Consumer Protection Law
Consumer Protection Law Questions? Ask a Lawyer Now.
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.
Terms and Conditions: By your continuing in this conversation with me, or by your clicking “Accept”, you are expressly agreeing to all of the following: (1) our communication is for entertainment purposes only; (2) you are not consulting me in my professional capacity as an attorney; (3) you do not seek to establish an attorney-client relationship with me, nor do I with you; (4) you will not rely on anything I say and you will obtain appropriate legal counsel via a traditional/office consultation with an attorney licensed to practice in the jurisdiction where your legal issue arises (and you may not use our communication to avoid taxpayer penalties imposed by the U.S. Dept. of Treasury); (5) by communicating with me in this public forum you are irrevocably waiving any right to privacy, confidentiality and attorney-client privilege concerning the matters discussed. You further separately declare that any payment made by you is not consideration for this contract, nor offered for any services rendered by me on your behalf, but rather is made in genuine admiration and respect for my desire to help others. If you do not agree with these terms and conditions, then you must advise me immediately.
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.