Need serious help - bank related issue.

Akilldema · 08-13-2010, 05:10 PM

Looking for some help for a friend here. He left his wallet in a bathroom accidentally and some asshole snagged it and spent 4,000$ on his debit card. He's had something similar happen before and has filed a fraud claim so his bank is telling him he is liable for the amount. Is there anything he can do to recoup his loss? The police were of no help. Thanks for any helpful advice.

Trip · 08-13-2010, 05:15 PM

tell the bank to go fuck themselves and then show them this from the federal government

http://www.ftc.gov/bcp/edu/pubs/cons...dit/cre04.shtm

For example, if you report the loss within two business days after you realize your card is missing, you will not be responsible for more than $50 for unauthorized use. However, if you don't report the loss within two business days after you discover the loss, you could lose up to $500 because of an unauthorized transfer. You also risk unlimited loss if you fail to report an unauthorized transfer within 60 days after your bank statement containing unauthorized use is mailed to you. That means you could lose all the money in your bank account and the unused portion of your line of credit established for overdrafts. However, for unauthorized transfers involving only your debit card number (not the loss of the card), you are liable only for transfers that occur after 60 days following the mailing of your bank statement containing the unauthorized use and before you report the loss.

Akilldema · 08-13-2010, 05:17 PM

Thanks man, going to fwd that to him now. Is there any clause that states the bank can refuse a claim if there have been previous claims?

'73 H1 Triple · 08-13-2010, 08:21 PM

So what bank is trying to screw him over?

Akilldema · 08-13-2010, 08:25 PM

Wachovia. I sent him the link and he'd already reported the card missing immediately after he noticed. He's going to go in there monday with a printout and try to get it settled. He makes a good income and keeps most of it within the bank, so I hope with those factors in mind they won't give him too much shit.

Uma · 08-13-2010, 10:06 PM

I know I'm a little late reading this thread, but I've worked in financial insitutions for years. Trip pretty much summed up the details. Here's a couple highlights: If you notice that your card is stolen or something is amiss, you report it instantly. The longer you wait, the more you're liable for and the more you expose yourself to damages. If something unauthorized shows up in your account, you have 60 days to dispute it. You may be required to file a police report, as this helps to prove your sincerity in solving the problem- not just letting someone borrow your card and then go 'ooops, guess I shouldn't have done that'. Police reports also help the bank prove to whoever they go after, that it was a reported incident, the report can be used in court, etc... some places (like my CU) require police reports for numerous reasons.
Anyway, whether or not there's a 'clause' to refusing a claim, if someone has a 'habit' of reporting lost cards and/or unauthorized charges, and it's a repititious thing, then yes, the bank might try to start denying the claims. Many places have $1,000 limits on their debit cards so that an account can't be drained if the card is lost or stolen. Your friend might consider lowering the daily withdrawal allowance.
Wachovia is one of the places I always hear complaints about, honestly... tell your friend to join a credit union!
I don't know if any of that helped or not, or if I'm just beating a dead horse. I wish your friend good luck with this. Lost debit cards/check books/credit cards are things I see daily, and it's never fun to deal with for the poor victims. Make sure you tell your friend to monitor the hell out of that account. Ideally, the account should be closed, and a new one opened. This will help prevent further fraudulent/unauthorized activites.

Good luck.

08-13-2010, 05:10 PM	#1
Akilldema Canyon Carver Join Date: Feb 2010 Location: Northern VA Moto: FJR1300 Posts: 462	Need serious help - bank related issue. Looking for some help for a friend here. He left his wallet in a bathroom accidentally and some asshole snagged it and spent 4,000$ on his debit card. He's had something similar happen before and has filed a fraud claim so his bank is telling him he is liable for the amount. Is there anything he can do to recoup his loss? The police were of no help. Thanks for any helpful advice.

08-13-2010, 10:06 PM	#6
Uma Better half of Gas Man Join Date: Jun 2010 Location: SE, MI Moto: '09 Harley Nightster Posts: 178	I know I'm a little late reading this thread, but I've worked in financial insitutions for years. Trip pretty much summed up the details. Here's a couple highlights: If you notice that your card is stolen or something is amiss, you report it instantly. The longer you wait, the more you're liable for and the more you expose yourself to damages. If something unauthorized shows up in your account, you have 60 days to dispute it. You may be required to file a police report, as this helps to prove your sincerity in solving the problem- not just letting someone borrow your card and then go 'ooops, guess I shouldn't have done that'. Police reports also help the bank prove to whoever they go after, that it was a reported incident, the report can be used in court, etc... some places (like my CU) require police reports for numerous reasons. Anyway, whether or not there's a 'clause' to refusing a claim, if someone has a 'habit' of reporting lost cards and/or unauthorized charges, and it's a repititious thing, then yes, the bank might try to start denying the claims. Many places have $1,000 limits on their debit cards so that an account can't be drained if the card is lost or stolen. Your friend might consider lowering the daily withdrawal allowance. Wachovia is one of the places I always hear complaints about, honestly... tell your friend to join a credit union! I don't know if any of that helped or not, or if I'm just beating a dead horse. I wish your friend good luck with this. Lost debit cards/check books/credit cards are things I see daily, and it's never fun to deal with for the poor victims. Make sure you tell your friend to monitor the hell out of that account. Ideally, the account should be closed, and a new one opened. This will help prevent further fraudulent/unauthorized activites. Good luck. __________________ ~Christine A quote should be like a miniskirt: long enough to convey the message but short enough to keep it interesting.

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08-13-2010, 05:15 PM	#2
Trip Hold mah beer! Join Date: Feb 2008 Location: 80 Miles South of Moto Heaven Moto: 08 R1200GS Posts: 23,268	tell the bank to go fuck themselves and then show them this from the federal government http://www.ftc.gov/bcp/edu/pubs/cons...dit/cre04.shtm For example, if you report the loss within two business days after you realize your card is missing, you will not be responsible for more than $50 for unauthorized use. However, if you don't report the loss within two business days after you discover the loss, you could lose up to $500 because of an unauthorized transfer. You also risk unlimited loss if you fail to report an unauthorized transfer within 60 days after your bank statement containing unauthorized use is mailed to you. That means you could lose all the money in your bank account and the unused portion of your line of credit established for overdrafts. However, for unauthorized transfers involving only your debit card number (not the loss of the card), you are liable only for transfers that occur after 60 days following the mailing of your bank statement containing the unauthorized use and before you report the loss.

08-13-2010, 05:17 PM	#3
Akilldema Canyon Carver Join Date: Feb 2010 Location: Northern VA Moto: FJR1300 Posts: 462	Thanks man, going to fwd that to him now. Is there any clause that states the bank can refuse a claim if there have been previous claims?

08-13-2010, 08:21 PM	#4
'73 H1 Triple restorer of the original Join Date: Mar 2008 Location: Zionsville,PA Moto: '93 ZR1100 &'73 Kawasaki H1 500 Posts: 1,331	So what bank is trying to screw him over?

08-13-2010, 08:25 PM	#5
Akilldema Canyon Carver Join Date: Feb 2010 Location: Northern VA Moto: FJR1300 Posts: 462	Wachovia. I sent him the link and he'd already reported the card missing immediately after he noticed. He's going to go in there monday with a printout and try to get it settled. He makes a good income and keeps most of it within the bank, so I hope with those factors in mind they won't give him too much shit.