Cash Stuck at ATM #education #finance #money #bank

Even if you are familiar with ATMs, it is possible for your transaction to get declined due to technical faults, or for the ATM to run out of cash. In unlikely instances, ATMs reject transactions but the user receives an SMS indicating that funds have been deducted from the bank account. There are mainly two reasons as to why this incident can happen

1. Fraud:- Fraud can happen to anyone. It's always good to check, ATM 2-3 times before inserting the ATM card and PIN. Various instances have been recorded where a skimmer was inserted into the card slot, reading all of your information from the magnetic strip. Also, your card may be cloned using the same stolen information, and money can be withdrawn from your account without your notice.

2. Technical:- It is very much possible the ATM is faulty. However, banks keep their assets up to date, but technical malfunction could be possible even after regular checks. Usually, banks resolve the technical issue with the ATM soon after founding or receiving the complaint from the customer. In this case, the amount gets auto-credited in your account after some time or the bank notify about the transaction.

➡️ Solution:- Your first step should be to call on the customer care number provided by the respective bank within 24 hours of the incident. The executive will register your complaint and issue you a complaint tracking number after taking note of your issue and documenting your transaction reference number.

🔸Now, the matter will be looked at and investigated by the authority. As per the Reserve Bank of India (RBI) rules, any amount deducted from the account must be credited to the customer's account within seven working days of the complaint being filed. Otherwise, the bank is entitled to Rs 100 for each day of late payment.

Source:- dnaindia
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#atm #banks #cash #personalfinance #financialliteracy #savemoney