Fees and fines are part of our life, especially when it comes
to banks. You are slapped with a fee, if you don’t maintain the minimum balance
in your savings account. You pay a credit card bill late; there is a late
payment fine.
If a cheque is bounced for financial or non-financial reasons
(forgot to write the date on a cheque) and you have to pay up for that.
There
are hundreds of reasons as to why you could land up paying a fee to a bank.
But, did you know, as per the Reserve Bank of India, banks too have to pay you
a fee? To know more, read on.
Under what circumstance: Ideally, when you visit an ATM to
withdraw cash, you insert your debit card into the machine. Provide your PIN
number. And after a few seconds you get the cash and corresponding cash
withdrawal receipt.
But, at times, the ATM machine fails to spit out the cash,
but you get a receipt stating that the amount has been withdrawn.
What’s the rule: In such a circumstance, you call up the
bank’s call center or visit the nearest bank branch and inform them about the
incidence of the failed ATM transaction.
The bank assures you that the wrongly debited amount will be
credited into your account. As per the Reserve Bank of India, banks have to
credit this wrongly debited amount into your account within seven working days
from the date of your complaint.
Banks pay you a fee: If your bank fails to comply with this
rule, they have to pay you a fee of Rs 100 per day after the seventh working
day.
Keep in mind that you are entitled to such a compensation for
delay from your bank (the bank that has issued your debit card used to withdraw
the cash), only if you lodge such a claim within 30 days of the date of
transaction. If you are lucky, you won’t ever face such a situation.
But, there have been many such cases in the past with failed
ATM transactions and the bank’s delay in paying the wrongly debited amount. The
RBI observed that at times, some banks took as many as 50 plus days to
re-credit the wrongly debited amount. Hence, this rules, to pay you a fee.
Tip: Irrespective of which bank’s ATM you use, ensure that
you get in touch with your bank (the bank which has issued your debit card) and
file the complaint. The call center’s number will be at the back of the debit
card.
