Is there a timescale to reclaim funds from an ATM dispute? (2024)

FAQs

Is there a timescale to reclaim funds from an ATM dispute? ›

The bank or credit union must then resolve the issue in 45 days, unless the disputed transactions were conducted in a foreign country, were conducted within 30 days of account opening, or were debit card point-of-sale purchases. In those cases, you may have to wait as long as 90 days for the issue to be fully resolved.

If you didn't receive your cash from an ATM, the ATM provider may refund it automatically if they identify an error. This can take up to 5 days after the payment shows as 'settled'.

The standard procedure for investigating bank card and ATM fraud takes up to 10 days. During this time, bank representatives must decide whether a crime or attempted fraud has been committed. If so, the customer will receive compensation or temporary credit until the disputes are resolved.

While many cases can be resolved quickly, some are more complex and can take up to 90 days.

Banks investigate the nature of the disputed charge, examining transaction records, merchant information, and any related communications or documentation provided by the customer and merchant to determine if the charge was authorized and accurately processed.

The ATM settlement is processed on all working days at 9 am in Bank's RTGS Settlement account. For second and fourth Saturdays, Sundays and RTGS holidays, the settlement entries are posted on the next working day.

Banks leverage sophisticated rule-based detection systems that monitor transaction patterns and flag anomalies. These systems analyze factors such as transaction frequency, amount, and geographical location, comparing them against established customer profiles and historical data.