Dated: 2024-04-17 05:08:55
I did not receive the refund for failed transaction. What steps should I follow.Many a times it happens that we swipe our credit or debit card, amount is deducted from our bank account, but the valid receipt showing that the transaction is complete is not produced. In such a case, we get other receipt from the machine saying that some error occurred and hence the transaction could not be completed.
Generally due to development in technology, the bank gets to know about such kind of transactions and refunds the amount within 7 to 15 business days. But if you don’t get a refund, then it is recommended that you take an action immediately when it comes to your knowledge that the refund was not processed. It is also advisable that you bring it to the knowledge of the bank about the failed transaction immediately.
In order to claim a refund, the receipt of the failed transaction if available will be very helpful.
Moreover after such a transaction, get a print of mini statement from the ATM for the purpose of record. Also, update your passbook so that you have a permanent record of the said transaction.
After you have performed the above mentioned tasks, now you may call, email or visit your Bank/ Financial Institution to resolve the issue. After your complaint has been noted, the bank will look into the matter, and process you refund. It might take some time to get that refund. Some losses suffered, due to low balance or overdraft due to the said transaction will also be refunded by the bank.
In case the failed transaction is said to be completed, and the amount has been transferred to the merchant then the merchant should be asked to refund the same amount.
Krishnaveni Advocate