Failed ATM transactions: Here is how you can claim Rs100 as compensation

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New Delhi, Mar 9: You must have faced failed transaction while using any ATM in day-to-day life. The failed transaction when machine did not dispense money and you get a message that money form account was deducted.

In case of failed transactions, not only the money be returned to your account, you could also be entitled to compensation.

Banks to pay for failed ATM transactions

Here are the some RBI rules that entitle you to claim compensation

  • The account holder should lodge a complaint with the card issuing bank at the earliest. This process is applicable even if the transaction was carried out at another bank's/non-bank's ATM. In case of White Label ATMs (WLAs), the contact number/toll free numbers are also available for lodging complaints regarding failed transactions at their ATMs.
  • As per the RBI instructions banks have been mandated to resolve customer complaints by re-crediting the customer's account within 7 working days from the date of complaint.
  • Effective from July 1, 2011, banks have to pay compensation of Rs 100 per day for delays in re-crediting the amount beyond 7 working days from the date of receipt of complaint for failed ATM transactions.
  • The compensation has to be credited to the account of the customer without any claim being made by the customer.
  • If customer fails to lodged the complaint within 30 days of transaction, in that case he is not entitled for any compensation for delay in resolving his / her complaint.
  • In case complaint is not addressed, thne customer can take recourse to the Banking Ombudsman, if the grievance is not redressed by the his/her card issuing bank.
  • The Grievance Redressal Mechanism available to users of WLA is same as that available to users of banks' ATMs for failed/disputed transactions.
  • While the primary responsibility to redress grievances of customers relating to failed transactions at such WLAs will vest with the card issuing bank, the sponsor bank will provide necessary support in this regard, ensuring that White Label ATM Operator (WLAO) makes available relevant records and information to the Issuing bank.

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