Learning that your identity has been compromised can be an incredibly stressful experience, especially as it can have a considerable impact on your finances. As such, understanding how to proceed and who to contact is critical. One of the most important steps you should take is to contact your bank. However, you may be unsure what to say or what information you’ll need readily available. As such, the following blog explores what you should know about these matters, including the importance of working with a Michigan identity theft lawyer to help you navigate these matters and protect your identity and accounts.
What Is the First Step I Should Take if I Think My Bank Account Was Compromised?
In the event that you believe your identity was stolen and your bank account information was used or compromised, it can be incredibly stressful. As such, you should immediately call your bank’s fraud division or go to your local branch to report the theft in person.
You generally should request to freeze all activity on the account until the matter is resolved. In some instances, fully closing the account may be in your best interest.
Additionally, you should report the identity theft to your local police department, as well as the Federal Trade Commission. These reports can be incredibly beneficial in disputing fraudulent transactions.
What Information Should I Provide the Fraud Department?
Gathering evidence to help show that fraudulent transactions have impacted your account is critical. Typically, you’ll need to provide proof of your identity, often in the form of a valid photo ID. Additionally, you’ll need the information for all impacted accounts. You should also bring the local police report and the FTC report you filed, as this can help establish that you are a victim of identity theft.
You should also print statements and highlight suspicious or unauthorized transactions, which can help the bank identify which transactions were not initiated by you. Your bank may also require a fraud affidavit or written statement of dispute as part of their investigation. If this is the case, you should explain what happened when the fraud occurred, and clearly state that you did not consent to the transactions.
Finally, when speaking with the fraud department, you should keep a detailed record of when these conversations occurred, all individuals you spoke with, and a brief overview of the conversations.
What Steps Should the Bank Take to Assist Me?
Under both federal and Michigan state law, bankers are legally required to investigate reports of fraudulent activity and respond to the report within a reasonable time. Additionally, you are not responsible for fraudulent transactions reported to your bank within 60 days. As such, if the bank determines that you did not authorize the disputed transactions, they are legally required to refund the money to your account as per the Electronic Funds Transfer Act (EFTA) and the Fair Credit Billing Act (FCBA).
Navigating unauthorized transactions on your bank account can be incredibly overwhelming, which is why it’s critical to connect with an experienced attorney at Lyngklip & Associates. Our team understands how stressful it can be to know that someone has accessed your bank accounts, which is why we will do everything possible to help you recover the funds and fight for justice. When you need help, our team is here. Contact us today to learn more.
