When will you get your money back for unauthorised transactions? Posted on February 17, 2008 at 04:50:10 PM by Sentinel
There are a number of situations where you will get back any money that has gone out of your account as a result of an unauthorised transaction. These include where:
• there was fraudulent or negligent conduct by the employees or agents of your account institution or of merchants
• a forged, faulty, expired or cancelled card, PIN or password was used
• the transaction took place before you received your card, PIN or password
• a merchant incorrectly debited your account more than once for a sale
• the transaction took place after you told your account institution that your card had been lost or stolen, or that someone else may know your PIN or password.
Remember, tell your account institution immediately that your card has been lost or stolen or that someone else may know your PIN or password. The account institution must provide easy and effective ways for you to let them know this at any time. Most institutions have a 24-hour phone number for this.
They must acknowledge they have received your notification so that you have proof of when you told them.
• no PIN or password was required to conduct the transaction (except where the situations listed next under “When won’t you get your money back?” apply)
• it is clear that you haven’t contributed to the loss
• the account institution expressly authorises the conduct that contributed to the unauthorised transaction.
If any of these circumstances apply, your account institution must repay you the money that has gone out of your account because of the unauthorised transaction.