Money never disappears from an account. There has to be a transaction history. If money “disappears”, either someone has unauthorised accessed to your account, or someone has managed to authorise payments through fraudulent transactions. Both are forms of fraud.
You may be missing money or you may discover that you have extra money. This could happen for many reasons. The bank may have made a deposit to the wrong account. You may also find that you have withdrawals that have not been authorized, or perhaps the bank has made an error.
If you don't use your account for a long period of time the bank or building society may declare it dormant, but the length of time before this happens will vary between institutions. It could be as little as 12 months for a current account, three years for a savings account, or in some cases up to 15 years.
If you haven't used your savings or current account for any transactions for over 1 year, the account becomes inactive. If the account has been inactive for 2 years, it becomes dormant or inoperative. ... If you don't pay heed to managing your inactive bank account it can cost you money.
INACTIVE AND DORMANT ACCOUNT
If you have a current or a savings bank account and have not done any transactions through it for more than 12 months, then it will be classified as an inactive account. And if you don't do any transactions from a bank account for 24 months, then it will be classified as dormant.
Banks may take up to two weeks to refund stolen money after you report the theft. ... Some banks may replace the money as soon as the theft is reported, while others wait until they have completed an investigation and verified that charges are indeed fraudulent.
The bank/credit union will put your money back into your account after they receive a signed affidavit certifying that the charges in question were not made by you. Return the affidavit through certified mail/return receipt requested so that you have proof of when and that it was delivered.
Unauthorized Debits
When a business takes money from your account without verbal or written consent -- be it a credit card or bank account -- it's called an "unauthorized debit." While fraud may be the first thing that comes to mind, don't panic. Unauthorized debits can happen for benign reasons.
When a creditor decides that they're not likely to collect the money you owe them, they move the delinquent debt from their accounts receivable to bad debt. ... Once an account has been charged off, it cannot be reopened.
When people pay interest on bank loans, banks make money. Banks are not allowed to lend all of the money deposited by customers, however. ... Banks may keep reserves in two ways. They can keep cash in their vault, or they can deposit their reserves into an account at their local Federal Reserve Bank.
Why Do Banks Hold Funds? Banks can hold deposited funds for a variety of reasons but, in most cases, it's to prevent any returned payments from your account. Depending on the type of deposit involved, it can take several days for the money you deposit to be transferred from the payer's bank to your bank.
Whether you want to hear it or not, the truth is that the banks are in bed with the government and although the government tells the banks to “treat people fairly,” they continue to steal your money, while greedily taking money from you (via the government and your tax dollars) at the same time.
Contact your bank immediately to let them know what's happened and ask if you can get a refund. Most banks should reimburse you if you've transferred money to someone because of a scam. ... If you can't get your money back and you think this is unfair, you should follow the bank's official complaints process.
Your bank should refund any money stolen from you as a result of fraud and identity theft. They should do this as soon as possible - ideally by the end of the next working day after you report the problem.
If someone has your bank account number and routing number, it is possible for fraudsters to order fake checks using your bank information. They can use these fraudulent checks to pay for a purchase or they can also cash the check.
Report a Scam to the FTC
When you report a scam, the FTC can use the information to build cases against scammers, spot trends, educate the public, and share data about what is happening in your community. If you were scammed, report it to the FTC at ReportFraud.ftc.gov.
How does a bank-transfer scam work? A fraudster tricks you into transferring money from your account into theirs. They might call you on the phone impersonating your own bank and try to convince you that to protect your money from an imminent fraud attack, it must be transferred quickly into a safe account.
Contact your bank or credit card company as soon as possible after you discover that you've been victimized by a scammer. You may be able to recover some or all of your money. However, you generally must notify your bank or credit card company within 30 days of the transaction.
So yes, technically a teller could steal from any customer at any given time, but you can bet they would get caught pretty quick. Now, you say, “but what about another bank employee?” No other bank employees other than tellers are allowed to make transactions on an account.
While the act of having large amounts of money on you is not illegal in itself, typically those with that much on them are often engaging in criminal activities. Therefore, you may gain unwanted law enforcement attention, your cash could be seized, and you could be arrested if additional evidence is found.
Banks use your money to make money
Each time you make a deposit, your bank essentially borrows some of that money from your account and lends it out to other borrowers, whether it's an auto or home loan, a personal loan, or credit.
Depending on how much cash you want, the bank will need a few days to transport the money to the branch. Your bank is also allowed to ask you why you want the money. ... If you refuse to provide one, the bank can refuse the withdrawal request and report you to the authorities.
When Does the IRS Seize Bank Accounts? So, in short, yes, the IRS can legally take money from your bank account. Now, when does the IRS take money from your bank account? As we stated, before the IRS seizes a bank account, they will make several attempts to collect debts owed by the taxpayer.
The Short Answer: Yes. The IRS probably already knows about many of your financial accounts, and the IRS can get information on how much is there. But, in reality, the IRS rarely digs deeper into your bank and financial accounts unless you're being audited or the IRS is collecting back taxes from you.
Yes, the government can look at individual personal bank account. Government agencies, like the Internal Revenue Service, can access your personal bank account. If you owe taxes to a governmental agency, the agency may place a lien or freeze a bank account in your name.