He filed a report with local police, then reached out to ABC’s “7 On Your Side,” which contacted the bank on his behalf. The bank then refunded nearly $20,000 more.
In a statement, U.S. Bank told Moneywise, “We’re committed to helping our customers protect their accounts from fraud. We encourage customers to regularly review their accounts and contact us as soon as they notice activity they don’t recognize. We have a rigorous process for reviewing any claims of unauthorized activity based on the individual circumstances and information available at the time.”
If you notice unauthorized transactions on your bank account, resolving it can be a long, arduous process without a lot of transparency. While it helps to have a major news organization advocating for you, that’s not a resource that’s available to everyone.
What to do when you notice unauthorized transactions on your bank account
Banks are legally required to respond to you when you notice an unauthorized charge on your account. However, how they have to respond depends on the time frame in which you discover and report the issue.
If you realize that your debit card has gone missing, for example, it’s a good idea to reach out to your bank immediately. Once you realize it’s missing, you have two business days (not including the current day) to let the bank know about it.
If you reach out in that time frame, your maximum liability is $50. If you don’t reach out in time, your liability increases up to $500 for transactions that take place after those two days have passed.
You have more time to let your bank know about an issue with your bank statement — 60 days.
If you let your bank know about an unauthorized transaction within 60 days from when the statement was sent, you’re not liable for any money lost as a result of someone else accessing your account. If you fail to do that, though, you’re liable for any loss that happens after that 60-day mark.
There are some extenuating circumstances that qualify for an extension of the 60-day time limit and reporting requirements. For example, if a customer is hospitalized and unable to report the loss, then notice can be given by someone acting on their behalf.
What to do if you think your bank still hasn’t made your situation right
Ideally, if you notice an error with your account, you’ll catch it in time, notify the bank and get your money back.
