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SALT LAKE CITY — Imagine having $500 taken out of your bank account from a store you've never visited. And, worse, nobody will give you your money back.
That happened to James Burbank, a 93-year-old man from Murray, and it could happen to anyone who uses a debit card. Even when the case clearly involves theft from a credit or debit card, it often takes time to straighten out as the card companies try to figure out who is lying.
"I found a $500 charge that I never made to a bridal shop," Burbank explained.
He said he had no reason to visit a bridal shop, let alone spend $500 there. He spotted the bogus charge not long after he received a letter from his bank telling him someone was taking money out of his account.
"They've used my card, and (the bank) had a list of charges," Burbank said.
The bank issued him a new debit card and returned nearly $300 someone else fraudulently spent on AirFrance tickets. Burbank said his bank didn't mention the pilfered $500 used at the bridal business. By the time he found that charge, the bank refused to refund his money.
"It was too late," he said. Burbank couldn't get his money back because more than 60 days had passed since he got hit with the bogus bridal shop bill. Doesn't his bank have any responsibility to look after the 93-year-old's money? Yes, but there are rules, laws and policies.
Shane Stewart is a financial planner with Deseret Mutual.
"Legally, they don't have a legal responsibility to monitor for everyone," he said.
Stewart has worked with elderly clients who've been targeted by thieves.
"(Victims) felt like, 'Well, I'm smart enough. I can handle this myself,' which was true. However, in order to prove there was fraud, there needed to be someone else present," he said.
Stewart recommends elderly people get a family member or a trusted friend to help or hire a financial advisor to look over financials at least once a month.
"It doesn't mean giving up your independence," he said. "It just means you're being wise and having someone look over your statements and finances with you."
It doesn't mean giving up your independence. It just means you're being wise and having someone look over your statements and finances with you.
–Shane Stewart
Stewart pointed out a fact that's likely familiar to most people: A debit card deals with your actual money. If thieves use your debit card number, they're dipping into your money, and they can steal everything in your account.
Credit cards deal with credit — money you haven't paid yet — and it remains in your account.
"It gives you the one-day buffer so that if there is fraud, you can do something about it. The credit card company will back you up, rather than (the money) then being taken out of your bank," he said.
That wouldn't have helped Burbank much because he wasn't really keeping tabs on his money. He didn't know thieves were draining his account until the bank told him about it.
KSL contacted the bank, and Burbank said within a week every penny of the stolen $500 was back in his account. He's determined to keep it there.
"It's made me watch my bills from now on," he said.
Stewart said many banks and credit unions will go the extra mile and provide services to help elderly patrons monitor their accounts, even though the businesses are not required to do so.
