How AI Legalese Decoder Can Assist in Understanding and Resolving Your Empty Bank Account Issue from December
- April 5, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Unforeseen Financial Crisis: A Personal Account
I find myself in a perplexing and unfortunate predicament. As part of a government internship program for high school students, I was issued a focus secure card. Over the course of the past year, I earned around $1500 before taxes, amounting to approximately $1300 after taxes. However, starting in December, unauthorized withdrawals began to deplete my account until only $14.68 remained. The situation truly hit me when I tried to make a purchase at Popeyes, only for my card to cover a mere $14.68 of the $15.00 total.
The realization of my dwindling funds left me numb, and the next morning, I discovered that the $14.68 was now the sole balance in my account after splurging on Popeyes. The gravity of the situation dawned on me, as I had intended to resume the internship program this summer to save up for college in the upcoming fall semester. This unexpected turn of events has left me devastated and overwhelmed with worry.
Given the passage of time, I am uncertain whether my bank will be able to assist me in rectifying this issue. In this distressing moment, I am unsure of the steps I should take next to address this financial setback.
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You need to form a habit of checking up on your assets monthly, including all financial accounts.
Unauthorized transactions can only be disputed within 60 days of the statement containing the problem. If these all happened in December, the statement was issued around January 2nd, and the deadline was March 2nd. It’s too late now for the December transactions. Same for January transactions.
If any happened in February or later, you might still be able to dispute. Call the bank on the number printed on your card or on the bank’s official website. You should also ask them to replace your card so that the card number changes.
Call the number on the back of the card and report the transactions you did not authorize as fraudulent. Tell them that the card details were stolen and you need a new card with a new number.
In the future, set up whatever system you need so that you are monitoring the activity on this card and any other bank account you have at least once month, if not weekly, so that you can quickly notice fraudulent activity and report it.
So this is the first time you’ve used your card since last summer?
Sounds like you don’t have a bank account but were given a reloading debit card. If that is correct in the future, open a checking account and have your pay direct deposited there. Or if they insist on using a charge card like this, see if there is an option to transfer the money to a bank account. I know when I received a government inflation reduction stimulus payment, they sent me a card that I could register online (using the website on the back of the card) to then add my bank info to transfer the money to.
How your money was stolen could have ranged from you using a compromised credit card machine and the thieves swiping your card information to simply bad luck and the thieves guessing the card number.
To echo what every one is saying, you need to monitor your bank and credit card accounts at least once a month so you can report the fraud in a timely manner. As said, you only get 2 months from the statement date to report fraud.
A way I handle this is to setup email and text alerts for all transactions, even deposits, as thieves can use micro deposits to link your account to theirs if your login credentials are compromised.
Hopefully you get your money back, but if not, consider this a relatively inexpensive lesson on what you need to do to avoid and mitigate fraud like this.
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Since you don’t have a lot of money, you want rocket finance (which is free) which has some super basic budget stuff which connects to your bank. You can set up alerts too.
So next time, this won’t happen cuz the first time you hit a fraud transaction you’ll notice it.
For your bank, you want to pull your bank statements and see where the money went. Sometimes you can get clues there as to what happened. Then report the fraud to your banks fraud department. You also may want to follow the personal finance wiki’s section on identity theft.
This is also why you get a charge card.
Get a credit card with a limit set to what you normally spend in a month. Use it for the month and pay it off at the end of the month with your bank.
I actually have multiple bank accounts. One that income enters in then I transfer money to a bill accounts, savings, etc. Those bill accounts don’t generally hold a balance. I use an Amex for all my purchases and honestly for most of my bills and then use my Bills account to pay the Amex off. This way if the bill accounts are compromised there is no money in them to take, the income account isn’t used by anything outside my bank so nothing is pulling from it and the info isn’t shared, and I get the consumer protections of the charge card including insurance, points, and the ability to contest transactions.
Sorry this happened to you. I don’t know what steps you can take to get the money back, but for future reference you can have your bank send texts to you anytime a transaction is made to help you watch for things like this.
So, this is a painful lesson – but a good one to learn early on. You can report the losses from February 4th on (You only have 60 days to report fraud), so you will get *some* money back – not all.
Call your bank and see what happened. I’m assuming you were not using this card at all? Or what? These bank cards also charge fees and stuff. You could have just spent it all if you had been using it