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socrateaser
socrateaser, Lawyer
Category: Consumer Protection Law
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Experience:  Retired (mostly)
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Someone stole my debit card number, not the card, and made

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Someone stole my debit card number, not the card, and made five charges. My bank charge me for those transactions in total just over US$500.00. I caught it in time and the bank had canceled my old card and issued a replacement.

In the mean time, I am asked to fill out a notarized "affidavit of unauthorized use" in detail. Meaning that I had to prove to them that a fraud had occurred and that they will be nice to assist me in proving it.

I ask them why don't you produce the paper with my signature authorizing the transaction, which I know it did not happen, or produce the computer record showing the correct pin number had been entered if the card was used as a debit card.

They told me it doesn't work that way.

My simply question is "Do I have legal ground to demand that 'the bank produce evidence that I authorized the transaction or credit my account.'"?

This falls into the category of "Consumer Rights".

Sincerely,
Pu, WeiTa
Submitted: 4 years ago.
Category: Consumer Protection Law
Expert:  socrateaser replied 4 years ago.

Under Title 12 CFR §205.6 (Federal Reserve Regulation E), a consumer has two business days to notify the bank of an unauthorized transaction, and if accomplished, the consumer is only liable for the first $50 of losses. Notification by the consumer after two business days makes the consumer liable for the first $500 of loss.

 

Hope this helps.

 

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Customer: replied 4 years ago.
That wasn't what I asked.
Customer: replied 4 years ago.
Allow me to rephrase.
Why can't I demand that the bank produce evidence, my signature, e.g., proving that I authorized the transactions, without which they shouldn't have legal ground to debit my account.
Instead, I have to prove, with notarized paper work, that I am not the crook.
I understand no one is going to initiate a law suit, not my intent here, for a US$500+ case. But if I did, do I have legal grounds to win?

Simply put, Mr. Bank, produce my signature or give my money back!

I have the eery feeling that I will lose. If I could win, why is there not a class action law suit protecting consumers? That's two questions. Don't have to answer the 2nd one.
Expert:  socrateaser replied 4 years ago.

In order to demand such evidence, you must sue the bank. Then you can require that the bank produce the evidence under the tools of discovery.

 

You could sue the bank for negligence, but you will have to prove that the bank failed to use ordinary care in the relase of the funds. Unfortunately, if the funds were stolen from your account, then no amount of ordinary care would have prevented the theft. Which means that you would lose the lawsuit.

 

The banks are heavily protected by federal law. It's nearly impossible to hold them liable for anything. If you're wondering why, my opinion is that the banks control the government, and have for the past century. Whatever banks want -- they generally get.

 

Nothing short of a second American Revolution is likely to change that reality.

socrateaser, Lawyer
Satisfied Customers: 34462
Experience: Retired (mostly)
socrateaser and 2 other Consumer Protection Law Specialists are ready to help you
Customer: replied 4 years ago.
Unfortunately, that's what I suspected. Capitalism has indeed hijacked democracy.
Thank you.
Pu, WeiTa
Expert:  socrateaser replied 4 years ago.
You're welcome and good luck.

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