Victor Nacim had a checking account at Compass Bank. The “Deposit Agreement” required him to report an unauthorized transaction within thirty days of his receipt of the statement on which it appeared to obtain a recredit. When Nacim moved to a new residence, he asked the bank to update the address on his account. Compass continued to mail his statements to his previous address, however, and Nacim did not receive them. In the meantime, Compass officer David Peterson made an unauthorized withdrawal of $34,000 from Nacim’s account. A month later, Peterson told Nacim what he had done. The next month, Nacim asked the bank for a recredit. Compass refused on the ground that he had reported the withdrawal more than thirty days after the bank mailed the statement on which it appeared—a statement that Nacim never received. Is Nacim entitled to a recredit? Explain. [Compass Bank v. Nacim, 459 S.W.3d 95 (Tex.App.— El Paso 2015)] (See The Bank’s Duty to Honor Checks.)
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