Failed ATM-transaction? You can claim Rs. 100/day compensation from bank

Failed ATM-transaction? You can claim Rs. 100/day compensation from bank

 

Failed ATM-transaction? You can claim Rs. 100/day compensation from bank

Many of us have been victims of failed ATM transactions: the ATM doesn’t dispense cash, but the amount gets deducted from the bank account.

Failed transactions are not new, and the deducted amount is eventually returned to the customer’s account.

But did you know that such users can claim a compensation of Rs. 100/day from the bank, under RBI’s guidelines?

Here’s how!

How can you claim compensation?

Account holders should complain to the card-issuing bank regarding failed ATM transactions at the earliest. It’s also applicable to transactions at other banks’ ATMs.

Banks should resolve the complaints within seven working days after receiving the complaint at the card-issuing bank branch.

If the wrongfully deducted amount isn’t credited within seven working days, cardholders can claim Rs. 100/day compensation from the issuing bank.

Details: Is every customer entitled to compensation?

Account holders are entitled to the Rs. 100/day (till the deducted amount is re-credited) compensation from their respective banks only if they lodge the claim within 30 days of the failed ATM transaction.

If customers fail to do so, they cannot claim the compensation for delay.

If the issuing bank doesn’t redress the grievance, account holders can take recourse to the Banking Ombudsman (BO).

What about failed transactions at White label ATMs?

The procedure for lodging complaints and claiming compensation for failed transactions at White label ATMs (WLAs) is similar to that of regular ATMs. WLAs are operated by non-bank entities.

While the issuing bank is primarily responsible for resolving such customer grievances, the WLA’s sponsor bank would also provide necessary support to ensure that the WLA Operator presents relevant records/information to the issuing bank.

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