Why Reviewing Your Monthly Account Statement May Save You Time, Money, and Future Liability on Unauthorized Transactions

Would you know your rights if you found unauthorized transactions on your monthly checking account statement? When you find unauthorized transactions on your checking account statement there are some actions you must take to avoid liability for subsequent unauthorized transfers. This is where knowing and understanding your rights under the Electronic Fund Transfer Act (EFTA) will save you time and money!

What are the Timeframes for Disputing Unauthorized Transactions?

Under the EFTA, you can dispute an unauthorized transaction by notifying your credit union no later than 60 days after it sends your periodic statement. Your notice should include information that explains why you believe the transaction is unauthorized, and the date and amount of the transaction. When the credit union receives a sufficient notice of an unauthorized transaction from you, the credit union will investigate and report its findings to you. If a credit union does not conclude its investigation within 10 business days, it may take up to 45 days as long as it provisionally credits your account in the amount of the alleged unauthorized transaction. If the credit union finds that no unauthorized transaction occurred, it will send you a written report within three business days after completing its investigation. The report should note your right to request the documents the credit union relied on in making its determination. Upon your request, the credit union should promptly provide copies of the documents. The credit union may also reverse any provisional credit if it determines that no unauthorized transaction occurred.

What Should I Do?

What to do when you discover unauthorized transactions on your checking account statement?

• Act as soon as possible when you notice unauthorized transactions on monthly checking account statement.  
• Report the unauthorized transaction(s) to your credit union.
• If the credit union’s investigation takes more than 10 business days, ensure that the credit union gives you the disputed funds as a provisional credit until they conclude the investigation.
• Monitor the credit union’s response to you. Keep in mind a dispute investigation may take up to 45 days in some cases, but the credit union should inform you of its investigation results within three (3) business days of the conclusion of the investigation.  

Need additional help?

If you experience issues with your credit union’s unauthorized transaction dispute practices, can contact NCUA’s Consumer Assistance Center at 800-755-1030 for further guidance. Visit MyCreditUnion.gov for additional resources on consumer share accounts.