What Happens if the Bank Refuses to Return Your Money?

Even more frightening than finding out somebody hacked into your account and stole money is when your bank advises that it believes no error occurred.  In other words, the bank alleges that you authorized or allowed it to happen and refuses to return funds that were fraudulently or erroneously taken.  When this


  • That response to your dispute will come in the mail. It must advise you that if you wish to see whatever documentation was utilized to make that decision, a request can be made in writing –you should make that request and get those documents.
  • You should be provided actual evidence that reflects why the bank concluded that you authorized the transfer. Moreover, the information should be actual evidence, not a more specific explanation without evidence.  This is very useful information for your attorneys.
  • The banks investigation must be reasonable. They can’t 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. Such a claim entitles the consumer to three times their lost damages plus attorney fees!