One of the most chilling feelings is logging into your bank account to find your funds depleted, causing you to panic. Unfortunately, many are the victims of unauthorized ATM charges, meaning they are victims of theft. As such, you may ask your bank to reissue the funds, as there are likely protections in place. However, if they refuse to refund the stolen money, you may not know where to turn. Luckily, a California unauthorized ATM charges lawyer can help if your bank refuses to cooperate. Keep reading to learn more about these unfortunate circumstances.
What Are Common Ways Thieves Steal Money From Bank Accounts?
Unfortunately, one of the most common ways a thief can access your bank account is through your debit card. In many instances, they may make purchases with your card, as this money is taken directly from your account, as opposed to a credit card, where the money is simply credited to your line.
Similarly, if you lose your ATM card, someone can access your account with your PIN number. As such, it’s critical to ensure you do not keep a copy of your PIN with the card or anywhere else in your wallet, as they may be unable to access the account without this information.
It’s also important to note that many consumers have their financial information stored on their phones. Whether this is banking accounts or actual cards used to make purchases in stores, thieves can steal your device and hack it to bypass security settings.
Does My Bank Have to Refund Stolen Money?
In the event you discover money has been stolen out of your account or there are fraudulent charges, it’s imperative to act quickly. Luckily, the Electronic Funds Transfer Act (EFTA) may be able to help protect you in these instances. If there are unauthorized charges on your account and if you report it within two days of discovering the theft, you can only be held to a maximum liability of $50. The EFTA also requires banks to conduct an investigation into the transaction when you inform them it was unauthorized. Be sure to provide any proof you have, such as the fact that you were out of the country at the time of the purchase or a police report. However, a bank may not want to refund your money or take the time to complete a proper investigation, leaving you without your hard-earned funds.
Once the bank completes its investigation, it will issue a decision. Be sure to request this decision in writing. Additionally, they may claim they relied on documents to make this decision – you should ask for copies of these files they relied on.
In the event the bank or financial institution refuses to refund stolen money, it’s imperative to contact an experienced attorney. This can have significant impacts on your life, and you deserve the money stolen from you. As such, the dedicated team at Los Angeles Legal Solutions is ready to help you. We understand how overwhelming this process can be. That’s why we’re committed to helping you at every step along the way. Contact us today to learn how we can assist you through these challenging times.