What to Do If Money Mysteriously Disappears from Your Bank Account
A Complete Step by Step Guide to Your Rights Under the Electronic Fund Transfer Act (EFTA)
You wake up. Check your bank account. And panic.
There’s a withdrawal you don’t recognize—maybe $100, maybe $1,000. You didn’t authorize it. No one else has access to your debit card. And your bank? They’re saying you need to “wait it out.”
Don’t.
The Electronic Fund Transfer Act (EFTA) was written for moments exactly like this. It protects consumers from unauthorized withdrawals, errors, and delays in getting your money back. If you act fast and know your rights, you can minimize the damage—and potentially recover compensation if the bank mishandles your claim.
First: What Qualifies Under the EFTA?
EFTA covers electronic fund transfers (EFTs)—which include:
Debit card purchases
ATM withdrawals
ACH transactions (like direct debits from your checking account)
Peer-to-peer apps like Zelle, Venmo, or Cash App (when linked to your bank)
Online banking transfers
It does not cover:
Wire transfers
Checks
Credit card fraud (those fall under the Truth in Lending Act)
Step 1: Act Fast and Report the Problem Immediately
You must report the unauthorized transaction within 2 business days of discovering it. As soon as you spot a suspicious transaction:
Notify your bank immediately (call + follow up in writing).
Note the amount, date, and merchant involved.
Keep screenshots or printed statements for your records.
Timing is everything. If you report the error within 2 business days, your liability is capped at $50. Wait longer, and you could be on the hook for up to $500—or more.
Pro tip: Always notify your bank in writing and keep copies. Phone calls alone may not protect your legal rights.
Step 2: File a Written Dispute and Demand a Proper Investigation
Once you notify your bank, they are required under the EFTA to:
Acknowledge and begin investigating within 10 business days
Resolve the issue within 45 days
Provide written findings or correct the error.
Provide provisional credit to your account if the investigation takes longer than 10 business days
If your bank fails to credit you provisionally—or ignores your complaint—they may be in violation of the EFTA.
Step 3: Use the Law—And Your Leverage
If your bank:
Ignores your dispute
Denies your claim without evidence
Refuses provisional credit
Misleads you about your rights
…you may be entitled to compensation.
Under the EFTA, you can recover:
Actual damages (the amount lost)
Statutory damages up to $1,000 per violation
Attorneys’ fees and costs
We’ve helped clients recover thousands by asserting their rights under this overlooked but powerful law.
Final Tip: Don’t Wait
If your bank isn’t taking your complaint seriously, talk to a consumer rights attorney. You only have one year to file a lawsuit under the EFTA, and quick legal action can often trigger faster resolutions.
Banks Don’t Always Follow the Rules
Don’t assume your bank is right. In fact, many banks delay, misinform, or outright ignore EFTA claims—hoping you’ll give up.
That’s where we come in.
If money has disappeared from your account and your bank won’t make it right, contact Tariq Law today.
