ATM Facts & FAQ - Did you know these facts about ATM Machines?
We all use the ATM (Automated Teller Machine). Here are a few facts and frequently asked questions that could be useful about the usage of ATM machines.
ATM Machine Facts and FAQ
Question 1: What is an Automated Teller Machine (ATM)?
Answer 1: Automated Teller Machine is a computerized machine that provides the customers of banks the facility of accessing their account for dispensing cash and to carry out other financial & non-financial transactions without the need to actually visit their bank branch.
Question 2: What type of cards can be used at an ATM?
Answer 2: The ATM debit cards, credit cards and prepaid cards (that permit cash withdrawal) issued by banks can be used at ATMs for various transactions.
Question 3: What are the services/facilities available at ATMs?
Answer 3: In addition to cash dispensing ATMs may have many services/facilities enabled by the bank owning the ATM such as:
Question 4: How can one transact at an ATM?
Answer 4: For transacting at an ATM, the customer inserts/swipes his/her Card in the ATM and enters his/her Personal Identification Number (PIN) issued by his/her bank.
Question 5: What is Personal Identification Number (PIN)?
Answer 5: PIN is the 4-digit numeric password which is separately mailed/handed over to the customer by the bank while issuing the card. Most banks require the customers to change the PIN on the first use.
Question 6: Can these cards be used at any bank ATM in the country? Is the customer charged for the same?
Answer 6: Yes. The cards issued by banks in India may be used at any bank ATM within India. However the savings bank account holders can transact a maximum of five transactions free at other bank ATMs in a month, which is inclusive of all types of transactions, financial and non-financial, beyond which the customer can be charged by his/her bank.
Question 7: What step should the customer take in the event of one forgets PIN or if the card is sucked in by the ATM?
Answer 7: The customer may contact the card issuing bank and apply for a new PIN or retrieval/issuance of a new card.
Question 8: What should be done if card is lost or stolen?
Answer 8: The customer may contact the card issuing bank immediately on noticing the loss so as to enable the bank to block the card.
Question 9: Is there any minimum and maximum cash withdrawal limit per day?
Answer 9. Yes. Broadly the withdrawal limits are set by the card issuing banks. This limit is displayed at the respective ATM locations.
Question 10: What steps should a customer take in case of failed ATM transaction at other bank ATMs, where his account is debited?
Answer 10: The customer should lodge a complaint with the card issuing bank at the earliest. This process is applicable even if the transaction was carried out at another bank’s ATM.
Question 11: Is there any time limit for the card issuing banks for re-crediting the customer’s account for a failed ATM transaction indicated under Question No. 10?
Answer 11: As per the RBI instructions (DPSS.PD.No. 2632/02.10.002/2010-2011 dated May 27, 2011), banks have been mandated to resolve customer complaints by re-crediting the customer’s account within 7 working days from the date of complaint.
Question 12: Are the customers eligible for compensation for delays beyond 7 working days?
Answer 12: Yes. Effective from July 1, 2011, banks have to pay customers Rs. 100 per day for delays beyond 7 working days. The compensation has to be credited to the account of the customer without any claim being made by the customer. If the complaint is not lodged within 30 days of transaction, the customer is not entitled for any compensation for delay in resolving his/her complaint.
Question 13: What is the course of action for the customer if the complaint is not addressed by his/her bank within the stipulated time?
Answer 13: The customer can take recourse to the local Banking Ombudsman in such situations. This link will give you the region wise contact details. http://www.rbi.org.in/Scripts/bs_viewcontent.aspx?Id=164
|Posted by: Administrator - Tue, Apr 17, 2012. This article has been viewed 3.572K times.|
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