What Happens If The Bank Refuses To Return Your Money?
Even more frightening than finding out somebody hacked into your account and stole money is when your bank advises that it believes no error occurred. In other words, the bank alleges that you authorized or allowed it to happen and refuses to return funds that were fraudulently or erroneously taken.
Consider SmithMarco, P.C., a source of information and advocacy when your bank account has been hacked and your back does not believe you or will not make it right.
Ask Our Attorneys How To Fight Back When You Have Lost Funds From A Bank Account
Laws spell out what banks should do when a customer reports losses from a bank account. When this happens and you raise objections, the following should happen:
- A response to your dispute should come in the mail. If you wish to see whatever documentation was utilized to make the decision that the losses were authorized by you, a request can be made in writing. You should make that request and get those documents without delay.
- You should be provided actual evidence that reflects why the bank concluded that you authorized the transfer. Moreover, the information should be actual evidence, not a general explanation without evidence. Be sure to keep all correspondence and if you converse with anyone at the back, record the conversation or keep detailed notes about what bank personnel told you. This is very useful information for your attorneys.
- The bank’s investigation must be reasonable. They can’t legally ignore you. If the bank fails to conduct a reasonable investigation or comes to a completely unreasonable conclusion with the evidence they have, you may have a claim against the bank for violations of the Electronic Funds Transfers Act (EFTA). Such a claim entitles the consumer to three times their lost damages plus attorney fees.
We are consumer rights lawyers with much knowledge and interest in such cases. We urge you to contact us if you have had an experience like this with your bank.