It has long been held that if a consumer notices a fraudulent transfer out of an account that they should notify the bank immediately.
U.S. banks have typically been good about protecting the consumer. UK banks on the other hand have seemed to tend to blame the victim.
In a turn of at least one banks position, Wells Fargo Bank seems to be standing firm in not limiting the online loss of one consumer to the $500 limit afforded under the Electronic Funds Transfer Act.
A Philadelphia student had a theft of $1,400 from her bank account and reportedly notified Wells Fargo Bank. Wells Fargo replaced her ATM card with another bearing the same account number and PIN. More money went missing. Surprised?
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