Monitoring Accounts is Key

Monitoring account statements immediately after receipt and communicating discrepancies right away is key to reduce your potential risks of financial loss and possible damage to your credit rating. Review financial statements from banks and bills from service companies such as credit card, phone or internet. Checking statements and bills for accuracy can help determine if there are fraudulent fees being charged to your accounts. Fraudsters will often charge under a $1 to ensure the account is active before charging larger amounts. Look for transactions you did not initiate or accounts that you have not opened. Thieves can steal financial resources by charging services to established accounts. 

On the back of every bank statement there is an Error Resolution Notice which states that you, as a consumer, have a responsibility to contact the bank in writing within 60 days of the first statement on which the error or problem appeared.

“Tell us your name and account number (if any), describe the error or the transfer you are unsure about, and explain as clearly as you can why you believe it is an error or why you need more information and tell us the dollar amount of the suspected error. We will investigate your complaint and will correct any error promptly. If we take more than 10 business days to do this, we will credit your account for the amount you think is in error so that you will have use of the money during the time it takes us to complete our investigation.”

Fraud and Identity Theft and any resulting losses are present-day risks for consumers and financial institutions. Customers can limit losses for themselves and the bank by securing their personal and financial information, keeping all PINs, user IDs and passwords safe, reviewing account information regularly and contacting the bank immediately if there are errors or financial items lost or stolen.

In most cases, if a customer has taken steps to protect themselves and has contacted the bank as soon as they are aware of potential fraud, the bank will credit the customer, investigate and dispute the fraud and if necessary, will take the loss. Community National Bank wants to help our customers keep their personal and financial information safe and sound, however, we need customers to do their part to help our efforts. Please call us immediately if you suspect fraudulent activity.