Identity Theft Protection

Retrieving Lost Money

How to Retrieve Lost or Stolen Money

Here are some important tips on How to retrieve your money, for shoppers and merchants.

How do I get back money that was stolen from my debit card account or through other electronic fund transfers?

The Electronic Fund Transfer Act provides consumer protections for transactions involving an ATM or debit card or other electronic way to debit or credit an account. It also limits your liability for unauthorized electronic fund transfers..

It's important to report lost or stolen ATM and debit cards immediately because the amount you can be held responsible for depends on how quickly you report the loss.
  • If you report your ATM card lost or stolen within two business days of discovering the loss or theft, your losses are limited to $50.
  • If you report your ATM card lost or stolen after two business days, but within 60 days after a statement showing an unauthorized electronic fund transfer, you can be liable for up to $500 of what a thief withdraws.
  • If you wait more than 60 days, you could lose all the money that was taken from your account after the end of the 60 days and before you report your card missing.
The best way to protect yourself in the event of an error or fraudulent transaction is to call the financial institution and follow up in writing - by certified letter, return receipt requested - so you can prove when the institution received your letter. Keep a copy of the letter you send for your records.

After receiving notification about an error on your statement, the institution generally has 10 business days to investigate. The financial institution must tell you the results of its investigation within three business days after completing it and must correct an error within one business day after determining that the error has occurred. If the institution needs more time, it may take up to 45 days to complete the investigation - but only if the money in dispute is returned to your account and you are notified promptly of the credit. At the end of the investigation, if no error has been found, the institution may take the money back if it sends you a written explanation.

Note: VISA and MasterCard have voluntarily agreed to limit consumers' liability for unauthorized use of their debit cards in most instances to $50 per card, no matter how much time has elapsed since the discovery of the loss or theft of the card.

For more information, see Electronic Banking and Credit, ATM and Debit Cards: What to do if They're Lost or Stolen

Source: FTC

The FTC works for the consumer to prevent fraudulent, deceptive and unfair business practices in the marketplace and to provide information to help consumers spot, stop and avoid them. To file a complaint or to get free information on consumer issues, visit www.ftc.gov or call toll-free, 1-877-FTC-HELP (1-877-382-4357); TTY: 1-866-653-4261. The FTC enters Internet, telemarketing, identity theft and other fraud-related complaints into the Consumer Sentinel Network, a secure online database and investigative tool available to hundreds of civil and criminal law enforcement agencies in the U.S. and abroad.