After an unauthorized transaction has occurred from your bank account, you should contact the credit union or bank immediately. You will likely be covered by protections under the law if the transaction was made with your debit card or any similar electronic fund transfer. These other transfers include recurring payments, online bill payments, and electronic fund transfers.
In the event that you lose your PIN or debit card
If either your debit card or PIN number is lost or stolen, you have two days to notify the credit union or bank once you’ve discovered that your card’s safety has been compromised. The credit union or bank are not able to hold you responsible if more than $50 has been spent or for more than the total amount of unauthorized transactions (whichever amount is less). If two days have gone by, you may be held responsible for $500 in unauthorized transactions.
If you’ve noticed an unauthorized transaction following the receipt of your statement, you have 60 days to notify the bank or credit union. If you wait longer than 60 days, you will likely be held responsible for the unauthorized transactions.
If your PIN or security code is stolen, you must follow the same process as you would with a stolen card.
You’ll need to notify the credit union or bank in two business days following the discovery of the theft or loss. Prevent the theft of your PIN by never keeping your PIN written down in your wallet or on your card, in case either is stolen.
If you’ve noticed an unauthorized transaction but didn’t lose the card or your PIN
Unauthorized transactions can still occur even if you haven’t misplaced your PIN or your card. Notify the credit union or bank immediately if you notice any unauthorized transactions, regardless of whether you’ve lost your card or PIN.
Will the bank give you your money back?
After you’ve notified the credit union or bank, the bank has approximately 10 business days to open an investigation. The credit union or bank has one day to correct any errors. Then, the bank must report these findings to you within three business days.
In some scenarios, you will be issued a temporary credit if the investigation continues longer than 10 or 20 days.