Ads Area

Recredit delayed if money debited after failed transaction? Here's how much compensation you can get

Automatic Teller Machines (ATMs) not dispensing cash but money from bank accounts getting debited is the most common grievance among users. According to data released by Reserve Bank of India, in FY18 alone, 16,000 or 10% of all customer grievances at the banking ombudsman
offices were registered under the head ‘account debited but cash not dispensed at ATM’. 

It may be noted that in such situations, the banks do their reconciliation, these errors get rectified as the bank's log and the transaction data do not match. Mostly, customers get the money back within a day. As per RBI's rules, banks have re-credit the debit amount with 7 working dates from the date of receipt of the complaint.

However, are you aware that if banks do not re-credit the debited amount with the given time, you are entitled to compensation? Yes, as per RBI, Bans are liable to pay Rs 100 per day as compensation for delay in re-crediting the amount debited beyond seven working days from the date of the receipt of customers' complaint.

As per RBI rules, the card issuing bank is required to pay compensation of Rs 100 per day for delay in re-crediting the customer's amount beyond 7 working days from the date of receipt of complaint regarding failed ATM transactions (where the customer's account is debited). The compensation has to be credited to the customer's account without any claim being filed by the customer. However, to be eligible for compensation, the customer has to file the complaint within 30 days of the transaction. 

Worth mentioning here is that if you ever encounter such a situation where the money is debited from your account despite failed transaction, then you must immediately log a complaint with your bank. As per the ombudsman scheme of 2008, banks are mandated to give a helpline number in the premise of the ATM. You can register a complaint either through phone or through an email with the card issuing bank.


Post a Comment

* Please Don't Spam Here. All the Comments are Reviewed by Admin.

Top Post Ad

Below Post Ad

Ads Area