Protecting the Rights of Consumers
For Over 25 Years
|
By
Edelman Combs Latturner & Goodwin, LLC
Q. I was a victim of account fraud last month. A person called my bank and got a new debit card issued to them in a different state. They used it to take all of the money in my account. I am still waiting to be reimbursed that money.
A. The Electronic Funds Transfer Act requires your bank to promptly investigate any claim of an unauthorized transaction and take corrective action.
You need to read your monthly statements and immediately notify the bank. If you call the bank, follow up in writing..
You can sue for any financial loss caused by unauthorized transactions permitted by the bank or for its failure to reasonably investigate a written complaint of unauthorized transactions and take corrective action.
The Electronic Funds Transfer Act provides for statutory damages and attorney's fees, so it should not cost you anything to have an attorney look at this. Provide the monthly statements starting from before the transaction in question and any correspondence to or from the bank, as well as any police reports.
