Need serious help - bank related issue.

Uma · 08-13-2010, 10:06 PM

I know I'm a little late reading this thread, but I've worked in financial insitutions for years. Trip pretty much summed up the details. Here's a couple highlights: If you notice that your card is stolen or something is amiss, you report it instantly. The longer you wait, the more you're liable for and the more you expose yourself to damages. If something unauthorized shows up in your account, you have 60 days to dispute it. You may be required to file a police report, as this helps to prove your sincerity in solving the problem- not just letting someone borrow your card and then go 'ooops, guess I shouldn't have done that'. Police reports also help the bank prove to whoever they go after, that it was a reported incident, the report can be used in court, etc... some places (like my CU) require police reports for numerous reasons.
Anyway, whether or not there's a 'clause' to refusing a claim, if someone has a 'habit' of reporting lost cards and/or unauthorized charges, and it's a repititious thing, then yes, the bank might try to start denying the claims. Many places have $1,000 limits on their debit cards so that an account can't be drained if the card is lost or stolen. Your friend might consider lowering the daily withdrawal allowance.
Wachovia is one of the places I always hear complaints about, honestly... tell your friend to join a credit union!
I don't know if any of that helped or not, or if I'm just beating a dead horse. I wish your friend good luck with this. Lost debit cards/check books/credit cards are things I see daily, and it's never fun to deal with for the poor victims. Make sure you tell your friend to monitor the hell out of that account. Ideally, the account should be closed, and a new one opened. This will help prevent further fraudulent/unauthorized activites.

Good luck.

08-13-2010, 10:06 PM	#6
Uma Better half of Gas Man Join Date: Jun 2010 Location: SE, MI Moto: '09 Harley Nightster Posts: 178	I know I'm a little late reading this thread, but I've worked in financial insitutions for years. Trip pretty much summed up the details. Here's a couple highlights: If you notice that your card is stolen or something is amiss, you report it instantly. The longer you wait, the more you're liable for and the more you expose yourself to damages. If something unauthorized shows up in your account, you have 60 days to dispute it. You may be required to file a police report, as this helps to prove your sincerity in solving the problem- not just letting someone borrow your card and then go 'ooops, guess I shouldn't have done that'. Police reports also help the bank prove to whoever they go after, that it was a reported incident, the report can be used in court, etc... some places (like my CU) require police reports for numerous reasons. Anyway, whether or not there's a 'clause' to refusing a claim, if someone has a 'habit' of reporting lost cards and/or unauthorized charges, and it's a repititious thing, then yes, the bank might try to start denying the claims. Many places have $1,000 limits on their debit cards so that an account can't be drained if the card is lost or stolen. Your friend might consider lowering the daily withdrawal allowance. Wachovia is one of the places I always hear complaints about, honestly... tell your friend to join a credit union! I don't know if any of that helped or not, or if I'm just beating a dead horse. I wish your friend good luck with this. Lost debit cards/check books/credit cards are things I see daily, and it's never fun to deal with for the poor victims. Make sure you tell your friend to monitor the hell out of that account. Ideally, the account should be closed, and a new one opened. This will help prevent further fraudulent/unauthorized activites. Good luck. __________________ ~Christine A quote should be like a miniskirt: long enough to convey the message but short enough to keep it interesting.