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Improved Fraud Protection Protocol

Earlier this year, on 2/21/18, an unknown and unauthorized third-party accessed my debit card and purchased items online.  Shortly thereafter, within 3 weeks or so, I noted the charge and contacted BECU Fraud and Protection.  During my phone call, I noted the online website placing the charge, the date, the amount ($255.23), etc. and the respresentative stated that my card would be terminated and, when I wished to obtain a new card, I could stop in a local BECU and acquire a replacement.  Afterward, I even attempted to use my debit card to ensure that it was no longer functional (it wasn't). 

 

Fast forward several months (7/18), I entered a local BECU to replace my card--I infrequently use this debit card so I was in no rush.  Also, I noted that the, while my card had been frozen/terminated, the amount of the fraud had not been reimbursed.  I was notified that I had failed to notify BECU of the fraud in writing and in a timely manner and, accordingly, my $255.23 would not be reimbursed.  I requested that the BECU employee note my appeal and, in 8/18, I was notified by mail that BECU did not receive the necessary notification and documentation regarding the fraudulent transaction within a timely manner/ in writing and, thusly, my funds would not be recovered. 

 

This is truly disturbing, as I was never notified that 1) I need to file a written notification/documentation of the fraud and 2) I was never provided the applicable time frame (60-days) requirment for reimbursement.  In my dealings with other banks, I have never encountered an institution with such nebulous, confusing and vague requirements for sufficiently reporting fraudulent activity.  BECU needs to drastically update its policy regarding fraud protection and reimbursement of client funds.