Delays in resolving ATM dispense errors is the major problem that banks and customers now face in ATM business.
Sincerely, it’s natural to empathize with card holders when they get frustrated at their bank’s inability to resolve ATM dispense errors after several weeks of complaint.
But to be fair, the card holder and the bank involved have their respective roles to play towards the resolution of ATM dispense errors.
The failure of any party could lead to delays in resolving ATM dispense errors or none resolution.
Our focus in this post will be on one major weakness that has been noticed over time on the side of the account holders while seeking for dispense error resolution.
This has to do with correctness and completeness of information submitted to any bank as a claim for reversal.
Your failure as a customer to submit the correct and complete information pertaining an ATM dispense error complaint could mar the resolution process.
Quickly find out below the mandatory information a card holder must provide to enable the bank(s) resolve ATM dispense errors.
1.Account holder’s name
As simple as this may look, so many customers miss it here. It‘s very common when the cardholder sends a representative to make the complaint on their behalf. You find the name of the complainant written instead of the account holder. In some cases, even the name of account holder is omitted totally.
2.Account number of the cardholder
The account number of the cardholder is needed by the bank if reversal must be made. The account number provided must match the account name in the bank’ database and as written on the complaint form. Any discrepancy could delay or mare the entire resolution process.
3.Primary Account Number (PAN)
The PAN is the lengthy number written across the front of an ATM card. It’s highly required for dispense error resolution. A customer must ensure that it is copied correctly and securely in line with global best practices.
4.Type of dispense error
The card holder must be able to state the type of dispense error suffered. Ensure to pick correctly from the list:
- No cash payment
- Underpayment of cash ie Partial dispense
- Overpayment of cash
- POS dispense error
This will aid the bank officials to treat the complaint appropriately. The wrong information here will definitely lead to failed resolution.
5. Transaction Amount and amount in dispute
Ensure to state correctly the actual amount debited and the amount that was not paid. In the case of complete dispense error, the transaction amount and disputed amount should be the same. It is expected that the figures will differ when there is partial dispense error.
6. Transaction date
Endeavor to provide the actual date of transaction. This has remained the most difficult step for bank customers. And it is often triggered by delays in reporting. A customer’s account statement will definitely help in solving the date puzzle.
7. Bank of Transaction
The bank required here is the acquirer bank. The bank that owns the ATM terminal or POS used by the customer. Please take note not to mix it up as the account holder’s bank. If you miss it here, then all other correctly provided information will not matter.
8. Details of Merchant (strictly for POS transactions)
The name and address of the merchant are required when a POS is involved. Accuracy is mandatory here. Any wrong information would most likely jeopardize the resolution process.
Quickly grab this checklist:
- Account holder’s name
- Account number of card holder
- Primary Account Number (PAN)
- Type of dispense error
- Transaction Amount and amount in dispute
- Transaction date
- Bank of Transaction
- Details of Merchant (strictly for POS transactions)
An account holder should be certain to have a dispense error resolved within stipulated timeline if this information is correctly provided.