ATM: Didn't dispense cash, but money was deducted from your account? Here's how to get your full refund..

Many people in the country withdraw money from ATMs every day. But sometimes, cash doesn't come out of the machine, even though the money has been deducted from the account. Sometimes, the slip says "successful," but not a single note is received. This raises many questions. Such as, "Where did my money go?" What should I do now? Will the bank listen to me? How will I get this money back? Will I have to make repeated trips to the bank?

It's natural to feel anxious about this sudden problem and the fear of losing your money. But let me tell you, there's no need to panic in such a situation, because you're guaranteed to get your money back.

With the RBI's strict rules, your money won't be lost.
This is a common technical issue, and under RBI's strict rules, your money won't be lost. Instead, it's the bank's responsibility to return the deducted money to your account within a very short time. You just need to know the correct and simple process so you don't waste a single rupee.

Why doesn't the ATM dispense money?

The reasons for ATM failures are usually a malfunction, a slow network, or a note getting stuck inside the machine. This is not your fault, so you are guaranteed to get your money back.

Wait 24 Hours First
In most cases, the bank refunds your money within 24 hours. So, keep an eye on your account entries or messages first. Sometimes, the money is returned without a complaint.

What to do if your money isn't returned after 24 hours?
If the deducted amount hasn't been returned to your account even after 24 hours of a failed ATM transaction, you should take the necessary steps immediately.

1. Call your bank's helpline number
First, you need to call your bank's helpline number. During the call, you must provide the bank representative with complete and accurate information about the incident, including the time of the transaction, the location of the ATM, and the bank's ATM. Additionally, you'll need to share the details of the failed transaction message or receipt so the bank can investigate your case as quickly as possible and refund your money.

2. File a Complaint at Your Bank Branch
If the helpline number doesn't resolve the issue, the next step is to file a complaint with your bank branch. You'll need to go directly to the branch and inform the bank official that the ATM didn't dispense money, but the amount was deducted from your account. When filing a complaint, you'll be given a complaint number, which you should keep safe.

How long does it take for the bank to refund the money?
According to Reserve Bank of India (RBI) regulations, banks are required to resolve such cases promptly. Banks must credit the deducted amount back to the customer's account within seven working days from the date of the failed transaction. Refunds are typically received within seven to ten days. If the bank doesn't refund the money within this timeframe, it may have to pay a penalty of ₹100 per day after the 7th day.

If the bank doesn't listen to you or ignores your request, you can file a complaint with the Banking Ombudsman. This is your right.

What shouldn't be done if your ATM doesn't dispense money?

People often panic when their ATM doesn't dispense money, but there are some things you should absolutely avoid.

Angrily damaging the machine or pressing the buttons forcefully won't fix the problem; instead, it could increase the confusion.

Even if the money hasn't been debited, avoid immediately making another transaction or repeatedly attempting a new transaction, as this could get stuck and result in a second debit from your account.

Don't try to insert your hand or any object into the withdrawal slot or any part of the machine; this could be dangerous.

The ATM may malfunction, but your money won't get stuck. If you file a complaint correctly, you're guaranteed to get your money back.

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