A very common error of the ATM or Automated Teller Machine is regards to a failed ATM transaction & heavy delays occurring in the transaction reverse time. For a failed transaction occurring in most cases its an instant reversal of transaction. However, in very little cases it’s an absolute chaos for the customers. Causes customers heavy wait times. Thus, until their transactions gets reversed. What the customers need to do in such scenarios is the topic of discussion & a matter of greatest concern for them. They don’t need to fear that they shall lose the amount in their account. Reverted back should be the amount. However, sometimes it takes time. Generally, depends on the reputation of the bank and their attitude with the customers in terms of good customer satisfaction.
Regarded as weak countries, this is generally a problem occurring in countries. Alternatively, the developing world where the banking system lacks the desired financial strength. In countries like UK, Canada & USA, the failed ATM transactions are very low in numbers. Thus, compared to ATMs in South Asia for example, India, Sri Lanka, Pakistan & Bangladesh.
HOW A DELAY IN TRANSACTION REVERSE TIME IS A ‘PEACE OF MIND’ ISSUE?
You are in the city London & you have to catch a train from Victoria Station to Reading. Your ATM transaction from Victoria Station ATM just takes 1 min for you & it’s not a delayed one in terms of being the failed ATM transaction as you don’t have to worry for the reverse of transaction & recording the reversal time. Just because you are an owner of a NatWest account or Barclays account with the best banking & ATM capabilities available for you.
A similar scenario but a different country, let’s say India & you need to catch a train from New Delhi metro to another station within the city. Your ATM transaction from the ATM at New Delhi metro goes to a failed ATM transaction & it is not reversed by your bank. Obviously, that would be a huge matter of concern for you in terms of the peace of mind. Thus, as you may be short of funds in your account. In such a scenario you can’t do anything as your bank has charged you & your cash hasn’t been dispensed as yet, neither the transaction has been reversed back. A common issue of the developing world. What exactly needs doing?
CONTACT CUSTOMER SERVICE & LODGE A COMPLAINT WITH A REFERENCE NUMBER:
A transaction reverse time according to the customer service is at least 24 hours. That is, for the transaction to get reversed. Obviously, if it’s a failed transaction. However, the lodging of an emergency complaint is a necessity. Ideally, as this thing must be in the immediate knowledge of the bank. If this scenario happens with you again & again, or at least two to three times at a time you have all the right to talk to the bank with a bit of rudeness & let them know that it’s absolutely not fair on part of the bank & ATM. ATM services are part of the banking services & needs to be taken very seriously.
WHY TRANSACTION REVERSE TIME SHOULD BE REPORTED?
The reporting of the delays in transaction reverse time is indeed a corporate social responsibility on part of the customers. The failed transaction is an issue. However, the bigger issue is the delays taking place in terms of the transaction reverse time. Ironically, which are a huge menace for the customers. This shows the bank-customer relationship while an ATM being the mediation tool.
Normally, with respect to good banks the delays are not as questionable as they are from 5 to 10 mins. Maximum 15 minutes delays, thus giving the customers the sufficient time to think for something else. Hence, if they are not confident to withdraw cash again in case of a failed transaction. On part of the customers they should keep a record of failed transaction from Atm or POS. That is, for the transaction happening per month or every quarter in a year. This way they can evaluate how a bank is good for the customers or bad for the customers. However, it’s the duty of the bank to reduce the frequency of the failed ATM transaction. Precisely, for sake of good customer rating. For the bank the customer rating matters highly for sake of best consumer banking & the best utilisation of structured products.
KEY THINGS TO KNOW ABOUT THE FAILED ATM TRANSACTION REFUNDS:
- Such transactions needs reversing on their own according to the banks.
- According to most banks it’s the best practice to lodge a complaint with the card issuing bank. Alternatively, the ATM owner bank at the very earliest.
- In case of a failed ATM transaction. Re-credited is in most cases the customer’s account. Hence, according to mandates of bank within next 24 hours. Otherwise, also in some cases it can even take 5 calendar days, i.e. 5 working days.
- In most cases the card issuing bank has to compensate a certain amount back to the customers. That is, in form on money if they have caused delays beyond 5 working days. Very rarely found as it is something.
- The customer can approach their bank & report the matter to them on a personal basis.