You check your statement, and boom right there on the statement is a charge that you have no idea what it is from. You look at the entry, and it is not ringing any bells. You look at the amount and it is several hundred dollars, so you know you would remember. Worst of all, it was from your debit card, so this is your hard-earned money that is now gone. What do you do now?
First, you try disputing it with the bank, but they are claiming that the card was in your possession, so it can’t be fraud. Or maybe the bank is saying that you gave access to your account, so it’s your fault. Although banks are quick to refund disputed charges when it is a credit card, when it is a debit card and the money comes out of your pocket, they are not in a hurry to give a refund.
However, banks do not want you to know that if that charge was unauthorized, they HAVE TO refund you the money up to a certain amount if you notify them within a certain amount of time. If you notify them within 2 business days of the theft, loss, or misuse of your card, then you are only obligated to pay $50 of the total amount. If you notify them between 3-60 days of the theft, loss, or misuse of your card, then you may be liable for amounts up to $500.
But, if you notify the bank after 60 days, then you run the risk of being liable for the entire amount that was misused.
If you have had your money stolen or your debit card was used without your permission, and the bank is making you pay for the entire amount, then give us a call! Not only are you not required to pay that amount, but you may also be entitled to actual damages and statutory damages between $100-$1000.
Give us a call today to have a FREE consultation with an attorney.
