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Home » Can I ask my bank to refund a payment?

Can I ask my bank to refund a payment?

If you find a payment on your bank statement that you didn’t authorize, it’s important to take action. Unauthorized transactions can be a source of stress and financial concern, but there are steps you can take to resolve the issue. One of the first things you should do is contact your bank. They have procedures in place for handling such situations and can guide you through the process of requesting a refund.

When you reach out to your bank about an unauthorized payment, they will typically investigate the transaction. This investigation may involve reviewing your account activity and verifying whether the payment was indeed unauthorized. If they find that the payment was not authorized by you, they should proceed with issuing a refund. According to banking regulations, this refund should be credited to your account by the end of the next business day.

It’s also worth noting that along with the refund, any charges or interest incurred because of the unauthorized transaction should also be reversed. This means that once the refund is processed, your account should reflect the corrected balance, including the reversal of any fees associated with the unauthorized payment. Remember to keep a record of your communication with the bank regarding the refund request, including any reference numbers or confirmation emails.

(Response: Yes, you can ask your bank to refund a payment if you didn’t authorize it. They should refund the payment, along with any charges and interest, by the end of the next business day.)