What to do if you lose money from your credit/debit card

K. ARAVIND

Many people may have experienced the situation where the money is debited from the account but not credited to the shop owner’s account when paying the bill at any restaurant or shop using a credit card or debit card. You will receive an SMS from the bank stating that the money has been debited from the account but the transaction will not be completed as it will not reach the payee’s account. You will have to pay by card again to complete the transaction.

Trying to book a train ticket or an airline ticket online is not uncommon. Although the screen shows ‘session time out ‘, it is often felt that the money has been debited from the account. If you want to book a ticket, you will have to complete the re-booking process from the beginning.

Normally the debited money from such account will be returned within a few days before the transaction is completed. But what if the money is not refunded?

You will have to apply to the bank for a refund. The time limit for applying for a refund after a loss of money varies from bank to bank. The time limit is 45 days to 120 days by various banks.

For this you have to fill the prescribed form and submit to the bank that issued the card. This should state the reason for applying for a refund. After this, the bank that issued the card will approach the bank where the money was deposited and inform about the complaint. After inquiring into the account in which the money was deposited (whether the money was deposited in the account of the service provider or in the account of the payment gateway institution) this amount will be withdrawn and returned to the cardholder’s bank.

The merchant may accept the refund or prove that he has provided the service or goods. If the merchant has provided a service or product, there is an opportunity to provide sufficient proof of it. If the merchant does not reply to the bank within the stipulated time, the money will be withdrawn from the merchant’s account and paid to the cardholder’s bank.

If the perchant presents proof, the customer can provide further evidence to prove that he or she did not receive the service or product. In this case, the merchant will have to provide further evidence to substantiate his claim.

If the dispute is not resolved, the service provider will investigate the issue and fine the the customer or merchant for committing fraud.