Tuesday, April 19, 2016

Account Debited but No Money from ATM?

Have you every faced a scenario where during withdrawal of cash from an ATM, you are waiting for the money but all you get is a receipt that says "X Rupees Deducted"? This is a very common occurrence these days but unfortunately not many of us actually know how to make the complaint and to make the "Bank" give us our money back.

The purpose of this article is to help you with that...

Handling the Scenario where our Account got Debited but ATM Never Dispensed any Money

Step 1: Keep your Transaction Slip - SAFE. This Slip is the proof that you actually tried to withdraw cash from your account and in spite of the machine printing out this slip, you never got any cash. 

Step 2: Visit the Branch of the Bank where you maintain the Account and remember to carry your ID Proof and proof that you hold a Bank Account with them

Step 3: Register a formal complaint along with the transaction slip you saved in step 1

Step 4: The Bank is supposed to give you a signed & attested copy of the complaint for your records/reference. DO NOT leave the Bank Premises until you get this copy. 

Step 5: Wait for a Refund to be credited to your Account (This Refund usually takes about 15 days) 

What To Do if the Refund Does Not Happen?

We all know that many a time, our banks take their own sweet time to process such requests. In order to help customers like us and to make banks more vigilant in handling such cases, RBI has actually set forth a penalty clause. 

If your money isnt refunded, there is a form called "Annexure-5" that you can obtain from the Bank. Fill it up and submit the same to the Branch Manager. According to RBI, for every day the bank takes from that point thereon to resolve your problem, they have to pay you Rs. 100 per day. 

What if the Bank Refuses to Cooperate?

Ok, now we are talking about worst case scenario. Most Banks will resolve your problem in that initial 15 day period without having to fill-up this Annexure-5 Form. If that doesnt happen and the Bank isnt responding to the Annexure-5 complaint as well, then you can contact the Reserve Bank of India directly and complain. 

Check out this RBI Page for Complaints

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