Have you ever been defrauded and your bank said there’s nothing they can do to it when you complained? This Information is also applicable If someone refuse to deliver a service to you after you made a transfer payment to them
There’s a difference between Unauthorized Debit Fraud and Business Gone Bad.
According to Investopedia, Fraud Is an act of Intentional deception designed to exploit a victim. Types of fraud include wire fraud, credit card fraud, etc
A good example Is when you just start receiving debit alerts on your phone when your ATM card is with you and you didn’t click on any suspicious link.
Somehow, a fraudster have gotten access to your bank details.
If an Identical twin bypass some security measures to withdraw from your account
Or If there’s an Insider dealings within the Bank on your Account
Whenever you have an agreement with someone,
If you make a report about these cases to the bank, you should get a refund.
What Is Business Gone Bad?
If someone doesn’t meet up with your Business agreement after you willingly transfer money to such a person from your Bank Account.
The Bank can neither refund such money nor block the account of the recipient of the fund for too long.
A bank is only authorized to hold a bank account for 24 Hours. Banks can’t meddle into such brawls because they don’t know the details.
In cases of Business Gone Bad, the right place to go Is to the Police or Courts to settle civil issues.
Once you bring a police report to the bank, the bank can place the account on hold pending the resolution of the case.