Perils That Come With Debit Cards

Number of debit card related queries increased in 2018 but only in metro cities.

- Himali Patel

Your ATM or debit card is perhaps the most important and most used document that you carry in your wallet. From withdrawing cash to paying at retail outlets or even online shopping, it has completely changed the way we transact. However, using a debit card comes with its share of perils too.

All of us have faced instances where transactions have been declined or cash has not been disbursed but the amount has been debited or the automated teller machine failing to read the card. Fortunately, such matters can be resolved if one follows a few simple steps and lodges a complaint in case money has been deducted wrongly.

That said, RBI in its December 2018 report (trends and progress of banking in India) highlighted that the number of queries related to debit cards to Banking Ombudsman increased to 24,672 for June-July 2018 as compared to 16,434 over the same period in 2017. However, it also stated that most of the complaints came from urban areas owing to increasing awareness among customers. The report further stated that the efficacy of internal grievance redressal mechanism in banks has not been up to the desired level.

In case an ATM does not read your card, you must contact the bank with transaction details. Usually, they provide a solution within two working days. “This might happen due to link fluctuations with the machine and the customer needs to retry or recheck with an alternative terminal. If the magnetic strip on the card or the chip reader is damaged, the customer can call the helpline number or approach the nearest branch to solve the matter,” said Sudipta Roy, Head, Unsecured Assets and Cards, ICICI Bank.