If someone loses a wire that was not due to fraud or poor judgment on their part, is there some sort of regulation where banks are forced to recover funds, similar to credit and debit cards?
its a hypothetical situation. I'm trying to figure out what the exact obligations banks have to abide by in USA regarding wire transfers.
I know that institutions that issue credit cards or debit cards have consumer protection laws such as the Fair Credit Billing Act which prevents fraud liability. I realize that wire transfers do not have fraud liability, but what about error or mistake which is not on the consumers part?
If the bank makes a mistake, do I have protection or any guarantees to getting my money back, or is it based off faith alone?
If I were to sue a credit union that refuses to reimburse me for money lost due to credit card fraud I would win in court.
Does there exist any laws that allow me to sue a bank if they mishandled a wire transfer and win without a doubt?