing money from ATM machine has become a part of our everyday life. But sometimes people face a troubling problem – money is not withdrawn from the ATM machine, but the amount is deducted from the account. As soon as the message “Amount Debited” comes on the mobile, the person gets nervous and thinks that now the money is stuck. But there is no need to panic. RBI has made clear rules for this and in most cases the entire money is returned automatically.
What to do if money is debited from your account
Under RBI regulations, if an ATM transaction fails but the money is debited from the account, the bank has to ensure that your amount is credited back on time. All you have to do is file the complaint immediately in the right manner and preserve some important evidence. Here we will tell you what to do first, how much time the bank has, what you can do if the bank delays, and what steps can be taken against the bank if it does not follow the rules.
Why does ATM transaction fail?
When you try to withdraw cash from an ATM machine, the process goes something like this: The bank reserves the amount from your account, the machine checks the cash, and if there is some technical glitch, the cash cannot be withdrawn. But your account has already been debited. This usually happens due to technical fault, network problem, machine jam or some other errors. Obviously no money goes missing in the banking system but your money does not come into your hands. In such a situation, many people get nervous and wonder how to get the money back. This is often the cause of complaints.
How to get money back (Step by Step Process)
Step 1: First of all, keep the evidence safe. When money is debited but cash is not received, immediately save the debit SMS/Alert sent in your phone. Also note down the location, date and time of the ATM. These evidences are very useful if you have to file further complaint or follow-up with the bank. If the machine has given any paper slip, keep it also.
Step 2: File a complaint with the bank immediately
Register a complaint through your bank’s mobile app, Netbanking portal or Customer Care within 24–48 hours. Tell the bank that your account has been debited but the cash has not been received. While filing complaint, mention SMS Alert, ATM ID, time and amount.
What will you get if the bank delays?
According to RBI rules, if an ATM transaction fails, the bank has to credit your amount back within 5 business days. If the bank does not return the amount within that timeline, you can also get a compensation of ₹100 per day till the money is credited back into the account.
RBI Guidelines and your rights
According to RBI’s ATM transaction guidelines: – If the ATM machine does not dispense cash, but debits your bank account, the money must be returned. – Even if you have used another bank’s ATM, file a complaint with your account issuing bank — they will refund your money. – If the bank does not follow the rules, you can also file a complaint with the RBI Ombudsman.
What to do if the bank does not listen?
If the bank hesitates or does not respond, you can complain directly to RBI. RBI website: cms.rbi.org.in By going there you have to fill bank name, complaint number, ATM details, Debit SMS. The bank has to respond to the RBI complaint.
