The Hindu Business Line : An encounter with ATM

ALMOST a year ago a colleague of mine had a run-in with the ATM of one of the two major American banks in India. He put in his card, punched in a request for Rs 8,000 in cash, and the money duly spilled out of the cash dispenser.

So far, all was well. But, simultaneously, the machine had released a transaction slip which fluttered to the ground. As my colleague fumbled for it, using one hand to keep his glasses from falling off, and keeping one eye on the cash that had popped out of the machine and his wallet placed on it, the machine simply swallowed up the money, and then, with a satisfied belch announced that `the money has been debited to your account.'

When the statement for that month arrived a few weeks later, he discovered to his amazement (and distress) that it was not a joke. They wanted him to pay back money that, as they knew full well, had never been given to him in the first place.

What was to be done now? Well, the staff manning the call centre advised, you could always ask for a refund, after first settling your `dues.'

Harried at the time by other worries, he duly paid up the money, lodged a complaint — and then forgot all about it. But recently, while checking his account online, he discovered under `recent credits,' not only an entry saying entry of such and such date reversed, but also refunds for the service charges and service tax related to this transaction.

Older and wiser, this time he did not hesitate. He simply grabbed the cash and ran. But then came the thought, ought he to insist on interest on the `disputed' claim for the year the money had lain with the bank. After all they would have charged him 2.79 per cent per month or whatever it is; compounded daily.

Wondering what to do, he turned to another colleague. Who, characteristically, `cool as some cucumbers' advised him, without seeming to do so, `Well, I don't know. I would probably let it go. I don't know much about interest and all these things. Besides, it could take another year." That decided it. Because this time he could no longer allow himself the luxury of putting in a claim and then forgetting all about it. Not if he was serious. On the other hand, storing up the acrimony for a year — well, the game was just not worth the candle.

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An encounter with ATM