If you use an ATM somewhere else, such as a convenience store, tell an employee what happened. They might have contact information for the machine owner, and they can alert others who try to use the machine. Technically, you have up to 60 days after your monthly statement date to report a problem and get it resolved. Under federal law, you are protected from these types of errors and fraud. If you used a debit card, Regulation E —a Federal Reserve regulation outlining rules and procedures for electronic funds transfers—provides that your bank must investigate the research and resolve your claim.
Your bank will begin an inquiry after you report the problem. Then, the bank has 10 business days to review the matter or credit your account and let you know the course of action. If the bank cannot determine the cause of the problem within 10 days, you should receive a temporary credit, known as a provisional credit.
If your bank or credit union lets you know the course of action within the day period, then it may take up to 45 days from receipt of notice of the error to investigate and determine what happened. Your bank may take up to 45 days to investigate most ATM withdrawals , so nothing is certain until you hear back from the bank. To ensure that your bank follows through on an investigation, ask if you need to provide a report in writing.
Notifying your bank with a phone call is a good start, but some banks require you to submit a formal request, as well. Doing so helps to protect your rights. New York Department of State. Consumer Financial Protection Bureau. Federal Reserve. Actively scan device characteristics for identification.
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These cookies do not store any personally identifiable information. The transaction slip is necessary as it contains information like ATM ID, location, time, and bank response code. According to reports, if your money has not been retrieved, you should wait for 24 hours because banks generally return the amount in a day.
Unfortunately, if the case is related to another bank ATM, there is a possibility that you may have to bear the loss. Further, the RBI guideline effective from July 1, , say that banks have to pay compensation of Rs per day for delays in re-crediting the amount beyond 7 working days from the date of receipt of complaint for failed ATM transactions. Since all bank ATMs have CCTV camera installed inside the room, banks can easily collect the footage and find out if there was a transaction or not.
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