Here are just a couple of laws that have been put into effect to protect the consumer:
- Electronic Funds Transfer Act or Regulation E- This protects you from unauthorized transactions from your account depending on how soon you let your bank know of an unauthorized transaction. If it within 60 days you should receive all the money back. This is a good protection for you. Remember this will not be instantly refunded to you. It may take up to 30 days, depending on the situation. Some banks have next day coverage. Ask your bank what their limits are.
- Truth-in-Lending Act, or Regulation Z- this governs illegal use of your accounts online or through a debit card or automatic teller machine and your credit cards. This should be followed up with a letter after your phone call. Always leave a paper trail when you have been ripped off.