What would you consider safe – online banking or an ATM encounter?
The answer in unison will be ATM encounters. The question is a no brainer. Online monetary transactions are plagued with hackers and stories of phishing, key loggers, Nigerians and the list just starts at every end.
My mind had instilled the fear of these hazards in my heart. This fear reframed me from logging in into my bank account to enquire my balance let along executing online transactions. As life evolved, I reached a point where I would never get into something that did not have an online solution. I paid all my utility bills online, I made third party transfers online, I made fixed deposits online, and again the list just begins every time I think I have reached the end. People who know me may want to attribute this to my introvertness and the adage that guides my life “I rather interact with technology than natives”.
In my last four years of online dealing, not once have I lost money. I wish I could make the same comment for ATMs. That is right; I lost money in an ATM … TWICE. Here is how.
The first time was almost 4 years back. I tried to withdraw from my ICICI account using an HSBC ATM. I cannot seem to recollect the reason for the failed transaction but at the end of the interaction, all I had was a look of WTF and a slip of a failed transaction. In frustration, I walked out only to realize the next day that the bank had debited INR 3,000.
The second time was almost 4 days back. I tried to withdraw from my HDFC account using an AXIS Bank ATM. This time the transaction failed because the ATM lost satellite connectivity. At the end of the interaction, all I again had was a look of WTF, no slip of failed transaction and an SMS that said thank you for using your debit card to withdraw INR 6,000.
I had to forfeit INR 9,000 to learn the following lessons in using an ATM:
- ATM interactions can be more irksome
- Though the Government of India has given the flexibility of using cross-bank ATMs without a transaction fee, people have failed to understand the risk that comes along. I assure you, you would not have lost money had you withdrawn from an ATM of the same bank. Even if you did, disputing and reversing the transaction would be a lot easy and a lot faster.
Side Note: I probably started using an ATM 8 year ago and I see a pattern here. I seem to lose money from an ATM transaction once every 4 years.
Do you have a story where you lost money online or in an ATM? Tell me.
