Simple Procedure for REVERSAL OF FAILED ATM TRANSACTIONS.

Simple Procedure for REVERSAL OF FAILED ATM TRANSACTIONS.


A common complaint amongst ATM users is that their respective account has been debited, but the necessary cash has not been received by them. And, in this era of centralization, customers are facing difficulties in resolution of their complaints.

The delays in resolving the issues are primarily due to submission of incomplete data by customers to the respective banks.
The ATM Transaction Slip, is the most important piece of paper in an ATM Transaction.
The ATM Transaction Slip, contains all or most of the following information:-
01) Name of the ATM Bank
02) Location
03) Date of transaction
04) Time of transaction
05) Transaction reference number
06) Response Code
07) Card No/Account Number- only the last 3-4 digits will be visible
08) Nature of Transaction


Today, I will try to explain a simple procedure for REVERSAL OF FAILED ATM TRANSACTIONS.

01) Preserve the Original ATM Transaction Slip. This is the most important piece of paper required to substantiate your amount claim. ------- -- -- Many of the today’s ATM’s indicate that the paper is not available to generate ATM Transaction Slip, and request to proceed further. If the paper is not in stock, DO NOT execute the transaction, cancel the transaction and proceed to the next ATM.

02) Scan/Xerox the Original ATM Transaction Slip, as the ink of the Original ATM Transaction Slip, will fade after a week. You will find that the Original ATM Transaction Slip, has turned into a harmless white paper!!!!!!!!

03) Call up the customer care number of the ATM Bank, and inform the complaint details. Insist on a complaint number. This will help in tracking the complaint and the time-frame of resolution.

04) Call up the customer care number of the your Bank, and inform the complaint details. Insist on a complaint number. This will help in tracking the complaint and the time-frame of resolution.

05) Email the complaint to the customer care department of the ATM Bank and your Bank, as early as possible.

As per the latest Reserve Bank of India, guidelines, It is mandatory for the banks to reimburse the customers, the amount wrongfully debited on account of failed ATM transactions, within a maximum period of 12 working days from the date of receipt of the customer complaint.

ii) For any failure to re-credit the customers account within 12 working days from the date of receipt of the complaint, the bank shall pay compensation of Rs.100/-, per day, to the aggrieved customer. This compensation has to be credited to the customer’s account automatically without any claim from the customer, on the same day when the bank affords the credit for the failed ATM transaction.

Please refer
http://prashantnepayments.blogspot.com/2009/07/atm-related-complaints-on-rise.html

Hence, if the disputed amount is not credited within 12 working days of lodging the complaint, you will be eligible for compensation of Rs.100/- per delayed day of credit. So, the earlier you lodge the complaint (proof required), the better it will be for you.

From the date of complaint lodgment, wait for 12 days and than verify your account for the credit. If the amount is not credited, escalate the complaint to the next level.

Help the Banks, to resolve your ATM Complaints faster,efficiently.

Banking industry- 2 day Strike on 06th August 2009 and 7th August 2009

UFBU to go ahead with two days continuous strike on 6th and 7th August, 2009

As per News Reports, Employees governed by IBA rules, in the Banking Industry, are likely to go on strike on two days i.e 06th August 2009 and 07th August 2009.

In the event of this strike materializing, there will be major disruption in the trade settlement cycle, and also to Saving Bank Account Holders.

ePayments will be affected, at the same time, the Cheque Clearing Operations too will be effected.
In my opinion, ePayments users can follow the below mentioned tips, for their peace of mind.

01)    Execute only critical, unavoidable ePayment transfers
02)    Execute RTGS Transactions before 4.00pm, to ensure 100% funds are credited to the beneficiary on the same day, or returned back, in case of any discrepancy.
03)    Execute NEFT Transactions before 12 noon, to ensure 100% funds are credited to the beneficiary on the same day, or returned back, in case of any discrepancy.
04)    For any expected ECS Debit Transaction, note to fund the respective account on 05th August 2009
05)    ATM’s might run out of cash. Therefore, withdraw adequate cash for the next couple of days.
06)    Cheque Clearing Operations too will be disrupted. The point to be noted here, that majority of the Post Dated Cheques(PDC’S), for Loan Credits in our country are presented on 7th of every month. Thus, adequate balance has tobe maintained by the PDC’s issued account holders, for the next couple of days. Otherwise,   there will be heavy cheque return charges!!!!!

The spill-over might last on 9th August 2009 and 11th August 2009 also. Hence, expect the ePayments Network, to be over-burdened on this two days also.
It has been a long time, since the Banking Industry has witnessed a two-day strike. This experience might help the ePayments Participants to be prepared for such future disruptions.

NOTE:- I am not in favor or  against this two-day strike. I am only interested in ePayments, and the impact of various factors on ePayments.

RTGS JUne 2009 Customer Outward

Today's post is regarding RTGS June 2009 Customer Outward transactions. 

A Comparative volume between May 2009 and June 2009, is enclosed herewith.

NIL outwards that the respective Banks/Financial Institutions had only Inwards.

The list of the Top 10 Ten Banks are as under

It is interesting to note that the Top 10 Banks, accounted for more than 57% of the overall transactions.

Punjab National Bank, seems to be doing well.

State Bank of India, is the dominant player with 14.28% of the transactions.

It will be interesting to see the Statistics for July 2009

Let the ePayments increase every month

RTGS Volumes January 09 to June 2009.

RTGS Volumes January  09 to June 2009.
Today’s post is regarding the Customer Volumes in RTGS from January 2009 to June 2009. 

 

The data is only Customer Transactions only, as for the layman only customer transactions are important, and not inter-bank transactions.

A basic analysis of the data leads to some interesting observations 

01)The volumes are increasing rapidly. 

 02)As the financial year, closes in Mar, there were heavy transactions in Mar 09.
03)The decrease in April 09, was compensated in May 09.
04)As compared to Feb 09 transactions, the Mar 09 transactions improved by 30%
05)No of transactions in June 09, as compared to Jan 09, increased by 20%.

The increase in the transactions is a positive indicator for ePayments in our country.
However, these transactions are only a fraction of the payments pie, and ePayments, have a long way to go.

Small steps lead to the GOAL

Topic of the Week - ePayments-An Alternate to Forged Notes

ePayments-An Alternate to Forged Notes

For the last couple of days, some newspapers have published articles on circulation of forged currency notes in India. The same news was picked up by other media providers viz: TV Channels, Net Sites, Blogs.

Hence, Reserve Bank of India, immediately issued a clarification vide a Press Release.

The Press Release can be accessed at

http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21124

The same Media Providers, have published articles saying that consumers Rs500/- notes are being subjected to intense scrutiny by shop-owners/staff

My question to all of you is why you don’t use your credit/debit card, instead of a 500 /- Rupee Note.

In my view, Rs500/- is used most, at the following locations

01) Petrol Station

02) Restaurants

03) Hotels

04) Super Markets

05) Cloth Show rooms

06) Education Fees

07) Hospitals

Majority of the above locations, are equipped with POS for Credit/Debit Card Transactions. Hence using your Credit/Debit Cards, will save you the embarrassment of the shop-attendant closely, scrutinizing your Rs.500/- Note.

At the same time, you can experience the magic of ePayments.

However, the following are to be kept in mind

01) Always let the Credit/Debit Card be in your view.

02) Never reveal the Pin Number to anyone.

03) Preserve the Transaction Slip, till your Statement of Account arrives.

Folks, enter the thrilling world of ePayments