ATM withdrawal? Count your cash

NEW DELHI: If you thought the only problem you''d encounter with ATMs (automated teller machines) was their running out of cash just when you was needed it the most, think again. They might just deprive you of your savings -- and your peace of mind too -- if not monitored properly.
Here''s one such tale: On the evening of September 2, Preet Sarai, lead analyst with AC Nielsen ORG-Marg Pvt Ltd, went to withdraw Rs 15,000 from an ATM at South Extn Part-II.After he had entered the amount he wanted to withdraw, the ATM screen flashed the message, ''Network Error'' and the process got aborted without the machine dispensing any cash.
Disappointed, Sarai was on his way back home to Gurgaon, when he received an SMS (he had subscribed to the bank''s SMS-enabled services) stating that Rs 15,000 had been debited from his account. "I was stunned and couldn''t sleep the entire night. I needed the cash urgently to pay the EMI (equated monthly installment) for my housing loan," remarked Sarai. "The following day, I went to the nearest branch to complain. The assistant manager asked me to get in touch with the bank''s customer care cell. They asked me to wait for 24 hours, saying it takes that much time for the bank to tally the cash in the ATM with the transactions made. I was told to register the complaint only if the amount hasn''t been credited to my account in 24 hours."
Eventually, the amount was credited back into Sarai''s account on the evening of September 5, but not before he had chased several bank officials for three days.
Sarai was actually lucky. Many of us might simply overlook a transaction in our monthly statement. And in the process lose money without realising it.
Consumer rights expert and Supreme Court advocate S K Sharma, described Sarai''s ordeal as the "fittest case under the Consumer Protection Act."
"In cases like this, the bank should compensate for causing inconvenience to the customer. The value of the compensation should be calculated on the basis of the loss incurred by the customer," he said.
Many consumers also complain that ATMs occasionally dispense less cash than the requested amount. However, a senior official from a bank that owns one of the largest ATM networks in the country said, "It could either be due to network error on one hand, or hardware fault." Though he hastily added, "Such things happen only in the rarest cases. Besides, the cash in ATMs is carefully tallied with transactions made at the end of every day. The reconciliation process is followed meticulously and the bank would know immediately in case of any discrepancy. We ensure that the amount is credited back into the consumer''s account within six to 12 hours. The customer is duly called and informed of the reversal, even if there''s no complaint registered."