Cumberland, RI asked in Consumer Law, Arbitration / Mediation Law, Banking and Business Formation for Rhode Island

Q: Citizens Bank won't refund money stolen from my business account, now what can I do?

My home office was broken into while I was away. And ex-employee broke into a locked filing cabinet. Jumped threw every hoop they asked, including filing a police report. I also filed with the BBB, OCC and a couple of others. After 6 months of getting the runaround, I get a letter from the OCC stating my claim was denied due to: "the ex-employee appears to have had access to my info and debit card". Great response, so it seems im out 22k at this point and really can't take a hit like this financially. Regulation E only protects personal accounts as I found out later. So anyone with a small business is out of luck! If any of you have dealt with this subject, please respond as to where I go next, Thanks for taking the time to read this. Richard

1 Lawyer Answer
Andrew Bilodeau
Andrew Bilodeau
  • Estate Planning Lawyer
  • West Warwick, RI
  • Licensed in Rhode Island

A: Hi Richard,

Sorry to hear an ex-employee robbed you. Did you check your insurance policy of you are covered for employee dishonesty? Some policies have automatic coverage like $5K-$15K.How were the monies taken, by ACH/wire/check?

1 user found this answer helpful

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