As of 2017, the average American had a staggeringly high 18% chance of being the victim of an unauthorized withdrawal from their bank account sometime between 2018 and 2038. Aside from the intelligent alternatives of making purchases via credit card or the timeless standby cold-hard cash, you might wonder: What rights do you have if there is a money taken from your bank account without your permission/knowledge?
First of all, there are two entities that you may be interested in addressing if money is taken from your account without permission—the bank that permitted the withdrawal, and the person or business that took the money from your account without permission.
The law governing consuming protections from banks can be found in Regulation E of the Electronic Fund Transfer Act (EFTA).
Regulation E gives consumers both responsibilities and protections relating to unauthorized use of their account.
Regulation E is typically boiled … Read the rest of this article!