Tuesday, September 4, 2012

RBI asked bank ATM to remove ATM Cash Retraction

What is cash retraction: Whenever you use your card at an ATM to withdraw cash, you have to get a few seconds to a little over a minute to collect the cash money. This time-lint varies from bank to bank.  if you are distracted for any reason for example if you are on  a call on your mobile and  you are unable to collect your money within that time limit, the ATM swallows the cash and keeps  it in a separate tray in the machine. The amount is re-credited to your account after a while.

 But from  now according to RBI guidline, if you fail to collect the cash, the ATM won’t (retract) eat it up. Instead, the money will remain at the mouth of the ATM, till the time the greens are collected. Which means, for some reason, if you forget to collect the cash (and this does happen), as soon as it is spitted out, someone else might be able to take it.  Banks like HDFC Bank Ltd already have posted this notice on their website and ATM screens

The good thing is that you will not be at the mercy of a time-window to collect your the cash. The disadvantage of this sytem is that, you forget to pick the cash this would lead to loss. So, the next time you are at the ATM, be careful to take you dispened cash completely