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? ›

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.

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.

Within 3 days: According to the apex bank of India, if you, as a customer, report any incident of a fraudulent transaction within 3 days of the incident, then you will bear zero liability for it. As a result, the total amount will be refunded to your respective bank account.

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.

Under the Fair Credit Billing Act of 1974, all payment card issuers must offer a chargeback process to remedy fraud and abuse. If a customer brings a valid dispute claim to their bank, a chargeback will result.

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.

If someone has fraudulently withdrawn money from your bank account, inform your bank immediately.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.

Claiming a refund

If you didn't authorise a payment, you should ask your bank for a refund. This refund should be in your account by the end of the next business day, along with any charges and interest you paid because of the transaction.

File banking and credit complaints with the Consumer Financial Protection Bureau. If contacting your bank directly does not help, visit the Consumer Financial Protection Bureau (CFPB) complaint page to: See which specific banking and credit services and products you can complain about through the CFPB.

Bank officials can't legally ignore you. If the bank fails to conduct a reasonable investigation or comes to a completely unreasonable conclusion with the evidence they have, you may have a claim against the bank for violations of the Electronic Funds Transfers Act (EFTA).

How much will a bank reimburse stolen money? ›

Banks must refund you in certain circ*mstances, but the longer you wait to notify them, the more likely your bank won't refund stolen money. If your debit card is lost or stolen, you should notify your bank within two business days of any unauthorized charges. If you do, the most you can be liable for is $50.

If the bank needs more time to investigate, they can take up to 45 days, but they must at least temporarily return the funds to the cardholder's account by the 10-day deadline. Many banks streamline this process by granting a provisional credit as soon as a dispute is filed.

The bank/credit union will put your money back into your account after they receive a signed affidavit certifying that the charges in question were not made by you. Return the affidavit through certified mail/return receipt requested so that you have proof of when and that it was delivered.

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 right away. To limit your liability, it is important to notify the bank promptly upon discovering any unauthorized charge(s).

You can also try searching for the name of the merchant to see what comes up. If you can't reach the merchant and still believe the charge to be fraudulent, you can dispute a credit card charge with Discover immediately by calling 1-800-347-2683.

How to request a chargeback. If asking the merchant for a refund didn't work, request a chargeback with your credit card issuer. Many card issuers let you dispute transactions by phone, mail or online. You may also be able to submit a dispute directly through your card issuer's mobile app.

If either a consumer or a vendor notices something is wrong with the payment, they can contact the bank to stop the transaction going through. This is typically the payment reversal type which involves the least hassle for both customers and businesses.