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If your bank account was drained by a Zelle or debit transaction you didn’t approve, you may be protected by the Electronic Fund Transfer Act (EFTA).
What clients often face:
- The bank claims the transaction was “authorized”
- You reported the issue and heard nothing back
- A known person used your account without consent
- The bank closed your investigation without refunding the money
Steps to take before calling us:
- Notify the bank in writing immediately
- Include the date, amount, and why it was unauthorized
- Request the investigation findings in writing
Bank Fraud FAQs:
What qualifies as an unauthorized transaction under the law?
- Under the Electronic Fund Transfer Act (EFTA), an unauthorized transfer is one made without your permission or authority — including fraud by a stranger, hacker, or even someone you know, if you did not give consent.
My bank said the transfer was “authorized” — is that the end of it?
- Not at all. Banks often deny claims without fully investigating, which violates the EFTA. If they did not provide a written explanation or ignored your evidence, you may have grounds for a legal claim.
Can I sue the bank if they refuse to refund my stolen money?
- Yes. If the bank fails to conduct a proper investigation or denies your claim without justification, we can help file a claim under the EFTA or other consumer protection laws.
What happens if my business account was hacked?
- Unfortunately, business accounts are not covered by the EFTA. But you may still have legal options under state contract law or if the bank failed to follow commercial security standards. Contact us to review the details.
Helpful resources:
- Federal Reserve Guidance: https://www.federalreserve.gov/supervisionreg/regecg.htm
- Consumer Financial Protection Bureau – Electronic Fund Transfers FAQs: https://www.consumerfinance.gov/compliance/compliance-resources/deposit-accounts-resources/electronic-fund-transfers/electronic-fund-transfers-faqs/
