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? ›

Let's say the wrong amount was deducted from your checking account. Or maybe you've discovered a payment that you never authorized. No matter how your check was processed, you should contact your bank right away. The bank might be able to clear up the problem quickly.

Contact your bank or credit union as quickly as you can when you discover any unauthorized payment. If the check was processed as an electronic transfer, you have additional protections under federal law. If the check was not processed as an electronic transfer, you may have protections under state law.

Submit complaints to government agencies

If the Consumer Financial Protection Bureau (CFPB) finds that your bank did not follow proper procedures or violated any laws, the bureau may take legal action. You can submit a complaint by: Completing the online form. Calling 855-411-CFPB (2372).

If someone has fraudulently withdrawn money from your bank account, inform your bank immediately.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

For example, banks usually issue refunds within 7 to 10 days for transactions involving a stolen debit card or unauthorized electronic fund transfers. For more complex cases, like those involving considerable sums or intricate tactics like a check scam, most banks will resolve claims within 10 to 45 days.

Contact the company or bank that issued the credit card or debit card. Tell them it was a fraudulent charge. Ask them to reverse the transaction and give you your money back. Did a scammer make an unauthorized transfer from your bank account?

The short answer is: it depends. While getting a refund after losing money to scammers is possible, the outcome depends on factors like bank policy, the type of scam, the amount lost, and how quickly the scam was reported. According to US federal law, banks must reimburse you for unauthorized transactions.

On being notified by the customer, the bank shall credit (shadow reversal) the amount involved in the unauthorised electronic transaction to the customer's account within 10 working days from the date of such notification by the customer (without waiting for settlement of insurance claim, if any).

File a complaint about a financial institution

Contact the branch manager, the customer service hotline, or the institution's website. Use this sample complaint letter as a guide to help you explain the problem and how you want the bank to fix it. Provide copies of receipts, checks, or other proof of the transaction.

Explain what's happened and ask if you can get a refund. If you're not happy with how the bank deals with your claim, you can complain to them. Find out how to do this by checking their website. If it's been 8 weeks since you complained, and you haven't got your money back, contact the Financial Ombudsman.

How to get money back if fraudulently taken from the account? ›

If you notify your bank or credit union within two business days of discovering the loss or theft of the card, the bank or credit union can't hold you responsible for more than the amount of any unauthorized transactions or $50, whichever is less.

Contact your bank immediately

Usually, the bank will have a team of investigators who look into it for you. If you claim the use of the card was not authorised by you, it is for your bank to prove otherwise. The bank may be able to cancel the payment or put the money back into your account.

You may be able to get your money back from an unauthorised transaction if: there was fraud or negligence by an employee or agent of a bank or credit union, or another third party. a forged, expired, faulty or cancelled PIN/password or card was used.

1. 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."

If you suspect that a transaction is fraudulent, please call us right away at 1-866-240-7938. Or, you can contact Customer Service online or initiate a dispute.

Usually this applies to debit card payments, as well. Banks are obliged to refund unauthorized transactions, so a customer who claims they did not authorize a payment may have their funds returned by their issuer.

Contact your bank immediately if you suspect unauthorized transactions or money missing from your account, advises the Consumer Financial Protection Bureau. You'll need to notify your bank within 60 days after you receive your statement showing the unauthorized transactions.

Unfortunately, there is no guarantee that you will get your money back if your bank account is hacked. If you report any fraudulent transactions as soon as you identify them, your bank will most likely work with you and give you a refund.