I've just noticed that my checking account was debited for $29.95 for the last 4 months. I have no idea what this charge is. The bank says its XYZ Company out of Illinois and that the transaction was done over the internet.
The bank told me I have to contact this company and deal with it myself. Why couldn't the bank take care of this since I know I didn't use XYZ Company and I don't even know how to contact them? Should my bank have to credit my account for this or do I just lose my money?
If your account is a consumer account, you have a right to dispute these transactions. Your bank may legitimately refuse to reimburse you for the fourth transaction, since you took so long to bring the problem to its attention.
If you're talking about a business account, your bank contract may only protect you for the first or first two charges. Most banks require that you review your statement promptly to notify the bank of any unauthorized transfers.
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If your account is a consumer account, you have a right to dispute these transactions. Your bank may legitimately refuse to reimburse you for the fourth transaction, since you took so long to bring the problem to its attention.