Do Unauthorized Bank Transactions Count as Identity Theft?

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For many, living paycheck to paycheck is the reality of their financial circumstances. However, if you discover that money has gone missing from your account, it can be an incredibly terrifying feeling, as this can impact your rent, ability to afford groceries, and other bills you must pay. Many people are unsure how to proceed after experiencing unauthorized bank transactions. As such, you’ll want to keep reading to learn how a Los Angeles, California unauthorized bank transfers lawyer can help you receive the justice you deserve for these matters.

What Are Unauthorized Bank Transactions?

unauthorized bank transfers occur when money is moved out of someone’s account without the owner’s permission. This is often the result of identity theft, as the person responsible for making the transaction will pretend to be you in order to move money from your account. This can include accessing your accounts electronically through hacking, stealing your ATM card and PIN, or forging checks.

Are There Laws in Place to Protect Me?

It’s important to understand that the law is on your side in these matters. Generally, the Electronic Funds Transfers Act is in place to hold banks and financial institutions responsible if they fail to help consumers recover the funds they deserve after they are the victim of identity theft.

It’s also important to understand that many banks, depending on the circumstances surrounding your theft and when you report the missing funds, they will only hold you accountable for the first $50 stolen and reimburse you for the rest.

For example, if you have your physical cards, you may not immediately notice the theft. As such, you’ll have 60 days to report the theft to the credit union. This time frame starts when you receive the statement with the unauthorized charge. However, if your physical card is stolen and you notify the bank within two days, you can only be held accountable for the first $50 worth of transactions. If you notify them after two business days, you will be on the hook for up to $500 in unauthorized transfers.

What Should I Do if the Bank Won’t Help Me?

If you are the victim of unauthorized bank transfers and your financial institution won’t help you, it’s important to connect with an experienced attorney as soon as possible. Your attorney can help explore whether or not the bank violates the Electronic Funds Transfer Act, and if they are, they can help you fight to receive compensation.

If you’re the victim of identity theft that has caused you to suffer financially, the team at LA Legal Solutions is ready to assist. We understand how complex these matters can be, which is why our team is dedicated to fighting for you. Connect with us today to learn more.

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