Most people never imagine checking their bank account one day only to discover that money has been withdrawn without their knowledge or authorization. Unfortunately, situations like these happen more often than many people realize, and if you have recently noticed an unauthorized withdrawal from your account, you are most likely wondering what happened, whether your personal information has been compromised, and, perhaps most importantly, how you can get your money back. Fortunately, there are several steps you can take to protect yourself and your finances. Please continue reading to learn more about what you should do if someone withdrew money from your account and how an experienced New Mexico identity theft and consumer lawyer from Feferman, Warren & Mattison may be able to assist you. Here are some of the questions you may have:

What Should I Do Immediately After Discovering an Unauthorized Withdrawal?

If you discover that money has been taken from your account without your permission, it is important that you act as quickly as possible. The sooner you report the issue, generally speaking, the better your chances are of preventing additional losses and resolving the matter efficiently. Some of the most important steps you, alongside your consumer protection attorney, should take are as follows:

  • Contact your bank or credit union immediately over the phone and in writing, at the address indicated on your bank statement. Keep a copy.
  • Report the unauthorized withdrawal or transaction.
  • Request that your account be frozen, restricted, or otherwise protected if necessary.
  • Change your online banking passwords and login credentials.
  • Review your account activity for any additional suspicious transactions.
  • Save copies of account statements, emails, and correspondence.
  • Request written confirmation that your claim has been received.

Many people make the mistake of assuming that if only a small amount of money was taken, the problem will simply go away on its own. Unfortunately, this is not always the case. In many situations, unauthorized withdrawals are merely the first sign of a larger problem that may continue if it is not addressed promptly.

You should also keep records regarding every conversation you have with your financial institution. Though this may seem unnecessary at first, having a record of what was said, when it was said, and who you spoke with can prove valuable later on.

Could Unauthorized Withdrawals Be a Sign of Identity Theft?

In many cases, the answer to this question is yes.

Identity theft can occur in several different ways. For example, a criminal may obtain your debit card information, gain access to your online banking credentials, steal personal identifying information, or otherwise use your financial information without authorization. Some of the most common signs that identity theft may be involved are as follows:

  • Unauthorized ATM withdrawals.
  • Debit card purchases you do not recognize.
  • Electronic transfers you did not approve.
  • New accounts opened in your name.
  • Collection notices relating to unfamiliar debts.
  • Unexpected inquiries on your credit report.
  • Missing financial statements or important mail.

What Happens if My Bank Refuses to Correct the Problem?

While banks and credit unions sometimes resolve unauthorized withdrawal claims without significant issues, this does not happen in every case.

Sometimes consumers are informed that the transaction appears legitimate. In other instances, investigations may take far longer than expected, or a claim may be denied altogether. Naturally, this can be frustrating, especially when you know that you did not authorize the withdrawal in question.

If your financial institution refuses to correct the problem, our firm can. Depending on the circumstances, we may be able to:

  • Review your claim and supporting documentation.
  • Examine account records and transaction histories.
  • Determine whether consumer protection laws have been violated.
  • Challenge an improper denial.
  • Pursue available compensation.
  • Help protect your financial interests moving forward.

The reality is that discovering unauthorized withdrawals can be both stressful and overwhelming; however, as long as you take swift action, preserve documentation, and understand your rights, you may be able to minimize the damage and recover your losses. If you have questions or need an identity theft attorney in your corner, please don’t hesitate to contact Feferman, Warren & Mattison for an initial consultation today.