Anyone had money stole from Bank Account?

[Raimiette]

Has anyone here ever had money stolen from their bank account? If so did you get it back?

I am asking because today my boyfriend noticed just over $400.00 had been withdrawaled from his TD checking account and he didn't make that withdrawal.

It started yesterday when he went to a convenience store and tried to use his debit card. For some reason it came back as denied (which was odd because he had over $1000 in it). He called up his tele-banking line and they said his account was "temporarily disabled" and he couldn't access it. He tried to stay on the line for an assistant but after 1 hour gave up.

Today he went to check online and noticed more than $400 had been taken from his account yesterday.

When he called up TD today they told him they would suspend all of his cards and he could go to the branch tommorow to get an investigation started into the missing money but if they couldn't find anything he would just be out the $400 bucks.

Needless to say he's pretty pissed off at the whole thing. He knows someone couldn't have used his card because he had it on him the entire weekend.

[Octavius]

Has anyone here ever had money stolen from their bank account? If so did you get it back?

I am asking because today my boyfriend noticed just over $400.00 had been withdrawaled from his TD checking account and he didn't make that withdrawal.

It started yesterday when he went to a convenience store and tried to use his debit card. For some reason it came back as denied (which was odd because he had over $1000 in it). He called up his tele-banking line and they said his account was "temporarily disabled" and he couldn't access it. He tried to stay on the line for an assistant but after 1 hour gave up.

Today he went to check online and noticed more than $400 had been taken from his account yesterday.

When he called up TD today they told him they would suspend all of his cards and he could go to the branch tommorow to get an investigation started into the missing money but if they couldn't find anything he would just be out the $400 bucks.

Needless to say he's pretty pissed off at the whole thing. He knows someone couldn't have used his card because he had it on him the entire weekend.

My friend's debit card got skimmed...so long as they tell the bank they didn't give out their PIN to ANYONE (including Significant Others) then the bank will likely refund you the money.

Be forewarned though, the process is long...my friend waited about 4-5 months before he got his cash back.

[atforum]

My friend also got his money robbed. Almost 3k. Got back after 7months. One of the reasons why I keep away from banks like PC, ING, ICICI etc.

[Thalo]

This is why you don't let anyone else use your access card. Likely your boyfriend will get his money back, as he was probably the one that used the card when it was skimmed and he reported the loss immediately. The bank had probably already deactivated his access card because others were defrauded who used the same store/machine as him.

Now, let's say theoretically the OP's boyfriend let her use his card and it got skimmed while she was using it. No way will the bank cover the loss.

I always recommend carry cash and use it for all small purchases, say under $10. The people who are victimized by card skimming are the people who use their card for every little thing. Avoid using an access card entirely at convenience stores. Also, be sure to never let it out of your sight. A store clerk should swipe it and give it directly back to you, they have no reason to hold it (as with a credit card, to verify signature) and if it does lose your sight or doesn't get given right back to you, demand it back or ask what htey were doing with the card under the counter. Then call shenanigans.

I know a lot of people think they live in some wonderful future where cash is obsolete and we can use our cards for everything. The truth is we're not there yet. Not until cards containing chips come out and all merchant machiens and bank machines are upgraded to read the chip.

[jefguth]

This is another reason why you should avoid using a debit card for purchase transactions - if somthing like this does happen, the bank is not necessary under any obligation to return your funds if you can't prove it was someone else that withdrew the funds. If you insist on using cards, use a credit card, at least with a credit card you are better protected in these situations, plus some crook in Moscow can't wipe out your entire account balance in a matter of minutes.

[advantage21]

This is another reason why you should avoid using a debit card for purchase transactions - if somthing like this does happen, the bank is not necessary under any obligation to return your funds if you can't prove it was someone else that withdrew the funds. If you insist on using cards, use a credit card, at least with a credit card you are better protected in these situations, plus some crook in Moscow can't wipe out your entire account balance in a matter of minutes.

I agree. If the store doesn't take Visa, MC or Amex, I don't buy there. You also get many perks for using credit instead of debit....airmiles, aero points, cash back, extended warranty, credit history, etc.

[f00kie]

I agree. If the store doesn't take Visa, MC or Amex, I don't buy there. You also get many perks for using credit instead of debit....airmiles, aero points, cash back, extended warranty, credit history, etc.

Exactly. I've filed a claim with a credit card before, and received my money back very promptly, hassle free.

[Thalo]

I too use a credit card whenever possible. Do the transaction for free on my credit card and get points or get dinged a transaction on my checking and get nothing for it? Hmm... hard decision.

Only reason I can think of for using debit at all in a store is if you just don't have a credit card, ie: too young or sh*tty credit.

[Raimiette]

I hadn't thought like you guys before (credit v. debit).

I use my debit card everyday and I've never had a problem.

My boyfriend doesn't use his very often because he gets charged for transactions.

From the look of it it looks like the money was taken out at one of those cash machines that charge $1.50 to get money out.

The bank said they had shut down his account yesterday because they saw some "unusual activity" on his account so that is good for him I suppose.

I didn't use my credit cards before because most of the things I buy are small transactions ($10.00 or less) so I thought it odd to use a credit card for those but I suppose it doesn't matter.

[f00kie]

I hadn't thought like you guys before (credit v. debit).

I use my debit card everyday and I've never had a problem.

My boyfriend doesn't use his very often because he gets charged for transactions.

From the look of it it looks like the money was taken out at one of those cash machines that charge $1.50 to get money out.

The bank said they had shut down his account yesterday because they saw some "unusual activity" on his account so that is good for him I suppose.

I didn't use my credit cards before because most of the things I buy are small transactions ($10.00 or less) so I thought it odd to use a credit card for those but I suppose it doesn't matter.

I find it strange how banks can tell suspicious activity from regular activity: I think they are trying to cover something up themselves. It happened with my parents too, and while they didn't get money stolen, their account got flagged. Since the bank saw this suspicious activity before you did, they should technically give you your money back, as you were not at fault.

With credit cards, it's a lot easier though, because unlike with debit cards, with a credit card you have the bank's money, not the other way around. You call, charge back with any reason, and you see the money back in your balance right away, while they investigate for the next 3-4 weeks.

My friends think I am weird for using my credit card for everything, including sub-$2 purchases. I don't care: if the retailer doesn't have a minimum-purchase-amount-to-use-a-credit-card policy, then I can do as its convenient for me, and using a credit card is undoubtedly more convenient than a debit card.

[Bytown]

I find it strange how banks can tell suspicious activity from regular activity: I think they are trying to cover something up themselves. It happened with my parents too, and while they didn't get money stolen, their account got flagged. Since the bank saw this suspicious activity before you did, they should technically give you your money back, as you were not at fault.

With credit cards, it's a lot easier though, because unlike with debit cards, with a credit card you have the bank's money, not the other way around. You call, charge back with any reason, and you see the money back in your balance right away, while they investigate for the next 3-4 weeks.

My friends think I am weird for using my credit card for everything, including sub-$2 purchases. I don't care: if the retailer doesn't have a minimum-purchase-amount-to-use-a-credit-card policy, then I can do as its convenient for me, and using a credit card is undoubtedly more convenient than a debit card.


If you like paying all those extra fees that good go for it.I would not say useing a credit card is more convenient for everything.You have to pay the cash back.With a debit card you do not as its your cash.

[CSIFan29]

If you like paying all those extra fees that good go for it.I would not say useing a credit card is more convenient for everything.You have to pay the cash back.With a debit card you do not as its your cash.

What extra fees? If you pay off your bill in full, there are no fees, plus you get extended warranties. And about the debit card, either way you're still spending that money. With a credit card, it allows you to pay it off in one shot, while accumulating more interest (because your money is in your account until it's time to pay your bill and not taken out right away) and you gain points/cashback, etc.

[Thalo]

I don't see how it's any simpler to use a debit card than a credit card for a small purchase. Either way you're making the person behind you wait while you either type in your PIN or sign the receipt. Either way you're costing the merchant a little extra on his POS terminal. Whatever happened to cash? Item costs $1.99, give the clerk a toonie, he immediately gives you back a penny, you put the penny in the give-a-penny, take-a-penny tray. All done, next person in line doesn't have to wait any longer.

[tkyoshi]

I don't see how it's any simpler to use a debit card than a credit card for a small purchase. Either way you're making the person behind you wait while you either type in your PIN or sign the receipt. Either way you're costing the merchant a little extra on his POS terminal. Whatever happened to cash? Item costs $1.99, give the clerk a toonie, he immediately gives you back a penny, you put the penny in the give-a-penny, take-a-penny tray. All done, next person in line doesn't have to wait any longer.

It depends, some people like to count their exact change which takes forever ;)

Out of the three, Credit defiantely has the advantage. Especially these days with internet authorization and no signature required for small purchases.

With things like paypass it only gets faster, at petro canada all i do is go in and tap the card, don't even have to sign the receipt. Definately faster than cash. I've also been faster with credit vs cash in fast food type situations.

[moebius]

credit card all the way. unless the retailer has a limit at which they accept the credit card. then i use cash.
why use debit card when the credit card gives you a cash back, points and all sorts of extras. and you also use the bank money for a month

[number84]

What extra fees? If you pay off your bill in full, there are no fees, plus you get extended warranties. And about the debit card, either way you're still spending that money. With a credit card, it allows you to pay it off in one shot, while accumulating more interest (because your money is in your account until it's time to pay your bill and not taken out right away) and you gain points/cashback, etc.

+1

and also, you can use credit cards for an unlimited number of transactions (up to your credit limit) with no extra fees. whereas, don't most ppl have a limit of number of transactions they can use per month on their accounts? (or are debit purchases unlimited?) sorry, i don't pay banking fees so i'm kind of out of the loop.

[Bytown]

What extra fees? If you pay off your bill in full, there are no fees, plus you get extended warranties. And about the debit card, either way you're still spending that money. With a credit card, it allows you to pay it off in one shot, while accumulating more interest (because your money is in your account until it's time to pay your bill and not taken out right away) and you gain points/cashback, etc.

All of the places i go to if you spend under $10 there is a $5 min fee.So if you just want a $2 item you end up paying $7.

[don242]

If someone has taken money from your bank account that was not authorized, go to the bank and inform them within 3 months. They are required to prove it was authorized or reverse the charge. They can only reverse the charge within three months.

This happened to me in the past where someone was taking money from my account without authorization. The bank said there was nothing they could do once I noticed. I called a lawyer and they said it is law that the bank provide a signature or reverse the charges. The bank eventually did reverse all money that was removed from my account and gave me a cheque for charges that were past 3 months old that I had informed them about within a week of the occurance. They just refused to do anything for 3 months. It took letters to the head offices to get things done though.

If you gave someone use of your debit card then you are out of luck.

[HBP]

If you like paying all those extra fees that good go for it.I would not say useing a credit card is more convenient for everything.You have to pay the cash back.With a debit card you do not as its your cash.

Once again Bytown, you're showing that you don't know what you're talking about. Stop spreading your misinformation.

[ghostryder]

All of the places i go to if you spend under $10 there is a $5 min fee.So if you just want a $2 item you end up paying $7.

For credit cards I usually point out that restrictions like this are usually prohibited by the credit card company and violates their merchant agreement, which can result in having their ability to accept credit cards revoked.

"Do Not Set Restrictions on Credit Card Transactions
Visa regulations prohibit establishing a minimum or maximum purchase amount,
and charging customers an extra fee for using their Visa card.
Because of the available line of credit and the purchasing freedom that credit cards
offer, customers who use credit cards to pay for purchases usually bring in more
business than those who pay with cash. Therefore, you should encourage their
business and not penalize them by charging additional credit card usage fees.
Such a policy would violate your Merchant Services Agreement."

http://www.tdcanadatrust.com/merchantservices/pdf/Merchant-Guide.pdf

[bionicbadger]

use cash, problem solved.

[Bytown]

Once again Bytown, you're showing that you don't know what you're talking about. Stop spreading your misinformation.

I am fully aware what i am talking about.The places i go to charge a $5 fee for any order under $10.00.

[tkyoshi]

I am fully aware what i am talking about.The places i go to charge a $5 fee for any order under $10.00.

They are actually violating their agreement with Visa/Mastercard. If you like you can report them and they can get their merchant account suspended.

None of the places I've been in Vancouver charge any kind of fee. If any only Orange Julius charges 25 cents to use Interac, no fee for Credit Card. However under Interac rules the merchant can set a fee as long as you have been notified either through verbal and/or on the pinpad (have to press OK to the fee).