ATM machines allow you to avail a range of services like withdrawal of money, balance inquiries, card to card transfers, and making cheque book requests, among other things. ATM cards (which also act as debit cards), credit cards and prepaid cards (that permit cash withdrawal) can be used at ATMs for various transactions. These services can be availed from an automated teller machine, a computerised device that provides customers the facility of accessing their bank accounts. Cards issued by domestic banks can be used use at any bank ATM within India.
Here are 10 key things you should know about ATM transactions:
Services offered: In addition to cash dispensing, ATMs may have many services / facilities like account information, cash deposit, regular bills payment, purchase of re-load vouchers for mobiles mini / short statement, loan account enquiry etc. The services offered may vary from bank to bank, or may depend on the capacity of the machine to provide such services, says RBI.
How to transact at ATMs? For transacting at an ATM, you need to insert or swipe your card in the ATM machine and enter their personal identification number (PIN), according to rbi.org.in.
What is a Personal Identification Number (PIN)? PIN is a numeric password for use at the ATM. The PIN is separately mailed / handed over to the customer by the bank while issuing the ATM-cum-debit card. It has to be reset to a new PIN by the customer. Most banks force customers to change the PIN on the first use.
What should you do if you forget PIN or the card is sucked in by the ATM? In case the PIN is forgotten, you should approach your branch for regeneration of the PIN. In case of loss of card, you may contact the card-issuing branch and apply for retrieval / issuance of a new card. This procedure is applicable even if the card is sucked in at another bank's ATM.
What should you do if your card is lost / stolen? You should immediately contact the card-issuing bank on noticing the loss so as to enable it to block the card.
Minimum and maximum cash withdrawal limit per day: Banks set limit for cash withdrawalby customers. The cash withdrawal limit for use at the ATM of the issuing bank is set by the bank during the issuance of the card. This limit is displayed at the respective ATM locations.
Service charge for use of other bank ATMs: No charges are payable for using other banks' ATM for cash withdrawal and balance enquiry, as RBI has made it free under its "Free ATM access policy" since April 01, 2009. But banks can restrict the number of such free transactions and charge a maximum of Rs. 20 per transaction beyond this number.
What if cash is not disbursed by the ATM machine but amount gets debited? Customers may lodge a complaint with the card-issuing bank. This process is applicable even if the transaction was carried out at another bank's ATM.
How many days maximum would the bank require to re-credit the account for such wrong debits? Banks may re-credit such wrongly debited amounts within a maximum period of 12 working days from the date of receipt of the complaint.
Are customers eligible for compensation for delays beyond 12 working days? Banks have to pay customers Rs. 100 per day for delays beyond seven working days from the date of receipt of the complaint. This shall have to be credited to the account of the customer without any claim being made by the customer. Any customer is entitled to receive such compensation for delay, only if a claim is lodged with the issuing bank before 30 days of the date of transaction.