Here’s how you can recover failed ATM transaction costs

Most of us have faced issues while withdrawing cash at an ATM. This is often cited as a technical glitch. However, sometimes the requested amount is deducted from your account despite the physical glitch. What next?

The Reserve Bank of India (RBI) has made it clear that banks must re-credit the wrongly debited money back into the customer's account within 5 working days.

Many people might be unaware of this RBI norm but if the bank fails to credit this amount within 5 days of wrong transaction, it's liable to pay compensation of Rs 100 per day thereafter.

Technical glitches are inevitable but you must remain vigilant and immedietly check your notifications after a withdrawal requested is rejected at any ATM. Check your bank balance and ensure no money is deducted.

It must also be noted that customers are not required to file a complain with their bank in case of such failed transaction costs. As per RBI, banks shouldn't wait for someone to register such complains. It must, in fact, execute the process by default.

Meanwhile, RBI said that one can also lodge a complaint with the card issuing bank or ATM owner bank for a prompt response in case of such discrepancies.

However, this step isn't mandatory and the bank will have to pay the compensation if the amount isn't credited to the customer's account within 5 calendar days with or without a registered complaint.

According to the data from RBI, scheduled commercial banks have installed 2,13,145 ATMs (Automated Teller Machines) up to September 2021. Additionally, 27,837 White Label ATMs (WLA) were also installed by WLA operators up to September 2021, Minister of State for Finance Bhagwat Karad said in a written reply in the Lok Sabha.