Failed ATM Transactions – What you should know!

Raghu: “Today is just not a good day for me” said Raghu in an angry tone. Which caught Nitin’s attention from away from his computer?

Nitin: “What happened Raghu, never seen you so stressed.”

Raghu: “Dude I just went to the ATM and withdrew Rs 5,000 only I don’t know what happened because the ATM never gave me the money but the transaction slip that I got shows that the money has been debited. I don’t know if I will ever get my money back”.

Nitin: Don’t worry you will get your money back, but first I hope you have not thrown the transaction slip because you will really need it, try and make a copy too.

Raghu: No, I have it.

Nitin: Make a copy of it, now. Plus don’t worry. I will tell how to go about getting your money back.

If any of you have been in a similar situation, her are steps that will help you with getting your money back if such an incident happens with you!

Life has definitely become simpler by using automated processes and one prime example of it is ATM facility. But unfortunately nothing in this world is fool proof. Many time users have faced problems in using ATM. A common problem faced by users is that the cash not being dispersed and account still being debited with equivalent amount. It becomes a very tedious process of getting this resolved.

Things to be kept in mind while doing ATM Transactions

Firstly the transaction slip is a very important document which comes to help. This slip come handy coz it contains all the important information about your ATM transaction as given below.

1. Name of the ATM Bank –This refers to the ATM of the corresponding bank in which the transaction was made.
2. Location –The ATM branch
3. Date of transaction –The date at which the transaction was made
4. Time of transaction –The time at which the transaction was made
5. Transaction reference number –This is generally a 8-9 digit number which appears on the transaction slip
6. Response Code
7. Card No/Account Number– only the last 3-4 digits will be visible
8. Nature of Transaction – Nature of transaction refers to the activity which was carried out while using the card, such as withdrawing cash, updating account details etc.

Process for reversal of failed ATM Transaction

1. Scan or photocopy the transaction slip of the original ATM slip.
2. Now fill a complaint by calling the customer care number .Do keep a track of the complaint number this will help in chasing in case there is a delay.
3. In order to increase the effect do call up the bank and write an email to the bank, it’s a duty of the bank to reverse the charges wrongly made on the account. If the amount not has not credited within 7 working days then you are eligible for a compensation of 100rs every day after 7^th day.

Reasons why a ATM Transaction fails

1. By entering a wrong passed – By entering a wrong card number or password
2. When there is not sufficient balance in the account
3. In sufficient balance in the ATM machine
4. Suspicious activity – A suspicious activity can be detected by entering wrong password again and again,
5. When the card becomes dormant or inactive – Many times the bank does not let the person use the card because of inactivity of the card and the bank account becomes dormant
6. Non maintainers of the back account – This refers to the holding of minimum balance in the account

Conclusion-It’s quite unfortunate that financial institutions sometimes put users in problems however one should not panic and try and gather the most of information and follow the right procedure to resolve the problem.

This article is written by Mr. Mayank Gupta, MBA Finance who blogs at NineMillionDollars.com where you can get your personal financial planning queries are resolved