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If you see a transaction you did not make or allow, contact your bank or credit union promptly through a trusted phone number or secure channel. Do not wait for a merchant to respond before reporting a suspected unauthorized electronic transfer. Then secure any exposed card or account access and keep a record of your report.
This guide covers U.S. consumer deposit accounts and electronic fund transfers under Regulation E. Paper checks, business accounts, credit-card billing disputes, and some other transactions may follow different rules.
What transactions to check
Compare your recent transaction history and periodic statements with the payments and transfers you actually authorized. Look beyond card purchases: electronic transfers can include activity initiated through an ATM or other electronic terminal, telephone, or computer.
- ATM withdrawals and debit-card purchases
- Electronic bill payments and automatic deductions
- ACH transfers and electronic person-to-person payments
Check the amount, date, description, and payment channel for each entry you do not recognize. A statement description may name a payment processor rather than the seller, so an unfamiliar name alone does not establish fraud; ask your institution to help identify the transaction. Also consider whether a household member or another person you authorized could have made it.
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What counts as an unauthorized electronic transfer?
Under Regulation E, an unauthorized electronic fund transfer is generally one initiated by someone other than the consumer, without actual authority, from which the consumer receives no benefit. The CFPB describes examples such as a fraudster using stolen credentials, obtaining account information through hacking, or initiating certain person-to-person transfers. The CFPB explains the definition in its Regulation E FAQs.
A transfer made with credentials you were tricked into sharing may still qualify as unauthorized under CFPB guidance. By contrast, a person you voluntarily authorized may be treated differently unless you have told the institution that the person’s authority ended. Whether a particular transaction qualifies depends on the facts.
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What to do when you find a suspicious transfer
- Contact your bank or credit union promptly. Use a trusted number from your card or the institution’s official website, or a secure channel in its app. Report each transaction you did not make or authorize, ask how to stop further access, and ask how to submit an error notice. You do not need to wait for a merchant to resolve the issue before notifying the institution.
- Report any exposed access device or credentials. If your card, PIN, or other access device was lost, stolen, or exposed, tell the institution when you report the transaction. Change compromised credentials through verified channels and ask whether your card or online access should be disabled or replaced. The CFPB advises prompt notice after a card or PIN is lost or stolen.
- Keep a record. Save the statement and transaction details. Note when and how you contacted the institution, the representative or channel, any reference number, and any forms or follow-up correspondence. If the institution asks you to confirm an oral report in writing, submit the confirmation promptly and keep a copy.
- Watch for further activity. Review later transactions and report any additional unauthorized entries as soon as you see them. Delay can affect responsibility for later transfers.
Which reporting deadlines matter?
Regulation E has different timing rules depending on whether an access device was lost or stolen and when a statement showing an unauthorized transfer was sent. These are general rules; the applicable result depends on the circumstances and the rule’s conditions.
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|---|---|---|
| You learn that an access device, such as a card or PIN, was lost or stolen | Notice within two business days after learning of the loss generally limits liability to the lesser of $50 or the unauthorized transfers before notice, if Regulation E’s conditions are met. | Later notice can increase potential liability; in some circumstances, the potential ceiling is up to $500. |
| A statement shows an unauthorized electronic transfer | Report within 60 days after the institution sent the statement. | If you wait, the institution may be able to hold you responsible for later transfers it establishes would not have occurred with timely notice. The 60 days run from the statement’s transmittal, not simply from the transaction date. |
The CFPB’s guidance on debit-card liability and Regulation E’s liability provisions explain these rules. Regulation E also states that consumer negligence cannot be used to impose greater liability than the regulation permits.
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What happens after you report an error?
After receiving notice, an institution generally has 10 business days to investigate. For certain accounts open less than 30 days, the period is generally 20 business days. If it cannot complete the investigation in that initial period, it generally must provide temporary credit for the disputed amount, less up to $50, while it continues investigating, subject to the rule’s requirements. Ask the institution how these procedures apply to your claim and whether it needs written confirmation.
When the institution determines that an error occurred, it generally must correct it within one business day. It must report its findings within three business days. These timeframes describe general Regulation E procedures, not a promise that every disputed transaction will be refunded.
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When the rules may be different
This guidance concerns U.S. consumer deposit accounts and electronic fund transfers covered by Regulation E, such as certain debit-card, ATM, ACH, electronic bill-payment, and person-to-person transfers. A paper check, business account, or credit-card charge is not covered by this article’s scope and may involve different protections and dispute procedures. The CFPB’s Regulation E definitions and scope explain which transfers the rule addresses.
An unfamiliar transaction is a reason to investigate, not proof by itself that a transfer was unauthorized. Report promptly, provide the facts you know, and let the institution investigate under the rules that apply to the account and transaction.
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