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Ask Maverick Your Own Question
Maverick, Attorney
Category: Legal
Satisfied Customers: 6391
Experience:  20 years experience as a civil trial and appellate lawyer
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My wife's money market account had three fraudulent withdrawals

Customer Question

My wife's money market account had three fraudulent withdrawals totaling over $20,000 in one week from the same branch. The account was in trust for me. The theive forged my name all 3 times. The next week they took over $9000 from my checking acct, at the same branch, same MO.
We have this money on hand for emergencies. The whole thing was traumatic especially since it took 5 weeks for them to return it to us.
It is elementary banking that a person designated as a trustee can not access the account holders money unless the acct holder died. Nor did they check the ID of the withdrawer or the signature. Shouldn't an officer have approved the transaction? Shouldn't the head teller checked over withdrawals of the tellers at the end of the day?
How can the bank let this happen?
Both access were changed. I had all of my regular monthly payments on auto withdrawal. It has taken me dozens of hours to begin to straighten things and restore my credit rating. What can the bank do to compensate us for their negligence?
Submitted: 1 year ago.
Category: Legal
Expert:  Maverick replied 1 year ago.
Welcome to Just Answer (“JA”)! My name is Maverick. Please note that: (A) The information we provide is general information. No attorney-client relationship or privilege is formed by communicating with me. If you want legal advice, you must consult with a local attorney in person before acting or deciding not to act based on any information given here; (B) Experts answer questions based on the honor system. When I feel that I have provided you with a complete answer, I will ask for you to assign a feedback rating so that JA will compensate me for my time; and (C) You should not be concerned about any short delays between your questions and my replies. Please know that I answer most questions within the hour if I am signed on. If I am not signed on, then I still make every attempt to respond within 24 hours. Thank you for taking the time to understand how this site works. By continuing, you confirm that you understand and agree to these terms. Answer will follow in the pane below as per above parameters….
Expert:  Maverick replied 1 year ago.
Yes, if you can get the right attorney and the right credit damage expert on your case, under the law, you may get damages for non-monetary losses such as aggravation, loss of time, loss of credit reputation. I would suggest that you contact a consumer law attorney in your area that specializes in loss of credit reputation cases and have him/her send a demand letter. You will need to sit down and estimate the value of your loss time with hours and dates missed from work or business. The aggravation component is usually decided by a jury but you can make a rough estimate to be 1-3 times the amount of your hard monetary losses or expenses incurred in rectifying the situation. If you can show that the bank was intentionally being stubborn, you may get more. Georg Finder, is an Independent Credit Evaluator and one of the few experts on credit reporting violations and credit damage measurements. He did a class for continuing legal education on this subject for us and his number is(###) ###-#### I cannot speak personally to his expertise or his credibility or honesty and I do not receive an compensation from him or kick backs, etc. if you use him or anyone else like him. I simply offer this information up for you because I know such experts are hard to locate. You must do your own due diligence when hiring any professional.