![]() ![]() They have two billing cycles – generally two months or 60 days – to investigate the error, but they can’t take more than 90 days. Due to the high volume of emails we receive, please allow 3-5 business days for a response.If you’ve noticed a billing error on your credit card statement and sent a written letter disputing the charge to your credit card company, they must acknowledge your dispute by sending you a billing error notice within 30 days of when they received your letter. If you do not wish us to contact them, please let us know right away, as it will affect our ability to work on your case. As a part of our process in assisting you, it is necessary that we contact the company / agency you are writing about. We assist individuals with consumer-related issues we cannot assist on cases between businesses, or cases involving family law, criminal matters, landlord/tenant disputes, labor issues, or medical issues. Have a question for Michael and the 7 On Your Side team? Fill out the form HERE!ħOYS's consumer hotline is a free consumer mediation service for those in the San Francisco Bay Area. Take a look at more stories and videos by Michael Finney and 7 On Your Side. Bottom line, don't answer a text or call even if it seems to be your bank. When victims open their mobile banking app, Zelle is right there, connected to their money. It's even more annoying when consumers find $2,000 is missing," said Sullivan.Ĭonsumer advocates say scammers are exploiting Zelle because the app is connected automatically to millions of bank accounts. "Any speed bump in the process is going to annoy customers, that's true. RELATED: Judge says Bank of America may have illegally denied EDD fraud claims Sullivan and other consumer advocates say banks should be using fraud filters on Zelle transactions to stop scams - as they do with credit cards.īut that could slow the quick payments that customers want. Sullivan warns, however, the law does not protect consumers when they use Zelle to make a purchase or payment - even if they get scammed.įor example, if you use Zelle to buy concert tickets, and never receive them, you are out of luck. VIDEO: San Francisco man loses half his savings in bank transfer scamīank of America did say it complies with Regulation E. ![]() We told Bank of America about all the victims - pointing out consumers were tricked into transferring their funds.Īnd right away the bank replaced their money but did not cite a reason, saying it considers each case individually. So the whole idea that treachery is involved should mean consumers are protected by Regulation E," said Sullivan. The Consumer Financial Protection Bureau put out a directive in June, saying the law applies "if a third party fraudulently induces a consumer into sharing account access information." Regulation E, part of the federal Electronic Fund Transfer Act, requires banks to refund consumers for fraudulent transactions on their accounts. "Those kinds of fraudulent transactions are covered by Regulation E, and consumers should be getting refunds," Sullivan said. "It's always the advice that, sorry, there's nothing we can do." However, cyber security expert and journalist Bob Sullivan says federal law does protect victims of this type of scam. "I'm sorry ma'am, there's nothing we can do," Vaka echoed. RELATED: Scam targeting Bank of America, Zelle users steals thousands through mobile app payment "Sorry you're out of luck, lady," Pollack recalled being told. "So you're gonna tell me you're not going to insure this money? And they said, 'No because you used it through Zelle,'" said Stoker. ![]() I trusted my bank to have top-of-the-line security," said Vaka. for example, if you do not receive the goods you paid for."Īnd even though it was a scam, the victims 'did' authorize a payment for goods they didn't get - namely, their own money back! The Zelle user agreement on the Bank of America website says: "neither we nor Zelle offer protection for authorized payments. However, with this latest scam, a little-known federal law says you should get your money back. The Zelle user agreement says if you send someone money and it turns out to be a scammer, too bad. Quick-pay apps like Zelle don't offer any of the fraud protections you get with credit cards. So are you entitled to a refund if it happens to you? 7 On Your Side's Michael Finney has a surprising but hopeful answer. RELATED: More victims of Bank of America, Zelle scams come forward here's how to protect yourself Imposters claiming to be from the bank are tricking victims into sending them cash through Zelle. SAN FRANCISCO (KGO) - A growing scam targeting Zelle and Bank of America shows how easy it is for hackers to steal your money using those quick payment apps, like Zelle. A growing scam targeting Zelle and Bank of America shows how easy it is for hackers to steal your money using those quick payment apps, like Zelle.
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