Banking Disputes Frequently Asked Questions
If you noticed money missing from your bank account or unauthorized charges, you reasonably expect your bank to return your missing funds. However, sometimes banks do not cooperate and refuse to refund you. When this happens, we are here to answer your questions and protect your rights. Please see some answers to frequently asked questions about banking disputes below.
Someone took money from my bank account. Do I need a lawyer?
If your bank is refusing to return stolen money to your account, an experienced banking disputes attorney can help protect your rights and advocate for you. As consumer rights lawyers, we have the knowledge and experience you need to fight your bank and get your money back. If the dispute process does not work, you may need to consider legal action against them.
Do banks return scammed money?
If you get scammed, your bank must open an investigation. If they determine the charges were fraudulent, they must refund your money and remove the charge from your account. However, sometimes, a lack of evidence or error can prevent you from getting your money back. In these cases, working with a banking disputes attorney can make a huge difference in the outcome of your dispute.
How long does it take a bank to refund stolen money?
After opening an investigation, a bank has 45 days to resolve the issue and refund your money. It is vital that you contact your bank as soon as possible to start the process.
What if the bank won’t return stolen money?
If your bank won’t return money stolen from your account, contact us as soon as possible to discuss your options. In some cases, a bank refusing to return stolen money can violate the Electronic Fund Transfer Act (EFTA), which applies to certain unauthorized electronic transactions in personal bank accounts. Our attorneys have valuable experience and knowledge in EFTA claims and will help you with your next steps.
Can I get my money back if someone used my debit card?
Typically, banks have to return money to your debit card if someone else used it. However, it is vital that you follow your bank’s fraudulent activity reporting procedures to increase your chances of obtaining a refund. Under federal law, your liability for fraudulent charges on your debit card is $50 if you report the fraudulent activity within two business days. If you wait, you may be liable for $500. If you take more than 60 days, your bank is under no legal obligation to refund your money under federal laws.
Can you sue a bank for not refunding your money?
There are many steps to take with your bank before filing a lawsuit. You may have to file a police report or a report with the FBI, depending on the amount of money stolen. You can also file a complaint with the Consumer Financial Protection Bureau and the Federal Trade Commission. If these steps do not help, you may be able to file a lawsuit under the EFTA or applicable state laws. At SmithMarco, P.C., we will help you with every step of the process.
Let Us Fight For You
To learn more about your rights and how our banking dispute lawyers can help you, contact us to schedule a consultation. With offices in Chicago, Illinois, and Sarasota, Florida, we can assist clients nationwide with banking disputes. Call us at 888-915-0836 or complete our online contact form to get in touch.