Periodically, callers inquire with the Better Business Bureau about their bank statement. The reason for the call is because they want to track down a company that deducted money from their bank account. They may have asked the bank teller who it was, and the teller reading the statement drew a blank. A name may look like Excls Rlgsly, for example, and there will be no phone number or address information associated with it. The best the teller can do is to perform a Google search on the name, which most likely will come up with another blank. Not knowing what else to do, the teller will refer the caller to the Better Business Bureau. Then, one of our staff will look in our records and go to Google and, likewise, draw a blank. Where does one go to from there?
After calling a local bank, I made some important discoveries. First, although a bank cannot always determine who deducted money at the local level, further on down the chain, someone can usually determine where this money went to. With advances in technology, cyber criminals can figure out ways of keeping people from figuring out their identity and whereabouts. And, if a person wants to dispute a charge, all they have to do is fill out a dispute form with the bank. The bank can investigate and reverse charges.
Keep this in mind: 100% of the charges cannot be reversed 100% of the time. The reimbursement varies, based on whether the charge was made online, in person, with a debit or debit card. Also, time is of essence when making the report. Click here for guidelines on making a report and how much you potentially could lose if you wait too long.
Sometimes, charges are a matter of a wrong code being entered and can be easily remedied. Other times, the problem isn’t so easily undone. Should you encounter a problem, don’t delay! Contact your bank, and let the Better Business Bureau know if there is something we can help with!
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