![]() And it’s important for consumers to be aware of the difference. explains, there is a big difference between fraud and a payment dispute. That being said, in some cases - especially with regard to alleged fraud or ID theft - the bank will credit your account while it goes through the process of investigating the claim.Īs W. “So as much as we’d like to put the money back in, we can’t financially,” she tells Consumerist. ![]() Your bank can’t always be expected to front you the money that Best Buy, Sears, or some scammer in Idaho still has in their account. When you made that debit card purchase, you transferred your money out of your account and into someone else’s. ![]() “If I had my way, I’d refund every person their money as soon as they called us and told us what was wrong.”īut, explains W., the bank isn’t the one holding your money. “One of the largest misconceptions I hear working for claims is that we can just put the money back on people’s say-so,” says W., who is employed by a regional bank with about 60 locations. We usually point these readers to the unfortunate language in the Electronic Fund Transfer Act that gives their bank up to 10 business days before even deciding whether to re-fund your account.īut one consumerist reader who works at a bank and handles these sort of claims wanted to help shed some light on this process and some other behind-the-scenes things you might not be aware of. We hear a lot from readers who say their debit cards were charged for services they didn’t receive - whether by fraud or by ineptitude on the part of a merchant - and who are now waiting for their bank to please put back the money that was wrongfully taken from them. ![]()
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