Whether money is tight or you’re comfortable, the last thing you expect when checking your online accounts is to see that funds are missing from your account. Though your initial reaction may be to panic as this may be money used to pay rent or purchase groceries, if you’ve discovered unauthorized bank transactions on your account, it’s important to remain calm. The following blog explores what you should know about these matters and why connecting with a California unauthorized bank transfers lawyer is critical to protecting your funds and financial future.
What Are Unauthorized Bank Transactions?
Anytime someone accesses a bank account and makes transactions without the consent of the account owner, it is an unauthorized bank transfer. While you may assume this relates only to instances in which someone has physically used your debit card, these transfers can include forging checks, using your ATM card, or hacking your online banking account are considered unauthorized transactions when they occur without your permission.
Upon the discovery of funds missing from your account, you should immediately contact your bank or financial institution. Depending on the circumstances of the theft, you may only be held liable for a small amount of the funds missing while the rest are reimbursed. For example, if you lose your debit card and report the loss within two days, you are generally only held responsible for $50 while the rest is reimbursed by your bank.
In addition to reporting the fund, you may want to freeze your account until you can ensure your funds are no longer at risk.
What Laws Are in Place to Protect Me?
The Electronic Funds Transfer Act regulates how banks must respond to instances of unauthorized bank transactions For example, if you report the unauthorized access to your account and the banks do not assist you in providing the compensation you are entitled to under the law, this may be a violation of the act.
What Should I Do if the Bank Won’t Assist Me?
If you are the victim of unauthorized electronic transfers and the bank won’t assist in helping you recover the funds you are entitled to, you should connect with an experienced consumer lawyer. Unfortunately, many financial institutions are unresponsive when helping customers who have experienced fraud, meaning this can be a very isolating experience for victims.
However, the team at Loker Law, APC, is here to help. We understand that this can have a devastating financial impact on your future. As such, our firm is committed to helping you fight for the justice you deserve if you’ve been the victim of an unauthorized transaction for which the bank refused to assist. Connect with our dedicated team today to learn how we can assist you during these matters.
