How to Get Money Back that was Stolen from Your Checking or Savings Account | United Way Worldwide (2024)

FAQs

Do banks reimburse stolen money from savings accounts? ›

In general, when a bank is notified about an unauthorized electronic transfer, it must investigate the situation and report to the account holder in a specific amount of time. If the transaction is unauthorized, the bank must refund all or part of the money depending on how quickly the account holder notified the bank.

Banks usually have 10 days to investigate fraudulent transactions, and they must correct the balance within one business day after determining an error occurred. It's best to check your credit reports to ensure your other financial information hasn't been stolen.

Contact your bank or card provider to alert them. Reporting is an important first step to getting your money back, and you could be liable for all money lost before you report it. If you've been targeted, even if you don't fall victim, you can report it to Action Fraud.

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.

Financial fraud happens when someone deprives you of your money, capital, or otherwise harms your financial health through deceptive, misleading, or other illegal practices. This can be done through a variety of methods such as identity theft or investment fraud.

Banks have a legal and ethical responsibility to refund scammed money to their customers.

Civil theft is a statutory legal claim that allows a person to seek damages when someone else unlawfully takes their money or property with the actual intent to deprive another of their money or property.

Bank and wire fraud are federal crimes and are generally prosecuted by the U.S. Department of Justice (DOJ) in California. However, state law enforcement agencies may also investigate and prosecute these crimes, mainly if the fraud occurs within their jurisdiction in California.

The bank's investigation must be reasonable.

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 do you reverse stolen money? ›

Call your customer service number for your bank or credit card company. As soon as possible after you discover that you've been victim of scammer. You may be able to recover some or all of your money, however you generally must notify your bank and credit card company within 30days of the transaction.

Ask your bank to refund money lost

Whether your bank or financial institution is liable (responsible) for the money you have lost depends on how aware they were of the scam, and what role they played in the transaction.

Your deposits are insured only if your bank has Federal Deposit Insurance Corporation (FDIC) deposit insurance. This insurance covers deposits in the event of a bank failure, but it does NOT cover losses due to fraud and theft.

Your bank should refund any money stolen from you as a result of fraud and identity theft. They should do this as soon as possible - ideally by the end of the next working day after you report the problem.

Yes, you can take money out of your savings account anytime; however, some financial institutions may only allow you to make up to six "convenient" transactions per month before they charge a fee.