InvestorQ : I want to check my account balance in an ATM and then accordingly I will decide whether to withdraw money or not. If I do withdraw money, it will be considered as a single transaction, right?
shivangi Arora made post

I want to check my account balance in an ATM and then accordingly I will decide whether to withdraw money or not. If I do withdraw money, it will be considered as a single transaction, right?

Answer
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1 year ago


No.

You have mentioned two different transactions here:

1. Checking your account balance

2. Withdrawing money

You must be considering the money withdrawal to be the transaction that will count from the point of view of three free ATM transactions, but that is incorrect.

Banks consider even non-financial transactions as transactions and will count them against your monthly quota of three free transactions.

Thus, every customer needs to bear in mind that banks include financial as well as non-financial transactions when permitting three free ATM transactions.

Financial transactions are:

- Cash withdrawal

- Depositing cash

Non-financial transactions are:

- Making a balance enquiry

- Changing your debit card’s ATM pin

- Requesting a mini statement

Booking/ investing in a Fixed Deposit via the ATM