Money stuck in ATM, Way to recover money
Amount Deducted but not received from machine, get deducted amount back, Bank responsibilities during ATM Withdrawal problem
Money Stuck in ATM: Presently, most of us do transactions of money digitally. There are a large number of people who withdraw money from ATM machines, and also deposit money through Cash Deposit machines. Many times your money will get stuck online due to server down, in such a situation there is tension. But during that time, efforts are made to inform the bank about this as soon as possible. Also, it is found out from the bank why the money was not credited or why it did not reach the account in which the money has been sent.
Imagine, if you need urgent money for some work, and after completing the process of withdrawing money from the ATM machine, then what will you do if the money gets stuck. Solutions of all these issues are covered in this article.
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Why is my money stuck in the ATM while the amount is deducted from the account?
There are several reasons due to which the amount is stuck in the ATM machine. Some of them are –
- Power supply stopped in ATM Machine – It observed that most of such cases have happened due to electricity supply cuts during withdrawal process. Due to this the process of dispensing notes from the ATM bin is not completed even if the bank server has deducted the amount from the account.
- Network connection gets disturbed– Many of the transactions in ATM could not complete due to sudden loss of connection. This may be due to technical error, network error or damaged ATM part. Generally network error automatically gets resolved as banks keep eye on it continuously.
- ATM damaged by miscreant – Some people unlawfully and intentionally damage the ATM dispenser or ATM server, which may also be the reason for not dispensing money.
- Error in dispenser of ATM– Although it happens rarely as bank officials check for the same while loading cash in ATM bin. However, being a machine, technical errors can happen any time.
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What to do if the amount is deducted from the account but not dispensed by ATM?
Rather than panicking in the situation, follow the solutions and procedures for getting money back, as suggested by banks. Generally there is a slandered procedure of getting money back in all the banks which is –
- Keep the transaction slip with you which is a kind of proof, which will prove how much money you have withdrawn from the ATM, but if you have not received the transaction slip, then you can also take it from the bank statement.
- You can give a written complaint to the home branch.
- Call the customer care immediately, but if you do not get a proper response from there, then you can go to your bank branch and lodge a complaint.
- Escalate the issue – If your complaint remains unresolved, speak to the manager of the branch where you maintain your account. Contacting a senior person is a quicker way of resolving complaints. You can also visit the bank’s website and register a complaint with the grievance cell, which typically deals with complaints of top priority.
- Banks will have to return the money within a week. Failing which you can approach the RBI or the Banking Ombudsman. If the customer does not return the money even after 5 days, the bank will have to pay Rs. 100 per day. Such complaints may be submitted in writing either via post or online. However, you have to wait for 30 days from the date of complaint registration before taking this step.
- National Consumer Disputes Redressal Commission (NCDRC). Under the Consumer Protection Act, 1986, the NCDRC is a quasi-judicial body for resolving customer grievances.
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What you should not do while money is not dispensed from an ATM but deducted from an account?
We read about the process to follow to get your money back. Also, there are few things which you should keep in your mind in the above situation –
- First of all DO NOT PANIC, follow the procedure.
- Do not approach RBI or ombudsman directly without following the procedure
- Do not hit the ATM machine.
- Don’t leave the ATM immediately – It might be a trick used by fraudsters to steal your money. If you leave the ATM immediately, the fraudster can hack the ATM and steal your cash.
- Do not scrap your transaction slip.
- Do not leave hope of getting your money back until this has not happened by your unknowing mistake like sharing a debit card or pin.
To conclude, All these above mentioned solutions could help you to get your money back. You are advised to take precautions before withdrawing money from the ATM.
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