Limited time to resolve errors on bank statments

Karen Stiles

Limited time to resolve errors on bank statments

CREATED Nov. 13, 2012

MILWAUKEE - Are you paying attention to activity that appears on your bank or credit card statements?

If not, you could be out some serious cash.

Whether you get your statements by mail or on line, it is very important to carefully review these statements each month, looking for such things as missing or inaccurate deposits or payments, unauthorized drafts, or charges for things that you did not buy.

If you do not catch and report an error in writing within 60 days, your bank or credit card issuer may not be obligated to correct or reimburse you for erroneous activity.

What is the best way to report a problem and what other action do you need to take?

Although you may be able to get the situation resolved by making a call, keep in mind, in order to be protected under the Fair Credit Billing Act, you must report the error in writing within 60 days of when your statement was mailed.

You can either call or check the back of your statement to get the address and specific information for reporting a mistake.

Then, make sure to check your next statement to be sure that the error has been corrected.

If it has not, call and send another notification of the ongoing error and keep copies and proof that this notification was received by your bank or card issuer.

If you missed the 60 day deadline, is there anything else that can be done to get your money back?

Unfortunately, many banks and card issuers will hold firm to this rule, but if you contact the company who caused the error, you might be able to get them to credit your account.

If you need help, you can contact our Call 4 Action office for assistance.