Here are some important tips on How to retrieve your money, for shoppers and merchants.
How do I get back money that was
stolen from my debit card account or through other electronic fund
transfers?
The Electronic Fund Transfer Act provides consumer
protections for transactions involving an ATM or debit card or other
electronic way to debit or credit an account. It also limits your
liability for unauthorized electronic fund transfers..
It's important to
report lost or stolen ATM and debit cards immediately because the
amount you can be held responsible for depends on how
quickly you report the loss.
If you
report your ATM card lost or stolen within two business days of
discovering the loss or theft, your losses are limited to $50.
If you
report your ATM card lost or stolen after two business days, but
within 60 days after a statement showing an unauthorized
electronic fund transfer, you can be liable for up to $500 of what
a thief withdraws.
If you wait
more than 60 days, you could lose all the money
that was taken from your account after the end of the 60 days and
before you report your card missing.
The best way to
protect yourself in the event of an error or fraudulent transaction
is to call the financial institution and follow up in writing - by
certified letter, return receipt requested - so you can prove when
the institution received your letter. Keep a copy of the letter you
send for your records.
After receiving
notification about an error on your statement, the institution
generally has 10 business days to investigate. The financial
institution must tell you the results of its investigation within
three business days after completing it and must correct an error
within one business day after determining that the error has
occurred. If the institution needs more time, it may take up to 45
days to complete the investigation - but only if the money in
dispute is returned to your account and you are notified promptly of
the credit. At the end of the investigation, if no error has been
found, the institution may take the money back if it sends you a
written explanation.
Note: VISA and
MasterCard have voluntarily agreed to limit consumers' liability for
unauthorized use of their debit cards in most instances to $50 per
card, no matter how much time has elapsed since the discovery of the
loss or theft of the card.
The FTC works for the
consumer to prevent fraudulent, deceptive and unfair business
practices in the marketplace and to provide information to help
consumers spot, stop and avoid them. To file a
complaint or to get
free information on
consumer issues, visit
www.ftc.gov or call
toll-free, 1-877-FTC-HELP (1-877-382-4357); TTY: 1-866-653-4261. The
FTC enters Internet, telemarketing, identity theft and other
fraud-related complaints into
Consumer
Sentinel, a secure, online database available to hundreds of
civil and criminal law enforcement agencies in the U.S. and abroad.
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