Q: I didn’t realise that my son has been messing with my equity account not an authorised user. Lost a lot of my money
Is the bank liable at all? been going on for months I didn’t realise I never look at the account because I am typically the only one who uses it
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A:
In New Jersey, the liability of the bank in a situation where an unauthorized user, like your son, has accessed your equity account, depends on several factors. Generally, banks are not liable for unauthorized access to your account if you have not promptly reported the unauthorized use as soon as you become aware of it.
Since the unauthorized access by your son has been ongoing for months and you haven't monitored the account, the bank may argue that you failed to fulfill your duty to review your account statements and report any discrepancies.
It's important to report the unauthorized transactions to the bank immediately and to change your account credentials to prevent further unauthorized access. The bank's specific policies and the terms of your account agreement will also play a role in determining liability.
You may wish to consult with a lawyer to explore the possibility of recovering your losses and to understand your legal options. The lawyer can help you navigate the complexities of banking law and provide advice on how to proceed. Prompt action is essential in such cases to protect your rights and potentially mitigate further losses.
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