Don't let go!

Many local TV news departments offer consumers help by going after companies that have done them wrong in some way, like failing to deliver on services paid for. A local story this past week in the news featured a woman who discovered she had been charged $900 for purchases she hadn't made. The bank refused to refund her money, so she called the news station. No explanation was given for the bank's refusal, but they relented and refunded the money after the station got involved.

In short, her husband had been on a trip in Mexico and paid for a meal with a debit card. It appears that the card was cloned while out of the owner's possession since the charges were dated after he had left Mexico. A very important lesson here is to never let your debit card out of your possession. Fraudulent debit charges can wipe out your checking account balance, and it can take several days to get the funds restored.

Consumers must understand their rights according to the Federal Trade Commission. You are not liable for fraudulent charges as long as you report them promptly. According to federal law, you are only liable for $50 if you follow procedures. Know your liability and your responsibility. If your financial institution treats you unfairly or poorly, then walk out with your money!