Banks told the customers it was their fault for getting scammed. But a lawyer says under Regulation E, consumers' money should be protected.
Unger said he immediately filed a claim with Bank of America, but the bank denied it. And he’s not alone. The I-Team’s received dozens of similar complaints, consumers losing thousands of dollars. Their banks also denied their claims. Consumers say their banks blamed them, saying they allowed scammers to access their money. “You are supposed to be able to dispute these transactions and recover those funds,” said Rahimi.
The I-Team also reached out to the Consumer Financial Protection Bureau, the government agency established to make sure consumers are treated fairly by banks and other financial institutions. It agrees with Rahimi. “While the regulation says one thing, the banks may be able to convince the judge to rule another way,” said Rahimi. “There just hasn’t been enough litigation surrounding it.”
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