Accounting and Finance

What Can you do If Your Bank or Credit Provider is Scamming You?

What Can you do If Your Bank or Credit Provider is Scamming You?

Everyone should be able to trust their bank or credit provider to act honestly and in their best interests, but that does not always happen. The newspapers and television news have been reporting bank and credit provider scams that target their own customers. Though state and federal banking laws are on the books to protect consumers, some institutions may try to get around them.

How Can You Tell If Scams Are Affecting You?

How can you tell if you are being scammed by your bank or credit provider? It is not always easy, especially if you don’t keep close track of your bank account or loans. But, if you notice charges or payments going out of your bank account, do some further investigating. Ask the bank or credit provider for an explanation. If they make excuses or refuse to remove the charges, it may be time to contact a consumer law firm such as Robenalt Law to review your accounts and determine if you are being scammed.

A law firm can investigate your claim to look for excessive bank fees, inappropriate charges, or other fraudulent charges that are coming out of your account without your permission. States and the federal government have consumer claims laws and banking regulations with the purpose of protecting consumers.

These laws protect innocent people from banks and credit providers who fail to act in a reasonable way when a service transaction goes wrong. Predatory Lending Law protects consumers from abusive lending practices. The Electronic Funds Transfer Act protects consumers and has requirements for documentation of transfers and establishes requirements to resolve EFT account errors.

There are additional rules and laws to protect consumers from scams by banks and credit providers. When the bank or credit provider will not help, turn to an experienced consumer claims lawyer who knows all the rules and laws that can be used to help you.

Be Sure to Report Any Problem with Your Bank or Credit Provider

Some steps to take when you suspect you are being scammed include:

1. Try to resolve the problem with the local manager, the customer service hotline, or the entity’s website.

2. File a complaint explaining your problem and how you want to get it resolved.

3. Find your receipts, checks, and other proof of the transactions or false charges.

4. File the complaint with the correct institution. A national bank complaint would be filed with the Federal Deposit Insurance Corp. Federal savings and loans go to Office of the Comptroller of the Currency. Problems with state-chartered banks go to the Federal Deposit Insurance Corporation, and so on. Complaints about other financial services go to the Consumer Financial Protection Bureau. Other deception and scams should be reported to The Federal Trade Commission.

Frauds and Scams

Learn about the different kinds of frauds and scams to protect your family. There are guides available to consumers such as “What are some classic warning signs of possible fraud and scams?” Not all scams are perpetrated by the bank or the credit provider. But they may not be vigilant in protecting your accounts from other scammers. Sometimes, it may be the consumer who gives account information to the wrong person. When money is disappearing from your bank account, contact a lawyer for help in correcting the situation and getting the money back if possible.

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