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Home >> Scams/Fraud
Fraud Victims Want All of Funds Returned
We have been involved with a fraud case involving Chase Bank. Four fraudlent checks were withdrawn from our checking account for a total of $327,000. The bank agreed to pay $248,000, but not the initial check for $79,000, because of the thirty day delay in notifying them. We never received any bank statements since Dec. 2009, and had no access to the account. At this time and during the the fraud, we were living and working in Saudi Arabia. We refused to sign the offer by the bank. Do we have a chance to take this to court and win? What action do you recommend?
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 The bank is not responsible for the fact that its bank statements did not reach you. Keeping the bank apprised of your correct statement delivery address is your responsibility, and you have a responsibility to review your statements (or to have someone you trust do it for you) regardless of where you are.
The amount the bank ought to refund to you is a factor of (1) the wording of the Uniform Commercial Code in the state law that governs the account; (2) the wording, if any, in the bank's deposit agreement or contract; and (3) the timing of your notice to the bank, counted from the date of the first statement reflecting the payment of one of the fraudulent checks. Talk to an attorney conversant with the Uniform Commercial Code in the applicable state about whether you might succeed in receiving any more funds from the bank.
Published on BankingQuestions.com 9/29/10
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