Torgeek
Bank are required to reimburse you for fraudulent transactions, with the maximum amount of liability capped at $50 if the theft is reported promptly — within two days of the customer's noticing the unauthorized transaction — and $500 if it's not (there are nuances to this; read more here).
- Will I get my money back if someone stole money from my bank account?
- What happens if someone stole money from my bank account?
- Can people steal money from checking account?
- How long does it take for a bank to return stolen money?
Will I get my money back if someone stole money from my bank account?
Getting your money back
Your bank should refund any money stolen from you as a result of fraud and identity theft.
What happens if someone stole money from my bank account?
Call the bank's fraud division…now!
Once you contact the bank or credit union, it usually has 10 days to investigate your claim. It has another 3 days to let you know of the results. They have a total of 45 days to complete the investigation.
Can people steal money from checking account?
Yes, this is possible. Identity theft was the number one reported type of fraud in 2020 [*], according to the FTC. When scammers gain access to your personal information by phishing, for example, they can do one or more of the following: Gain access to your bank account and spend or transfer all your money.
How long does it take for a bank to return stolen money?
However, most banks give their customers 120 days to dispute a fraudulent charge and have more generous liability policies than required. Once notified, the bank has 10 business days to investigate the claim and reach a decision. If they find that fraud did indeed occur, they are obligated to refund the cardholder.
