Appearing in TIME Magazine on June 13, 2024, Alana Semuels interviews NCLC Senior Attorney Carla Sanchez-Adams in coverage of consumer protections for checks and wire transfers, including how long consumer have to report fraudulent transactions.
Some bank-account agreements shorten the grace period for reporting fraudulent transactions to 14 days from when your bank statement was transmitted. All the UCC says is that changes to the user agreement shouldn’t be “unreasonable,” and courts have determined that 14 days is reasonable, says Carla Sanchez-Adams.
“Unfortunately people aren’t checking their accounts as often as they should. So they don’t find out about it until after the time period in the account agreement.”
Carla Sanchez-Adams, senior attorney at the National Consumer Law Center.
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