How do I get my money back after I discover an unauthorized transaction or money missing from my bank account? | Consumer Financial Protection Bureau (2024)

FAQs

How do I get my money back after I discover an unauthorized transaction or money missing from my bank account? | Consumer Financial Protection Bureau? ›

File a complaint with the Consumer Financial Protection Bureau (CFPB). If the bank won't refund your money, the CFPB will investigate. The CFPB will follow up, and most companies respond within 15 days.

Banks, therefore, employ comprehensive investigation procedures to combat fraud, protect their customers, and preserve their own credibility.

Once you notify your bank or credit union about an unauthorized transaction (that is, a charge or withdrawal you didn't make or allow), it generally has ten business days to investigate the issue. The bank or credit union must correct an error within one business day after determining that an error has occurred.

For more details, give a missed call on 14440. If someone has fraudulently withdrawn money from your bank account, inform your bank immediately. When you notify the bank, remember to take acknowledgement from your bank. The bank has to resolve your complaint within 90 days from the date of receipt.

Some situations are successfully resolved over time, but many consumers are not as fortunate. If you have notified your financial institution about unauthorized transactions, but your bank won't refund stolen money, you may need a consumer fraud lawyer to protect your rights.

Did a scammer make an unauthorized transfer from your bank account? Contact your bank and tell them it was an unauthorized debit or withdrawal. Ask them to reverse the transaction and give you your money back.

As a consumer, you are entitled to file a lawsuit against any bank, credit union or other creditor who violates your rights under the EFTA. In short, the EFTA allows a consumer to recover their actual damages, statutory damages of up to $1,000 and their attorney's fees and costs.

If you have transferred money into someone's bank account but want it returned,you will have to ask them to pay it back to you. However if the payment resulted from a transaction paid via a credit card,or eBay or PayPal you can dispute the transaction and maybe get a refund.

Do banks always refund Unauthorised transactions? ›

Your bank can only refuse to refund an unauthorised payment if: it can prove you authorised the payment. it can prove you acted fraudulently.

There are three possible tiers of consumer liability for unauthorized EFTs depending on the situation. A consumer may be liable for: (1) up to $50; (2) up to $500; or (3) an unlimited amount depending on when the unauthorized EFT occurs.

First, the reversal must be sent to the bank within 24 hours of noticing the error and no later than 5 banking days after settlement. Then the payment originator must also reach out to the payment recipient to inform them a reversal is in progress.

Submit a dispute for stolen or lost funds

You have 60 days to report funds stolen from your account, starting from the time you receive the bank statement that shows the fraudulent transaction [*]. After contacting your bank to explain the situation, you should formally dispute the charges.

1. Initiate a dispute online or by phone. To dispute a credit card charge with Discover online, log into your account and go to the "Activity and Statement" page under the "Activity" dropdown at the top of the page. From there, select the transaction or transactions you want to dispute and click "Dispute This Charge."

Contact your bank immediately

Usually, the bank will have a team of investigators who look into it for you. If you claim the use of the card was not authorised by you, it is for your bank to prove otherwise. The bank may be able to cancel the payment or put the money back into your account.

Your bank can only refuse to refund an unauthorised payment if: it can prove you authorised the payment. it can prove you acted fraudulently.

Contact the company or bank that issued the credit card or debit card. Tell them it was a fraudulent charge. Ask them to reverse the transaction and give you your money back.

Getting my stolen money back

Provided you've done nothing to compromise the security of your account, you should get your money back. But this isn't guaranteed. Refunds can be delayed or refused if the bank has reasonable grounds to think you've been grossly negligent, such as telling someone your PIN or password.

Banks usually have 10 days to investigate fraudulent transactions, and they must correct the balance within one business day after determining an error occurred. It's best to check your credit reports to ensure your other financial information hasn't been stolen.