Isn’t it frustrating to be waiting in huge queues to withdraw money from your bank’s ATM? Especially when the ATM of another bank, which is just a few feet away from you, seems almost empty? “Hell! Why didn’t I have an account in that bank,” I so often wonder. The only fact that holds me back from breaking my line and using the other machine is the fear of being charged extra for using the ATM of another bank. My hard earned money after all, why waste it unless absolutely critical?
But thanks to the equitable cooperative initiative by banks, looks like using the ATM of another bank is no more a sorry tale! It was announced by the Reserve Bank of India (RBI) last year that starting April 1, 2009, we can access any ATM installed in the country free of charge. While I am still waiting to hear from my bank on this, my friend’s often jokingly ask me -“Could this be an ‘April fool’s day’ prank or something?” God!!! I really hope not. 😀
Read the notice for yourself and find out: RBI Notification
Having said that, I am not sure if everything will be as rosy as it seems right now. I hope I am wrong, but this process seems to have some discrepancies. A couple of days back, a friend of mine told me how he used the ICICI ATM machine to withdraw money using a different ATM card and ended up in soup. Although he got the ATM receipt reflecting the money transaction, the money never actually came out of the ATM machine. It’s been a few days past this incident but the issue still stands unresolved. Well… what can I say? This could have also been the case of a ‘bad day’ for the poor chap!
All said and done, I wonder if any of you have had similar experiences. Have any of you withdrawn money from another bank’s ATM for free (of course I’m not talking about corporate cards in this case)? Do share what you know. I’d love to dig deeper into this!
Link: RBI Notification