person using ATM

If you’re like most people, you likely check your bank account frequently. Whether you’re making sure a deposit went through or reviewing your checking account before making a purchase, discovering a transaction you don’t recognize can be terrifying. Not only does this mean you’re missing money, but it also indicates that someone has your personal information. If this reflects your circumstances, it’s important to understand the laws regarding unauthorized bank transactions to help you. You’ll want to keep reading to learn why you should connect with a San Diego County identity theft lawyer to help you through these challenging times.

What Is an Unauthorized Bank Transaction?

Essentially, an unauthorized bank transfer occurs any time money leaves the account of a consumer without their permission. This can be done in several ways, from gaining access to someone’s ATM card and PIN to hacking their online banking account to move money.┬áIt’s important to note that this is a form of identity theft, as the individual is using your personal information to impersonate you for their gain.

Are There Laws in Place to Protect Me?

As a consumer, familiarizing yourself with the various laws in place to protect your rights is critical. One of the most important laws established to protect your rights in these instances is the Electronic Funds Transfer Act. This is a set of laws that essentially states that if your bank refuses to reimburse you for the losses you’ve endured because of identity theft and unauthorized transactions, you may be eligible for compensation.

It’s important to take the correct steps if you discover you are a victim of an unauthorized bank transaction. The first thing you must do is immediately notify your banking institution of the theft. The sooner you can notify your bank of the loss, the more likely you are to receive a reimbursement for the funds. Generally, if you lose your ATM card or PIN and you report the loss within two days, you are only responsible for 50$ in damages. However, if you still have your card, you have up to sixty days to report the theft to recover compensation.

What Should I Do if I Need Legal Help?

As you can see, these circumstances can be overwhelming. That’s why it’s in your best interest to connect with an experienced attorney as soon as possible. Not only can they assist you in filing the necessary disputes with your bank and financial institutions, but they can also assist in the event your bank tries to violate the Electronic Funds Transfer Act.

At Barthel Legal, we understand how devastating it can be to find your hard-earned money is missing. That’s why we are committed to helping you through these challenging times. Connect with us today to learn how we can fight for you and the justice you deserve.