BSP on undispensed ATM withdrawals

Have you ever experienced withdrawing money from an automated teller machine (ATM) but no cash comes out even if the amount has already been debited from your account?

What do you actually do if this happens to you?

The Bangko Sentral ng Pilipinas advised tips to the banking public on what to do in case of undispensed withdrawal.

Undispensed withdrawal happens when an ATM machine fails to release the money but the amount is deducted from a person's account.

The central bank told the bank clients that if this happens to them, they must write down the date, time, ATM location and other information related to their transaction.

The BSP also advised the public to keep a copy of the transaction's receipt.

"Photocopy or take a snapshot of it because some receipts fade overtime," the BSP noted in an advisory.

Bank clients who experience undispensed withdrawal should also report immediately by calling their bank's hotline and report all the details of the incident.

In case the incident is not resolved, the central bank advised to file a letter of complaint with their bank.

"Include supporting documents like your receipt," the BSP told the public.

If the bank does not act on the complaint, they may report to the BSP.

"Include all details and copies of supporting documents," it said.

Withdrawing money from ATM has become a convenient way for most Filipino consumers.

Bringing money through the ATM card has also become more safer.

Most if not all the companies in the Philippines adopt the ATM payroll in disbursing salaries to their employees.

To reduce the risk of undispensed cash, bank clients are advised that if possible, they must withdraw from the machine of their bank.

They must also check first if the ATM has an indicated TID or terminal ID. Some ATMs do not dispense receipts due to some reasons. Knowing the TID will make it easier for them to report the incident.

To check if the machine is working or not, they must try to withdraw a small amount first.