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Did You Know?

Did You Know?
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First Published: Wed, Dec 16 2009. 09 27 PM IST

Updated: Wed, Dec 16 2009. 09 27 PM IST
“Did you hear what the boss told Shalini?” As you leaned over to listen to your friend’s story, the automatic teller machine (ATM) that you were at ate up the money it threw out before you could collect it.
Cut the panic
That’s reason enough to panic. But relax, this is just a safety feature inbuilt in most ATMs. All ATMs give you a window of half-a-minute or a few seconds, varying across banks, to pull out the greens. If you fail to do so within that time, they simply suck back the notes and dump them into a separate section.
What happens to the money?
You will get a slip saying “customer timed out”. This is also communicated to the host bank. The amount will remain debited from your account for a brief period of time, but will be restored as soon as the host bank verifies the unclaimed amount. This happens only in ATMs that give out a bunch of notes together and not spray out cash.
Watch out for
ATMs even suck back your credit/debit/ATM card if you do not collect it within the stipulated time.
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First Published: Wed, Dec 16 2009. 09 27 PM IST
More Topics: ATM | Debit Cards | Security | Banking | Money Matters |