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Posted on 6/26/13 at 10:25 am to LSUAfro
It does appear the EFTA was formally amended to add debit cards; however, you are still in a much better position with credit cards. With CCs, you are exposed only to $50. With DCs, your exposure may be limited to $50 IF.
LINK
quote:
How to Limit Your Losses
The Fair Credit Billing Act (FCBA) and the Electronic Fund Transfer Act (EFTA) offer protection if your credit, ATM, or debit cards are lost or stolen.
Credit Card Loss or Fraudulent Charges
Under the FCBA, your liability for unauthorized use of your credit card tops out at $50. However, if you report the loss before your credit card is used, the FCBA says you are not responsible for any charges you didn’t authorize. If your credit card number is stolen, but not the card, you are not liable for unauthorized use.
ATM or Debit Card Loss or Fraudulent Transfers.
If you report an ATM or debit card missing before someone uses it, the EFTA says you are not responsible for any unauthorized transactions. If someone uses your ATM or debit card before you report it lost or stolen, your liability depends on how quickly you report it:
If you report: Your maximum loss:
Before any unauthorized charges are made. $0
Within 2 business days after you learn about the loss or theft. $50
More than 2 business days after you learn about the loss or theft, but less than 60 calendar days after your statement is sent to you, $500
More than 60 calendar days after your statement is sent to you. All the money taken from
your ATM/debit card acount, and possibly more; for example, money in accounts linked to your debit account.
If someone makes unauthorized transactions with your debit card number, but your card is not lost, you are not liable for those transactions if you report them within 60 days of your statement being sent to you.
LINK
This post was edited on 6/26/13 at 10:28 am
Posted on 6/26/13 at 10:27 am to LSUAfro
quote:
It's called legal rights.
What you are citing is regarding a lost or stolen card.
I wish that would be the only way fraud happens.
Would be so much easier to protect yourself from.
It gets murkier with "unauthorized transactions"
How do they know it was truely unauthorized?
This post was edited on 6/26/13 at 10:29 am
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