When you check your bank account and notice money missing that you didn’t spend, your heart sinks. The shock is immediate. Unfortunately, unauthorized bank transfers are more common than many people realize, and they can have serious consequences for your financial well-being. Whether it’s a single unexpected debit or a pattern of withdrawals you didn’t approve, it’s important to take action quickly. Continue reading and contact the New Mexico consumer lawyers at Feferman, Warren & Mattison to learn more about these unauthorized transfers and the steps you need to take after noticing one or more of them.
An unauthorized bank transfer is any electronic transfer of funds from your account that you did not approve. These transactions can include debit card purchases, ACH withdrawals, wire transfers, or online payments. They can be the result of outright theft, such as a scammer hacking your account or otherwise gaining access to your online banking credentials, or they may stem from a company continuing to charge your account after you’ve canceled a service. Some common examples are as follows:
Under federal law, particularly the Electronic Fund Transfer Act (EFTA), you have certain rights when it comes to unauthorized electronic transactions. This law requires financial institutions to investigate and resolve disputes related to unauthorized transfers, provided that the consumer reports the issue within a specified time frame.
New Mexico consumers are also protected under state laws that hold banks and businesses accountable for negligence, fraud, or unfair business practices. If a company continues to debit your account after you’ve told them to stop, or if your bank refuses to reverse clearly fraudulent charges, you may be entitled to damages and attorney’s fees.
It’s important to know that not all unauthorized transfers are treated the same. If the person who accessed your account is a family member, roommate, or someone else you know, your situation may become more complex.
Few things are more unsettling than discovering money missing from your account. Whether it’s a single unauthorized transfer or a pattern of withdrawals, the law gives you specific rights, but the timing and manner of your response can determine the outcome. Getting legal guidance early can make the difference between a full recovery and a denied claim.
The Electronic Fund Transfer Act (EFTA) is the federal law that governs unauthorized electronic transactions, including online transfers, wire payments, and automatic withdrawals. It requires banks and credit unions to investigate reported errors and, in most cases, reimburse consumers for unauthorized activity, provided the report is made within the statutory time limits.
Under the EFTA, consumers generally have 60 days from the date a bank statement is made available to dispute an unauthorized transfer. If that period passes without proper notice, the financial institution may not be obligated to cover later losses. Our firm helps clients prepare compliant notifications, preserve evidence, and ensure that financial institutions meet their duties under the law.
When a consumer reports an unauthorized transfer, the financial institution must conduct a “reasonable investigation.” Typically, banks have 10 business days to review and respond to the claim, although they may extend that timeframe to 45 days under certain conditions. If the claim is denied, the bank must provide a written explanation detailing the reasons for its decision.
Unfortunately, many banks fail to perform a thorough investigation, relying on internal shortcuts or automated systems that overlook critical facts. We can challenge these denials, demand full compliance with the EFTA, and pursue additional remedies when a financial institution mishandles a claim.
Unauthorized transfers often involve multiple layers of evidence, such as transaction data, correspondence with the bank, and sometimes police or identity theft reports. While law enforcement reports are not always mandatory, they can help strengthen a claim and demonstrate that the consumer acted responsibly once the fraud was discovered.
Our firm assists clients in compiling this documentation, tracking communications, and building a factual record that supports recovery efforts. In many cases, this record becomes vital if litigation is needed to enforce the consumer’s rights.
Victims of unauthorized transfers often face continued risk if their personal or account information has been compromised. Federal law allows consumers to place fraud alerts or credit freezes with major credit bureaus to limit additional exposure. While these tools can help, they do not replace legal advocacy. Our firm ensures that both immediate and long-term measures are taken to protect your financial security.
If your bank has denied your claim for an unauthorized transfer, or if you’re struggling to get a response, it’s time to speak with an attorney. At Feferman, Warren & Mattison, we’ve seen far too many cases where financial institutions dismiss legitimate complaints, assuming consumers don’t know their rights or won’t fight back. Here are some clear signs that you should reach out to a consumer protection lawyer:
Our firm has a long history of standing up for consumers in Albuquerque and throughout New Mexico. We understand the tactics banks and corporations use to avoid liability, and we know how to hold them accountable under laws like the EFTA, the Fair Debt Collection Practices Act (FDCPA), and New Mexico’s Unfair Practices Act.
In many cases, we can help you recover your lost funds, stop unauthorized transactions, and, in some instances, obtain statutory damages. Importantly, many consumer protection laws allow you to recover attorney’s fees if you win your case, which means you may not have to pay out of pocket to pursue justice.
If you’re dealing with an unauthorized bank transfer in Albuquerque or anywhere in New Mexico, don’t face it alone. You have rights, and you deserve answers. The attorneys at Feferman, Warren & Mattison are ready to help you take the next step, whether that means demanding a refund, filing a complaint with regulators, or pursuing legal action in court. We invite you to contact us for a consultation to discuss your situation. Time is critical in these cases, so don’t wait. Let us help you protect what you’ve earned.
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