Encountering a situation where an ATM transaction fails, yet the amount gets debited can be frustrating and concerning. In this blog, we'll address this common issue and provide you with actionable steps to resolve it. Understanding the reasons behind such incidents and being aware of your rights as a consumer are essential in ensuring a swift resolution.
Read on to explore the necessary measures to recover your money and safeguard yourself against future occurrences.
The below steps will help whenever you find yourself in a situation wherein cash is not received from atm, but the amount is deducted:
1. Check the SMS notification
When you find yourself in a situation where the ATM transaction has failed, but the amount is debited, it's essential to stay calm. Take a deep breath and do not attempt another transaction immediately. Instead, check your registered mobile number for any SMS notifications online regarding the failed ATM transaction. Sometimes, the cash might be dispensed a little later than expected due to technical glitches. Give it a few minutes, as the ATM might reverse the transaction automatically if it detects the issue.
2. Verify your account balance
Once you've given some time for the ATM to resolve the issue, the next step is to verify whether the amount has indeed been debited from your account. You can check your account balance through mobile banking or Internet banking. Log in to your mobile banking app or the website. Access your account summary or transaction history to confirm whether the amount has been deducted. If the amount is not reflected in your account, you can sigh with relief, as the ATM might have reversed the transaction. However, if the amount has indeed been debited and money is deducted from the account, proceed with the following steps to address the situation promptly.
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3. Lodge a complaint via Kotak mobile banking
In the event of a failed ATM transaction, you can log in to your mobile banking app and navigate to the "Help & Support" section. From the list of options, choose "Register Complaint" and select "ATM Transaction Issue." The app will prompt you to provide the necessary details, such as money deducted from the account, or payment failed popup, the date, time, and location of the failed transaction, as well as the transaction amount and any transaction reference number, if available. Once you've entered all the relevant information, submit the complaint.
4. Contact Kotak customer care
The toll-free number is available on the official website and can be found on your debit card. When you call, you'll be connected to a customer care agent who will assist you with the issue. Explain the situation to the agent, providing them with all the necessary details, such as the time and date of the transaction, the amount, the ATM location, and any transaction reference number, if available. The agent will initiate the complaint resolution process and provide you with an acknowledgment or reference number for your complaint.
5. Keep the transaction receipt
If the ATM dispenses a transaction receipt, keep it safe. The receipt contains essential information, such as the transaction reference number and ATM ID, which will be helpful during the investigation process. If you have not received a receipt or if the ATM does not provide one, take note of the failed transaction's time, date, and location for future reference.
6. Await resolution and reversal
Once you have lodged a complaint or contacted customer care about cash not received from the ATM but amount deducted, the bank will investigate the failed ATM transaction. Depending on the issue's complexity, this process may take a few business days. In most cases, if the ATM detects a transaction failure, it automatically reverses the amount to your account within a few hours or days. However, the bank's customer care team will expedite the resolution process if the reversal does not happen automatically.
7. Refrain from initiating multiple transactions
While awaiting resolution, it is essential to refrain from initiating multiple transactions or attempting to withdraw the same amount again. This can complicate the resolution process and may lead to further complications. Multiple transactions can create confusion and make it challenging for the bank to identify the specific transaction. Additionally, initiating multiple transactions could result in numerous debits from your account, leading to further inconvenience.
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8. Keep track of the complaint status
You can check the progress of your complaint through the mobile banking app or by contacting customer care with the reference number provided during the complaint registration process. By staying informed about the status of your complaint, you can be assured that the issue is being actively addressed, and you will be informed once the matter is resolved.
9. ATM transaction reversal timeline
After lodging complaints or reporting the failed ATM transaction to customer care, many customers wonder how long it will take for the reversal to reflect in their accounts. Banks do generally aim to resolve issues within a few business days. However, in some cases, the reversal occurs automatically within a few hours. Customers must stay patient and allow the bank to thoroughly investigate before seeking further updates.
Preventive Measures for future transactions
Experiencing a failed ATM transaction can be inconvenient. Customers can take specific preventive measures to avoid such situations in the future. Firstly, always ensure that the ATM you use is in proper working condition and does not display any error messages. Also, double-check the entered PIN and transaction amount before proceeding. If possible, try to use ATMs from your bank, as it may streamline the resolution process in case of any issues. Being cautious and proactive can minimise the chances of facing a failed ATM transaction and the subsequent deduction of funds from your account.
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This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empanelled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees, and contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.
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