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Home >> Accounts >> Business Accounts
Repeated Fraud; Bank Gives No Explanation
In August of 2008, I discovered $34,500 missing from two of my business bank accounts. Funds were fraudulently transferred electronically from these accounts into another unknown bank account at another bank without my consent and knowledge. I reported the fraud immediately by phone and filed a claim with my bank.
Two days later, I performed a more extensive research of my bank accounts and found out that another $23,575 had been taken from one of my business savings account at the same bank. This money had been taken a couple months prior, in three separate transactions. The money was transferred into various unknown bank accounts, also without my consent or authorization. I immediately opened another claim for the second batch of money through my bank.
After a few weeks of investigation, my bank sent me a letter acknowledging the unauthorized transactions and reimbursed me for the initial claim for $34,500. Relative to the remaining $23,575, my bank has told me that my claim was denied because I should have reported it within 48 hours and in not more than 60 days. The bank also told me that my case had been closed. I have not received a copy of my investigation and have not been given any explanation of what happened to my money so I can proceed with my own investigation.
I did not lose any of my bank debit or credit cards and have not disclosed any personal identification numbers or personal PINs to anyone, ever. I have no idea how the transfers occurred and my bank is not offering me any explanation other than to say the case is closed because I did not notify my bank on time.
Furthermore, I have not received bank statements from my bank by mail or electronically in a very long time. I have complained to my bank about this and my request has been overlooked repeatedly. If I need to check my bank accounts, I have to go to my computer and do the research myself, which is not always convenient, because I travel extensively and was out of town when the money was stolen from my account in June.
I am appalled by the attitude taken by my bank's customer service and fraud department. They have denied any responsibility in attempting to protect and keep my money safe. Are their any laws that protect consumers? What happens if someone is ill, elderly or on vacation and cannot verify his bank statements on time? Can someone lose his entire life savings for keeping his money in a place you would think is safe? Why are consumers not notified or warned more about the 60 day deadline? I wish I would have kept my money under a mattress than in any bank. This is unbelievable!
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 You said that the transfers were made from a business account at the bank. The bank may have contractual provisions that require prompt review of statements and quick notification. Without seeing the bank's deposit contract covering the savings account, it can't be known whether the bank correctly refused to reimburse you for the lost funds.
You ask about consumer notifications. Consumers, as a rule, are given more regulatory protection than businesses. For example, if the transfers in question had been from a consumer account, you should have been protected for at least some of the fraudulent transfers, regardless of language in the bank's contracts. If you believe that the bank acted improperly, contact an attorney.
Published on BankingQuestions.com 12/17/08
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