How to get your money back<\/h3>- You must alert your account provider as soon as you can, and this has to be within 13 months of making the fraudulent payment.<\/li>
- You must respond to any requests for information from your bank promptly.<\/li>
- You need to report the details to the police or allow your account provider to do that on your behalf.<\/li>
- You can expect to get your refund within 5 business days of making a claim unless your bank needs more information (which could be from you or the bank that received the payment, for example). In these cases, it could take up to 35 business days.<\/li>
- Although companies can opt to apply an excess of up to \u00a3100, they can\u2019t do this if you\u2019re classed as a vulnerable consumer. <\/li>
- If you\u2019re unhappy with the way your provider has responded to your claim, you can take your case to the Financial Ombudsman Service<\/a> (FOS) for a review. The ombudsman is independent and can make rulings up to \u00a3430,000.<\/li>
- If you lose more than \u00a3120,000, you can still raise a case with your payment provider and if you\u2019re unhappy with its response, you can complain to the FOS.<\/li><\/ul>
You won\u2019t get a refund if you\u2019re found to have been complicit in the fraud or \u201cgrossly negligent\u201d. The watchdog which brought in the rules, the Payment Systems Regulator, says gross negligence is \u201cset at a high bar\u201d and doesn\u2019t apply to vulnerable consumers. Banks and payment firms must prove that the customer acted with gross negligence, through \u201cignoring specific, tailored warnings or not responding to reasonable requests for information, for example\u201d. <\/p>
Which banks will fully cover your fraud losses?<\/h3>
AIB, Nationwide, TSB and Virgin Money were the only 4 providers that promised full refunds when we contacted 21 major banks and building societies in September and October 2024. The rest said they \u201cmay\u201d apply an excess \u2013 typically case by case \u2013 and others confirmed they would apply it.<\/p>
Bank\/building society<\/th> Logo<\/th> Excess it can apply<\/th> Will apply case by case?<\/th> Review<\/th><\/tr><\/thead> AIB<\/strong><\/td>![\"AIB](\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/3\/2024\/10\/download-4.png\" "\\"Image:")
<\/td>None<\/td> N\/A<\/td> Read review<\/a><\/center><\/td><\/tr>Bank of Scotland (LLoyds Group)<\/strong><\/td>![\"Bank](\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/3\/2020\/11\/bankOfScotland_supplied_450x250.png\" "\\"Image:")
<\/td>\u00a3100<\/td>
You won\u2019t get a refund if you\u2019re found to have been complicit in the fraud or \u201cgrossly negligent\u201d. The watchdog which brought in the rules, the Payment Systems Regulator, says gross negligence is \u201cset at a high bar\u201d and doesn\u2019t apply to vulnerable consumers. Banks and payment firms must prove that the customer acted with gross negligence, through \u201cignoring specific, tailored warnings or not responding to reasonable requests for information, for example\u201d. <\/p>
Which banks will fully cover your fraud losses?<\/h3>
AIB, Nationwide, TSB and Virgin Money were the only 4 providers that promised full refunds when we contacted 21 major banks and building societies in September and October 2024. The rest said they \u201cmay\u201d apply an excess \u2013 typically case by case \u2013 and others confirmed they would apply it.<\/p>
| Bank\/building society<\/th> | Logo<\/th> | Excess it can apply<\/th> | Will apply case by case?<\/th> | Review<\/th><\/tr><\/thead> | ||||
|---|---|---|---|---|---|---|---|---|
AIB<\/strong><\/td><\/td>| None<\/td> | N\/A<\/td> | Bank of Scotland (LLoyds Group)<\/strong><\/td> | <\/td>\u00a3100<\/td> | |