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> You would report the fraud, and you would get your money back. There's a time limit on this, though, right? So if you're not checking your account every N da

• luckylion 6y ago
  Yes. At least in Germany (but I believe it's the same for all SEPA transactions), it's eight weeks for the simplified return where you just tell your bank "get that money back, please" and it's pretty much instantly credited to your account. That applies regardless of the legal status of the transaction. For non-authorized transactions, you have 13 months to recover the money. Since it will have cleared after eight weeks, the whole procedure takes considerably longer and most bank employees will not be too familiar with it. I had recently experienced that when somebody used my bank account to sign up for Netflix. I only caught it after three months (I mostly blame my bank for not providing a "new ACH transactions" report). Netflix wasn't helpful (and apparently has no interest in stopping this, their fraud detection allowed for creating an account with the legal name "f f", a German bank account and a none-German IP) and my bank immediately reversed the last two transactions (still within eight weeks window). The first one took about three months, but I don't know who or what was responsible for the delay.
• wiredfool 6y ago
  US ACH rules are 60 days for consumer accounts, and 3 for business accounts.