Monday, June 13, 2011

Banks to solve ATM complaints within 7 days

As the volume of transactions from ATMs has increased the complaints have also increased. There are a few very common problems that the ATM users encounter like sometimes they do not receive any money from the machine but he amount gets debited from their account.

Sometimes a user receives lower amount then what he wanted but the actual amount gets debited, such a situation can baffle a person as ATMs are supposedly very reliable and most of the person does not know to get that fixed, where should thy go and what should they do to get their money back.

Such a customer just needs to go to his bank and ask them to rectify the error, in fact the Reserve Bank of India has reduced the time for a bank to resolve the matter from 12 to 7 working days and if the bank is not able to compensate the amount then the consumer is entitled t get Rs 100 per day.

The new rule is applicable from July 1; the new rule will keep banks under pressure to solve the matter as soon as possible to avoid the penalty that they have to pay the customer for every delayed day. The one thing that borrower needs to keep in mind is that he needs to lodge a complaint about this with the bank within 30 days of the date of transaction.

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