There is nothing more upsetting than discovering that money is missing from your bank account. After all, you work tirelessly for the money you earn, so when unauthorized transactions riddle your checking or savings account, it can make your blood fun cold. Unfortunately, many people are unaware of what do to during these difficult times and may find their bank less than helpful when disputing the transactions. If your bank refuses to refund the money unlawfully taken from your account, understanding your legal options is imperative. The following blog explores how you should proceed during these matters and why connecting with a Los Angeles, California unauthorized bank transfers lawyer is in your best interest.
What Should I Do if I Notice an Unauthorized Bank Transaction?
When you find an unauthorized transaction in one of your bank accounts, it can be incredibly upsetting, regardless of how much money was taken. As such, the first step you should take is to immediately contact your bank to report the transaction. If possible, pull up you online banking information on another screen, as you’ll likely need to provide a considerable amount of information regarding the transaction to the representative.
When speaking with the agent, you’ll want to inform them that you are formally disputing the charge. This will trigger the bank to begin an investigation into the transaction. In the meantime, you may be temporarily reimbursed until the investigation concludes.
How Should I Proceed if the Bank Won’t Refund My Money?
Typically, when you dispute a transaction through your bank, they will typically have ten days to investigate and issue a response. Unfortunately, the investigation may not be as in-depth as you assume, as the bank will typically look at whether or not you’ve made purchases at that location before, if the purchase matched your geolocation at the time it was made, how the money was moved out of your account, and any additional information they may deem relevant to the investigation. As such, they may come to the conclusion that the transaction was not fraudulent.
In this event, you may want to file an appeal to the decision. Typically, you’ll find the first thing you should do is review why the claim was denied, as this can provide important insight into the decision.
Though trying to appeal a decision with a bank can feel like an impossible battle, it’s imperative to understand that the law is on your side. As a consumer, you have a number of rights granted by laws like the Electronic Funds Transfer Act (EFTA) and the Fair Credit Billing Act (FCBA). These both provide important regulations as to how the banks should investigate and what happens if they fail to do so properly.
When your money is taken and the bank refuses to refund you, the most important thing you can do is connect with an experienced consumer attorney. At Los Angeles Legal Solutions, our team understands how taxing it can be to fight for your rights during these matters, which is why we will do everything in our power to assist you during these complicated times. When you need a team ready to fight for you, LA Legal is here. Contact us today to learn more.
