ITeam: Citizens Bank Won’t Reimburse Sudbury Couple For $11K In Forged Checks (page 2)
“Notification within the time period of 30 days allows us to proactively stop fraudulent activity that may be occurring and to expedite our investigation of the suspected fraud,” Citizen’s Bank told the I-Team.
Under state and federal laws, the bank does not have to pay back the money because the customer failed to notify them about the fraud within that 30 days.
But Senator Elizabeth Warren, who has made a career out of taking on big banks, says the bank bears some responsibility.
“The notion that they are supposed to be the experts here on banking policy just somehow seems a little disconnected for me,” Senator Warren said. “The banks bear some responsibility for the checks they cash for the quality of what they cash.“
Sen. Warren pointed out that the law requires to use what is known as “ordinary care” when it comes to cashing checks.
The I-Team asked citizens bank what “ordinary care” means to them in this case. They would not answer the question.
As for the alleged thieves, they are still on the run.
MORE FROM CBS BOSTON
- Whole Foods CEOs Apologize For Overcharging Issues
- New Bubble Wrap To Drop Its Pop
- JetBlue Adds Checked Bag Fee After Years Of Resistance
- Survey: 62% Lose Sleep Over Money Problems