• Kanika Chauhan

No need to worry if your ATM TRANSACTION FAILED

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

Seema: “What happened Neha, never seen you so stressed.”

Neha: “Dude I just went to the ATM and withdrew Rs 2,000 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”.

Seema: 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.

Seema: No, I have it.

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

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

Things to be remembered 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. Area 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

Response Code

  1. Card No/Account Number– only the last 3-4 digits will be visible

  2. 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.

  3. Procedure for inversion of fizzled ATM Transaction

  4. Sweep or photocopy the exchange slip of the first ATM slip.

Presently fill a grievance by calling the client care number. Do monitor the grumbling number this will help in pursuing in the event that there is a postponement.

So as to build the impact do call up the bank and compose an email to the bank, it’s an obligation of the bank to turn around the charges wrongly made on the record. In the event that the sum has not credited inside 7 working days, at that point, you are qualified for the pay of 100rs consistently after the seventh 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

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