Most people ignore checking their savings account balance, before withdrawing cash from an ATM and end up in a failed transaction. Even though there are many options like missed call and SMS facility for people to avail to know the available balance. Now the unaware customers will face inconvenience trying to withdraw money from an account with insufficient balance because the banks charge a fee for a failed ATM transaction. The customers get to know about this charge when a message is flashed on the ATM screen informing them of insufficient funds. To tackle this failed transaction, charge its ideal for customers to check the balance before an ATM transaction is made, it is also important to know the fees that banks charge for a failed ATM transaction.
State Bank of India (SBI), ICICI Bank, HDFC Bank, Kotak Mahindra Bank, Yes Bank, and other banks charge a fee for failed ATM transactions owing to insufficient balance in your account. The ATM screen will show a message informing the customer about ‘insufficient funds’, and the customer will be charged a nominal fee for a failed ATM transaction. Banks charges such fee to make the customer aware about their saving account balance before making transaction and reduce failed transaction in ATM.
The fee charged by some top banks, for a failed ATM transaction due to insufficient balance are
- State Bank of India which charges a fee of RS 20 + GST for failed transaction due to insufficient fund.
- HDFC Bank charges Rs 25 per transaction + taxes applicable for failed transactions at other bank ATMs anywhere in the world due to insufficient funds.
- ICICI Bank charges Rs 25 per transaction for declined transactions at other bank ATMs due to insufficient balance in the account.
- Kotak Mahindra Bank charges Rs 25 per transaction for a declined transaction.
- YES Bank charges Rs 25 per transaction fail due to insufficient funds.
- Axis Bank charges a charge of Rs 25 per ATM transactions declined due to insufficient funds at other bank’s domestic ATMs.