What to Do When a Bank Won’t Fix a Billing Error- Know Your Rights

A bank can put money back on your statement without putting trust back into the relationship. Today, I want to talk to you about that difference. Welcome to the One of a Kind Financial Show Daily. I'm Mike Milligan, and it's Thursday, October 8th. We'll get you caught up on the market, look at what companies are telling us about the consumer, and get ready for the banks to open their earnings book next week. Then in our Thursday segment, something personal. I'm sharing a banking experience I wish I hadn't had. Not because I want you to be angry with me, but because I want you to know how to respond when you need help and the institution holding your money stops listening. Let's go.

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Wednesday's market recap is this: the Dow Jones Industrial Average down 0.6%, closing at 51,179.87. The S&P 500 down 0.22%, closing at 7,801.77. The NASDAQ Composite down 0.22%, closing at 27,538.69. The Russell 2000 down 1.31%, closing at 2,793.20. The Russell's 1.31% decline was the largest percentage loss of those 4. For me, the comparison is a reminder to look beyond the biggest names when evaluating a trading day. In the bond market, the 10-year Treasury finished at 5.28%, up 0.01% from Thursday, and the VIX finished at 15.08 versus 15.01 in the previous session. The interest rate story remains alive. Wednesday's coverage highlighted rising borrowing costs and the release of September's Federal Reserve meeting minutes, which indicated that most participants considered another increase likely before year-end. But hear the distinction, folks. Those were minutes describing a discussion, not a new rate increase announced Wednesday. A further increase remains a possibility, not a promise. My takeaway for you isn't make a trade before breakfast. It's make sure your plan accounts for the possibility that borrowing stays expensive.

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Earnings time, folks. What is the consumer actually doing? Last quarter, we followed earnings through 2 questions. How is the consumer doing? And what are companies spending on artificial intelligent infrastructure or CapEx spending? We're doing those questions this quarter too. The goal is not to turn every earnings report into a stock recommendation. It is to help you understand what a company's numbers are saying And what they're not saying. Remember, my personal mission is to educate, coach, plan. This is educate. First, an update on Constellation Brands. On its earnings call on Wednesday morning, management explained that shipments were partly about rebuilding distributor inventories. That distinction matters. Product moving into the distribution system is not the same thing as a shopper taking it home. I want us to keep separate— separating inventory replenishment from evidence of stronger end-customer demand. Then there's Levi Strauss. Management describes softer traffic in the US and Europe while also pointing to improving profitability in Asia. That is a more useful picture than a blanket declaration that the consumer is either strong or finished. My read is that we need to keep asking, Which consumer, which market, which product? PepsiCo is on the calendar for Tuesday, October 8th. I'll be watching its discussion of pricing, sales volume, and consumer choices. Just as a reminder, I'm more of a Coke guy myself. Next week, JPMorgan Chase is scheduled for Tuesday, October 13th, followed by Bank of America on Wednesday, October 14th. When those reports arrive, I want to examine spending, borrowing, payment problems, management's outlook, And to see if these banks are still having record profits while the consumer may be struggling. And later in the season, we'll return to AI CapEx spending. My question will be, what is being built? How's it being financed? And what evidence supports the expected return? That's our approach, folks. Read beyond the headline before drawing a conclusion. Now, speaking of banks, let's get personal.

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On Thursdays, I'm bringing the new segment, Something Personal. This week, When the Relationship Breaks Down. Have you ever called a company for help and ended the conversation feeling like your problem had become your second job? That is how a recent credit card dispute felt to me. The bank, I'm not going to say them because we may end up in legal dispute soon, but what I'm sharing is an account of the experience. Not a court's determination yet. In May, an unauthorized charge from Etsy appeared on a personal credit card. I disputed it. The charge, related late fees, and interest, interest were finally reversed in October. I want to acknowledge that correctly, clearly, because it matters. But the correction does not erase how difficult the process felt. It doesn't answer every question that remains. A $24.95 charge turned into 4 late payments, a mark on my credit report, interest, and a lot of effort on my part. During those efforts to resolve it, I repeatedly was told that representatives could only waive one late fee. I kept explaining that I wasn't asking for a courtesy waiver for a payment I simply had forgotten. I was disputing a charge I hadn't authorized and the fees associated with it. And so those are different conversations. I was also told that I had to make a minimum payment before anything further could be done. Well, I made that payment. And following the reversals, my account now shows a credit balance. Meanwhile, my outreach to local staff did not give me a clear path to someone who could take ownership. I felt like I was being transferred between procedures instead of helped toward a resolution. Here's what bothered me most. I had become the coordinator of a problem I did not create. I was the one keeping the history straight, repeating the explanation and asking what would happen next. I don't expect every employee to have every answer. I do expect someone in corporate America, To say, I understand the issue. Here is who owns it. Here is when you will hear from us. That is not extraordinary service. In my opinion, that is the foundation of a financial relationship. So yes, I'm asking for accountability. I want the remaining credit balance refunded, written confirmation about how this dispute affected my credit reporting, and a substantive, substantive response to the harm and time involved. I'm talking about monetary compensation. I'm keeping the private details of my requested resolution private. Maybe if there's not a nondisclosure when this is done, I'll share them on the show, but the show is not where I'm going to negotiate a settlement. I have concerns about whether the handling complied with federal consumer credit protections because according to many, charging— forcing a client to pay a late fee On a disputed fraudulent charge and making you continue to go through the hoops is a federal violation on many accounts.

I—

but what I can tell you is how it affected my confidence in the banking system. I'll be honest, I'm pissed. Getting the arithmetic corrected did not automatically repair the relationship, not only with that bank, but how I feel about the current banking culture In total. Banks are reporting record earnings. Customer service has gone out the door. The buck has been passed— packed. Getting the arithmetic corrected does not repair the relationship. This is not an invitation for you to go out and attack a frontline employee because I have not. I have stated facts. I've put it in writing. And I've asked for resolution. I asked for somebody to talk to repeatedly, and until yesterday, I didn't have that person. Now it's— I'm asking and requesting that an institution take ownership for the failures of their policies and procedures. And if the bank provides an explanation or a meaningful resolution, I'm willing to share that update too. Accountability should include acknowledging when someone finally makes things right. Now, you may be asking, Mike, what could the legal claims actually be? Let's separate a broken relationship from a provable violation. An attorney could evaluate this claim under the Truth in Lending Act and its Fair Credit Billing Act protections if, for example, a credit card issuer failed to follow applicable billing error procedures Or improperly demanded payment of protected disputed amounts. The notice requirements, timing, and payments detail matter. For a qualifying violation, potential remedies can include actual damages caused by that violation and statutory damages. Think about how valuable your time is. Time on hold, time in chats, time sending emails, time gathering documents. In a successful action, the law provides for court-determined reasonable attorney's fees and costs. None of that means every amount someone demands is automatically recoverable. There could also be separate Fair Credit Reporting Act issue if inaccurate information was furnished and the bank failed to meet its investigation duties after receiving dispute notice from a credit reporting agency. A complaint sent only to the bank is not the same trigger for this particular claim. I'm not saying inaccurate reporting happened in this case, although there were late notices put on credit reports. This is one reason I have written confirmation and a review of my reports. And when I say this damaged my trust, I'm describing the relationship I have with that bank, that credit card division, and all banks in general. I'm not announcing that a court has found fraud or a breach of fiduciary duty. My position is straightforward. If the evidence establishes a violation, I want the appropriate remedy. I want the bank to realize that their policies and procedures have caused harm to another small business owner that has not been able to help clients during business hours. See, those are related questions, but they're not interchangeable. Let me turn my frustration into something useful for you. There's 3 steps I would want you to consider if you've had this happen to you. First, report the problem promptly and create a written record. Save the statement, the dispute notice, confirmation of delivery, and a dated log of your conversations. For the federal billing error procedures, the issuer generally must receive a qualified written notice at its designated billing inquiries address within 60 days after it sent the first statement containing the error. An email to someone at the local branch is not automatically the same thing as that notice. Second, understand what the deadlines actually mean. After receiving a qualified notice, the issuer generally has 30 days to acknowledge it unless the matter is resolved within that period, and may resolve it within 2 completed billing cycles, never more than 90 days after receiving the notice. During the protected dispute period, you generally may withhold the disputed amount and related charges, but you still need to pay the undisputed portion on time. Do not interpret, I filed a dispute, as permission to stop paying everything to the card. Also, separate protections for unauthorized use may apply even when those billing error notice requirements were not met. Don't assume that missing a procedural deadline means you have no rights. Get qualified guidance in your situation. And third, ask for specific resolution in writing. If the card has a credit balance of more than $1, Regulation Z requires a refund of the remaining credit balance within 7 business days after the creditor receives your written notice. If direct efforts are not getting you an answer, the Consumer Financial Protection accepts credit card complaints and forwards complaints to companies for response. This is an escalation route, not a guarantee of compensation. And when the situation involves potential legal violations or damages, let the attorney evaluate the evidence. A strong feeling that you were wronged and legally supportive claim are not automatically the same thing. And if you have had this personally happen to you, I'd love to hear about it because I don't think I'm alone. I think there's others out there who have been harmed by bad processes and procedures in financial companies. And I'm here for you. That's what One Oak Financial is, the one-of-a-kind financial plan, because your life is about you. You're unique and you're one of a kind. And my personal story is one that has probably been shared by many.

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Here's what I want to leave with you today. Your financial life is more than the balance on the screen. It includes your time, your confidence, and the relationships you rely on when something goes wrong. A written plan helps you decide what your money is for. Clear expectations help you decide who deserves your trust. And neither can be treated casually because you don't get a refund on the moment you spend chasing an answer. I'm Mike Milligan. This is the one of a kind financial show daily. Never miss a moment. I don't. And remember, I am not only learning; I am changing. No solo estoy aprendiendo, también estoy cambiando. The show is for general education, not individualized investment, tax, or legal advice. Investing involves risk, including loss of principal, and past performance does not guarantee future results. Company mentions are not recommendations to buy or. sell securities. My banking story reflects my personal account of dispute, not an adjudicated legal finding. Rights and remedies depend on the facts. Consult appropriate professionals about your circumstances. I'll see you tomorrow.

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