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Correcting Bank Account Errors

It is important to check your credit account and bank account statements regularly. The Fair Credit Billing Act (FCBA) and Electronic Fund Transfers Act (EFTA) establish procedures for resolving mistakes on credit account and bank account statements.

When many customers find a mistake on their bill, they pick up the telephone and call the company to correct the problem. You may do this if you wish, but telephoning does not trigger the legal safeguards under the Fair Credit Billing Act. To be protected under the law, you must send a separate written billing error notice, to the creditor. Your notice must reach the creditor within 60 days after the first bill containing the error was mailed to you. The written notice must be sent to the address provided on the bill for billing error notices (and not, for example, directly to the store, unless the bill says that is where it should be sent). In your letter, you must include the following information:

  • Your name and account number;
  • A statement that you believe the bill contains a billing error and the dollar amount involved, and;
  • The reason you believe there is a mistake.

The FCBA generally applies to "open end" credit accounts, such as credit cards or revolving charge accounts (such as department store accounts).

The EFTA applies to electronic fund transfers transactions involving automated teller machines (ATMs), debit cards, other point-of-sale debit transactions, and other electronic banking transactions that can result in the withdrawal of cash from your bank account.

Under the EFTA, if there is a mistake or unauthorized withdrawal from your bank account through the use of a debit card, you must notify your financial institution of the problem or error within 60 days after the statement containing the problem or error was sent. For retail purchases, your financial institution has up to 20 business days to investigate after receiving notice of the error.

You must notify your institution immediately upon learning that your debit card or credit card has been misplaced or lost. If you do not report the loss within two business days after you realize the card is missing, and if someone uses the card without your permission, you may lose from $50 to $500. If you do not report an unauthorized transfer or withdrawal within 60 days after your statement is sent to you, you risk unlimited loss.


Financial Abuse of the Elderly
It’s more common than you think!  The FDIC offers the information below on how to spot and prevent financial abuse.  As always, contact us at Peoples Bank if you suspect a financial crime is being committed against an elderly person. 

  • Be careful with Powers of Attorney.  The appointed person can step in and do everything you can do, including taking money from your account and borrowing money in your name. 
  • Protect your personal financial information.  NEVER give out your Social Security Number, bank account numbers, passwords, or other information unless YOU call a company.  Always shred any paper documents before putting them in the trash or recycle bins.
  • Monitor your bank account and credit card activity every month.  If you see anything that you did not do, contact the bank or credit card company immediately.
  • Take your time when deciding on a major financial decision or investment.  If you don’t fully understand any part of the transaction, contact your attorney or financial advisor for help BEFORE you sign anything.  If the person pressures you to sign anything, that is a RED FLAG to stop and ask someone else.
  • Again, if you have any questions about your bank account activity, etc., call us at Peoples Bank for information. 

Get your account statements by E-mail!

Call us at one of the numbers below to have your account statements E-mailed to you!

Don't forget! Our online banking and telephone banking systems are available 24 hours a day! Take a moment and try them out by clicking the links. We believe you'll come to love these servces that can be accessed from the comfort of your home or office.


 
 

Peoples Bank
Clifton: 931-676-3311 or Toll Free at 877-656-3311
Waynesboro: 931-722-3608
Hohenwald: 931-796-3777
To Report Your Debit Card Lost/Stolen: 800-554-8969
To Report Suspicious Activity On Your Account: Call Our Operations Department @
931-676-3311 or Toll Free 877-656-3311

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