Failed transactions not reversed, money held up?

Question

I have done transactions using PayZapp from mobile for 2XRs.2500 and Rs.400 and Rs.100 for a total of Rs4500 with Tata Sky one after other as each of them kept failing. I have confirmed with Tata Sky that the money did not get credited to them. I have raised complaints numbers 1133975 with and yet they are making me jump all the hoops, trying to part me with my hard earned money. This experience happened with my spouse's debit card too. For some reason, if a transaction fails, say goodbye to your money. They will make the process as unfriendly as possible in case the transactions fail so that you'll get vexed and ignore it. Shame on them ! 


 

Answer 1

Dear Sanagav,

At the outset, let me clarify that this site is designed by a group of senior Banking Professionals to assist Bank Customers at large to provide guidance for resolution of any complain/query/grievance in respect of financial services. This site does not belong to any Bank or a regulator, which may please be noted.

I understand your frustration. But you must fight and get back your money.

Technology has its positives and negatives. Everything happening in the account may not in the complete control of your bank in virtual banking environment. Still the bank is the custodian of your money and the bank has its accountability to help and resolves concerning transactions in your account. In this background I suggest you to formally bring the issue to notice of the bank through email or letter. Please narrate the entire sequence of events leading to where currently it is. The bank would be able to track the transaction flow, identify the beneficiary and inform you. Thereafter, besides the bank you can pursue with the actual beneficiary for refund if the required services were not rendered, of course subject to the terms and conditions of your engagement with them and their internal policy which you would have accepted before initiating the payments.

If officials at your home branch fail to help you, the matter may be escalated to Nodal Officer of the bank through email or letter, enclosing the copies of your correspondence with the branch and the merchant concerned. I am sure the Nodal Officer would help you out. If the matter still remain unresolved, 30 days after your first complaint, you may write to Banking Ombudsman for resolution. 

Contact details of Nodal Officer can be found on the bank's website. For address of the Office of the Banking Ombudsman, Area of Operation (jurisdiction) and the procedure for lodging complaint, you may access the website https://bankingombudsman.rbi.org.in/
 

Regards

 

J R Mohandas