ATM-victims-know your retrieval limits

ATM-Thefts have left the victims bleed non-stop with as the thefts are frequemnt with high shills without even latent footprints lefts. In an ATM , Delhits complained to have found similar withdrawals in lakhs leaving no clue to the banks or the account holder find who, when the money was siphoned. Police finding no clues, suspects a gang involved in hacking the ATM's machine computer system. Reserve Bank of India has its norms to restrict the liabilities of the consumer's unauthorized electronic transaction in their bank accounts.

Customers are bound to know how much liability the bank has in case of unauthorized transaction. RBI to establish a safety-net for citizens within the national drive for the digital transaction, rising incidents of frauds.

a.Zero Liability

A customer will beentitled to zero liability when the unauthorized transaction occurs like

1.contributory fraud or negligence or deficiency on the part of the Bank.(irrespective of whether or not the transaction is reported by the customer), where a third party breach with deficiency lies neither with the bank nor with the customer but elsewhere in the system, the customer notifies the bank within 3 days of receiving communication from the bank regarding the unauthorized transaction.

b. Limited Liability

A customer will have limited liability for the loss occurring due to the unauthorized transaction in the following two cases.

1. the customer will bear the loss in toto, if he shared the payment credentials until he reports the unauthorized transaction to the bank. Any loss occurring after reporting the unauthorized transaction shall be borne by the bank.

2. If the responsibility of unauthorized banking transactions lies neither with the bank nor with the customer (of four to seven working days after receiving the communication from the bank) on the part of the customer in notifying the bank of such transaction, the customer shall be limited to the transaction value or the amount mentioned on the website of RBI, whichever is lower. Further, if the delay in reporting beyond seven working days, the customer liability shall be determined as per the bank's Board approved policy with regard to customer's liability formulated in pursuance of these direction at the time of opening of accounts. Banks shall also display their approved policy in public domain for wider dissemination. the existing customers should also be informed individually informed about the bank's policy.

Look RBI website for further information.


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