Will the bank pay me for the stolen money from my ATM account?

Philippines
February 2, 2013 2:07am CST
Just recently, my ATM account was hacked and all the money in it were stolen. A day after the incident, I discovered it when I logged in on my account at 1:00 am, I immediately reported it to the bank. It is now under investigation, they made me signed a complain form that they can use to acquire a court order to get the CCTV video record of the ATM machine that was used by the hacker to withdraw my money. When I asked the bank representative, she can't give me a straight answer whether I'll get my money back or not. She just said that it's all depend on the outcome of the investigation. But when I asked her if the bank have liabilities on the matter, she said yes, the bank have some liabilities, and she asked me to be patient. She said, the investigation may take a while, depending on the cooperation of the other bank of the ATM machine used by the hacker. So I just want to know if there's anyone here had experienced the same situation as I am now, and does the bank has the obligation to pay me back the money that was lost from my account?
6 people like this
15 responses
@owlwings (39872)
• Cambridge, England
2 Feb 13
It very much depends on the bank's Terms and Conditions (you should have been given a copy when you opened the account). Many banks do undertake to refund any money stolen in this way, though nearly all will need to investigate the theft fully to make sure that the claim is valid. You will have to wait until they have completed their investigations, I'm afraid, but you might enquire about the possibility of an overdraft facility and whether the interest charged will be refundable if your claim is successful. Many banks will be prepared to help a customer in this way. I once had the same thing happen to me. The information on my card was 'skimmed' (using a machine to copy the data) and a false card was made which was used some months later to remove cash in Italy. Fortunately, it was quite easy for them to see that I could not have been in Italy on the dates concerned and I got a full refund (including the extra charges involved in going overdrawn) in about a month. They also cancelled the card immediately, of course, and issued me with a new one. Since then, I have made sure that I never let the card out of my sight when using it and, now that we have 'Chip & Pin' verification, this is a lot easier.
2 people like this
• Philippines
2 Feb 13
@owlwings thank you so much for sharing this experience.
1 person likes this
• Philippines
2 Feb 13
About the terms and conditions of the bank. I don't think I have a copy of them. All I have is two sets of PIN (Telephone PIN and Tellercard PIN) and a brochure of how to use their card. There are no other attachment the terms and conditions or disclaimers of the bank. Maybe I should request for that. This is just an ATM account. It's not payroll account, it's personal, but this is where my employer uploads my salaries. Thanks
1 person likes this
@hereandthere (33012)
• Philippines
2 Feb 13
it happened to me years ago. i was withdrawing money, no cash came out, but the amount was deducted. it was a payroll account. i walked back to our office and told our payroll. they gave me the number of the branch of the bank where we have a corporate account so i can report it. i can't remember anymore if it took 2 days or a week to be returned. i think i had to borrow a small amount for the meantime. i hope the investigation turns out in your favor and you get what's rightfully yours.
1 person likes this
• Philippines
2 Feb 13
Yeah, thanks hereandthere
1 person likes this
• Philippines
2 Feb 13
did you lose your atm?
1 person likes this
• Philippines
2 Feb 13
card i mean
1 person likes this
@mariaperalta (19094)
• Mexico
2 Feb 13
Most banks have great insurance policies for that... Hope you get it back quickly....
1 person likes this
• Philippines
2 Feb 13
I hope so! Thanks
@Cutie18f (9563)
• Philippines
2 Feb 13
That is so scary to hear that things like that happen. Although I have only very little money in the bank, but of course, I do not want anyone stealing what little money I have there.
1 person likes this
• Philippines
2 Feb 13
I guess we can say, digital age made life easy for everyone..., even for the hackers!
1 person likes this
@ARIES1973 (9539)
• Legaspi, Philippines
2 Feb 13
The only experience I had so far is when the amount was debited and the amount was not dispense. I was able to get my money back in a matter of 3 days. They credited it back to my account. I also heard several complaints regarding this matter but so far I haven't heard any result. Hopefully, the investigation would be favorable. They can surely trace the records of it. It's a sad thing that our money is not safe because even if we have the card, there is a big chance that our money can be stolen.
1 person likes this
• Philippines
2 Feb 13
Yes, that's why we really need to know how did they do it. We can't rely on banks alone for the security our assets nowadays. we need to know these schemes they're using to steal from our so-called "secured bank accounts"!
• Philippines
2 Feb 13
You can have your money back but it depends on the result of the investigation of what really happened.
1 person likes this
• Philippines
2 Feb 13
Is this rule applies to all the banks around the world?
1 person likes this
@vernaC (1493)
• Romania
2 Feb 13
If your account is personal, I think you have insurance for that. You really can't get a straight answer from bank representatives, you should ask directly from the manager of all managers in that bank the very head of them.
1 person likes this
• Philippines
2 Feb 13
@vernaC (825) Thanks, I think I'll do that.
1 person likes this
@bluespygirl (2112)
• Philippines
2 Feb 13
[b]This happened to me almost exactly!!! There had been some glitches on the machine and the next person to me got almost ALL our ATM money. I am trying to withdraw an amount of 50,000. What I didn't remember was the maximum withdrawable amount is 25,000 for that kind of ATM. I keep on punching 50,000 but the machine stops and told me that I had a wrong PIN number. It should have told otherwise. Since I took time in machine, I let the man behind me to withdraw. I did notice that upon entering his ATM card, money dispense right away. I should have confronted that man right away but I am having second thoughts since it is only a doubt. Ten minutes later after that, I reported it to my bank which is just nearby. The bank people put me on hold for more than half an hour. After that, they told me that nothing was minused in my ATM. I was shocked the next day upon checking my account that the money in it was gone! I made a formal letter to the bank and had called its hotline number. I had told them if I could look at the CCTV records and maybe they could talk to that person in private. I have my ATM receipts but like you, the bank can't give clear answer. [/b]
@Zer0Stats (1316)
• India
2 Feb 13
Yes the bank repays the stolen money if you're held liable and it may take couple of months so be patient.It has happened with one of my friends.The man somehow got her credit card details and made the on-line purchase on her card.The police caught the man after a month-long investigation and two months later she eventually got her money back.
• Philippines
2 Feb 13
Thanks for sharing this. Did they find out how the man acquired your friend's credit card details?
@Zer0Stats (1316)
• India
2 Feb 13
It's not hard to get credit card details for anyone it's already all over your card.
• Philippines
2 Feb 13
Yeah, but when you make a purchase you're required to give the PIN code of the card, right? So much for the digital age. Everything is automated, even stealing other people's money is automated now!
• Philippines
2 Feb 13
Like the previous reply on this discussion, it really depends on the terms and condition of your bank carrier. Some Banks do have refunds most especially those accounts that were hacked by other people. Some Banks don’t have such laws and you won’t get a refund from the stolen money. However, refunds are quite a long process to make because you have to explain and in some rare cases, even hire a lawyer just to let the bank give you a refund from the stolen account. If such would happen, you should first call up your local bank carrier and contact them that your account was hacked so that they can freeze your account and hold the remaining balance, although the refund process really differs from bank’s terms and condition.
• Philippines
2 Feb 13
Thanks. Yes, about bank's terms and conditions which I don't have a copy,and I don't know anything about banking law in this particular country or in any other countries in the world, and regardless of what terms and conditions they have, the way I see it, the main responsibility of the bank is to secure it's customer's assets. Which on this case they have failed to do so. Unless they can prove that there have been some negligence on my part, like if I gave away my PIN code to a stranger, then they have valid reason not to pay me back of the money that was stolen from my account. But without that valid reason, they should not have any excuses not to pay back the money that I have entrusted them to secure.
• Philippines
3 Feb 13
That's strange... our banks here in my country do give briefing and orientation before they will approve your bank account registration, in fact they give out snippets and brochures so that their customers will know the dos and don'ts on banking.
• Philippines
3 Feb 13
I think we're in the same country bro :) It's an ATM account, it's a bank chosen by our employer where they can upload our salary, they did the initial application in the bank. But this is not a payroll account, we were the ones who filled up the forms and we were the ones who paid the initial deposits to be able to activate it. So Technically it's our personal accounts. And all the bank gave us, 2 sets of pin (Telephone Pin and Teller Card Pin) and a Brochure, as you said the Do's & Dont's on using their card. But there is no disclaimer or terms and condition indicated in any part of it. But even if they do have indicated and regardless what they have specified in their terms and conditions. we can't take away the fact they have failed the very main responsibility that they are supposed to be doing, "secure their customer's assets". And as their representative said, even though she can't specify it clearly, they still have liabilities on cases like this. Otherwise, why would I entrust my money to the bank in the first place?
@TLilly12 (1230)
• United States
13 Mar 13
I have stopped using ATM machine, because the changes a large fee, for using them I hope you are able to get your money back, but it's going to be a very long wait, on getting your money back people are not honest, I hope the best come out for you.
• Manila, Philippines
26 Apr 14
@redsniper What Bank is this? it also happened to me last January 6, 2014. my bank is Metrobank here in the Philippines, and they reach the decision that they will not shoulder amount i have lost. i told them that i will complain them to Banko Sentral ng Pilipinas. did you get your money back?
• Philippines
29 Nov 14
@Renelie19 hi, sorry I have been away from this site for a while... I don't get it, why your bank won't pay you or replace your money? I don't understand why some people would say it depends on the bank's policy. It's their job to protect your money, if it got lost, stolen or for whatever reason that your money is gone, they should be held responsible for it. Unless if they can prove that you're the culprit who stole your own money! Plus we all know that these banks have insurance, they don't have any reason not to pay you or retrieve your money back to your account... As for me, after less than a month of investigation, I just got a mail and text message from my bank that says the money is back in my account... and it's a China Bank account.
• India
3 Feb 13
Sorry to hear this.No bank in the world has that liability to pay the customer the lost amount.If your customer executive told this, you need to get this in writing.But what you need to do is file a case and sue them for what has happened.This would force the bank to admit the fraud and also give you the amount.You could sue an additional amount for the court charges and things.It has worked for many people but then it could take a year's time to get all the settlement.Plus you need a good attorney for the things.What is told or verbal has no proofs in court.So get the written statement from the bank , that they are liable to pay the things and damage.Ensure that the statement has a bank seal and a valid person signed as well.Else its not valid.If so,then you need not go to court, though its nice to check the legal validity of the terms and things they specified with an attorney.Also check the bank website for the terms and conditions related to such incidents.Wish you all the very best and hope you get back your hard earned money.Thanks!
• Philippines
4 Feb 13
I'm so sorry, but it's a little sounds absurd when you said that "No bank in the world has that liability to pay the customer the lost amount." Besides the fact that I don't want to accept the possibility that I will not be able to get my money back, but the logic of what you have just said is really unacceptable. You're saying that I have entrusted my money to the bank, and if something went wrong, if it gets lost or stolen, they won't be held liable or responsible and will not be obligated to replace it. Even you would agree that it's really sounds ridiculous. And for all I know, they're the one who conspired with the hacker to steal my money, since they won't be obligated to repay it. So now my question is, why would people entrust their money to the bank in the first place?
• Philippines
4 Feb 13
The reason that I've asked you that question is because, you have to know that the money was not the only thing that was stolen here. I am now having doubts if this bank is reliable to keep my assets. And this question is very important for everyone to make such decision. Should I keep my money to this particular bank, or in any bank... or not at all.
@hereandthere (33012)
• Philippines
14 Feb 13
hi red. just curious to know what happened since you posted this discussion. hopefully something positive.
• Philippines
23 Feb 13
Hi hereandthere, well besides the complain form that they asked me to sign on, they also told me to write a formal complain letter, which I did a week ago, and then the bank representative told me to wait until the whole process of the investigation is completed. When I asked her how long will it take, she told me that it will take a while, specially in this case, there's a different bank involved, you know the bank of the ATM machine used by the hacker. And it will all depend on the cooperation of that particular bank. She told me in most cases it may take more than a month to complete the investigation. Plus the fact that I'm not the only one who have this problem, there are a lot of people out there who have the same situation. If you're in the Philippines, you may have already seen it on news that it's really happening in different parts of Manila. So the bank representative asked me to be patient and it seems I really don't have a choice but to wait.... But on the positive side, she assured me that I will have my money back! Thanks :)
@nitinnair89 (2895)
• India
3 Feb 13
Oh my. I hope everything gets back to normal and you get your money soon
• Philippines
3 Feb 13
Thanks, I really hope so.
@sender621 (14956)
• United States
2 Feb 13
Reporting this kind of incident to the bank is the first sensible step to take in righting the wrong to your bank account. there are certain procedures to follow and the bank will investigate. If they believe that the money was stolen and can verify the transaction then you just might see the money back into your account over time. It all depends on the policies of your bank.
• Philippines
2 Feb 13
thanks!