Unauthorized Checking Account Transactions: Consumer Rights and Responsibilities
October 13, 2008
Our office often hears reports of fraudulent activity on consumers’ checking accounts.
Once someone has your bank routing number and account number, he or she can make fraudulent transactions. So, consumers should guard this information carefully.
Customers should also review their checking account statements carefully each month for unauthorized transactions.
Consumers must report unauthorized checking account transactions to their bank within 60 days of the transaction to receive the all of the protections available under various banking laws.
Under some circumstances, a consumer may not be able to dispute an unauthorized checking account transaction after the 60 day period has passed.
Consumers should also be aware of the dispute procedures that apply to substitute checks. Please see the post titled “Check 21 and Substitute Checks” for more information.
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