What should I do if there is a transaction on my account that I did not make?
You are scrolling your statement and there is a charge you do not recognise. Your stomach drops. Take a breath. There is a clear order of steps, and speed is the part you control.
The first hour
- Change your passwords and PINs. Do the online banking login first, then the card PIN.
- Contact your financial institution or card issuer. Use the number on the back of your card or inside your official app, not a number from a text or email.
- Report every transaction you did not make or approve. List the date, merchant and amount.
- Check your credit report. Look for accounts or inquiries you did not start. See how to check your credit.
- Keep watching. Review the account daily for a few weeks.
What the rules say about who pays
The Financial Consumer Agency of Canada (FCAC) says that on a credit card issued by a bank, your maximum liability is $50 unless you showed gross negligence in protecting your card, account details, PIN or passwords. For a debit card the FCAC gives no fixed dollar figure, but says you should generally get your money back if you protected your PIN and told the institution without delay.
It also says a federally regulated institution must fully investigate a disputed transaction, and cannot blame you just because a PIN or chip was used. It has to consider things like a stolen card, a forced withdrawal, a system fault or someone watching you type your PIN.
| Example (illustrative) | Number |
|---|---|
| Charges you did not make on a bank credit card | $240 |
| Your maximum liability under the FCAC rule | $50 |
| Amount that should not fall on you (if no gross negligence) | at least $190 |
Your card agreement can be more generous than the minimum, so read yours.
Watch the clock
The FCAC notes your agreement may set a deadline for reporting, and if you miss it you may be held responsible. For chequing and savings accounts, it says you usually have 30 days after your statement date to dispute a transaction, and that this can vary. So do not wait for the next statement to see if it fixes itself.
If the answer is no
Ask for a written explanation, then use the bank's formal complaint process. The FCAC says a bank must give you a written final response within 56 days of receiving your complaint, and its process must include an independent external review. Keep copies of everything. If you are still stuck, the FCAC website explains where to go next.
Catching it sooner
Most people only find these charges when they happen to read a statement. A monthly five minute scan of every line is the cheapest protection there is, and it also catches junk fees from our hidden bank fees guide. Our money leak check walks you through it.
Looni is being built to scan your statements for hidden fees, forgotten subscriptions and junk charges, and show you what to fix first. Canadian-built, launching soon.