I am writing this because recently came across this situation then get some basic understanding from the banker and felt to share with others the same I am sharing on my blog. hope it can helps to unknown.
In ATM to withdraw money, swipe your card, enter the pin and amount but the ATM throws up some error and doesn’t let out any money. And you receive message on your mobile that the money has been debited from your account for a failed transaction.
Is this quite a frustrating situation right? Yes it happens with me too.
What to do with failed transactions?
Most people would freak out if it’s happening for the first time. A question then arises whom to contact for the refund; whether the bank which owns the ATM where you have tried withdrawing money or your bank (the ATM issuing bank).
For example, you have ICICI Bank ATM and tried withdrawing money from a SBI ATM. In case the transaction fails and results in money being debited, you should always contact the ATM issuing bank, which in this case is ICICI Bank.
A lot of the ATM’s these days are on-site, which means the ATM is within the premises or within reaching distance of its home branch. You may visit that branch immediately for guidance but ultimately, to register your complaint, you must visit your bank branch. Most banks readily have a complaint form for ATM related complaints but you may even give in writing as an application describing the transaction details.
Refunds process for Home bank ATM Instant refund
I have observed this quite a few times that in case the failed transaction happens in a home bank ATM, the amount gets refunded instantly. That is, if you were trying to use your ICICI Card in an ICICI ATM and the transaction gets failed, the amount gets instantly refunded. You can verify this by visiting any other nearby ATM. There’s no need to register any complaint in this case.
Refunds process for Other bank ATM get delay to refund
In case there are two different banks involved, refund will be processed going by customer’s complaint. A customer will have 30 days to register his complaint regarding a failed transaction. This can take time, as the banks have to verify the complaint details and some internal process. It might take up-to 7 days.