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Home >> Scams/Fraud
Fraudulent Company Scams Me: Bank Refuses to Help
My current bank statement shows an electronic debit of $200.00 from Lease Source Inc. (LSI). This is an unauthorized charge and I don't even do business with this company, but within a few days of calling my bank's fraud hotline to dispute, file a claim, and try and recover my money, my bank refuses to reimburse because I "didn't dispute within 24 hours." I do not do online banking, therefore I couldn't possibly have known of the theft within 24 hours of it's happening. What can I do to recover my funds and make sure this doesn't happen again? Lease Source Inc. (LSI) and all it's aliases, the company who did the unauthorized debit (theft), is being sued all over the place for fraudulent practices.
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 On what basis your bank is trying to restrict such a claim to those made within 24 hours, is unknown. Even if yours is a business account, your bank has no authority to pay an electronic debit from your account if you never authorized it, and, unless you signed an agreement to check your activity daily, your bank probably has no legal backing for its position that you only had one day to make the claim. In most cases, even businesses get two weeks or more after a statement is delivered to dispute unauthorized charges.
If your account is a household account, your bank is completely in the wrong, since you have the right under the Electronic Fund Transfer Act and Regulation E to make a claim for reimbursement for an unauthorized electronic transaction with no time limit.
As for the future, you can ask that your bank help to close the old account and transfer its balance to a new account that LSI doesn't know about.
Published on BankingQuestions.com 7/20/09
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