{"id":359078,"date":"2020-12-09T13:45:51","date_gmt":"2020-12-09T20:45:51","guid":{"rendered":"https:\/\/www.creditrepair.com\/blog\/?p=359078"},"modified":"2020-12-09T13:49:38","modified_gmt":"2020-12-09T20:49:38","slug":"lost-or-stolen-debit-credit-cards","status":"publish","type":"post","link":"https:\/\/www.creditrepair.com\/blog\/finance\/lost-or-stolen-debit-credit-cards\/","title":{"rendered":"If your card is stolen, how much are you liable for?"},"content":{"rendered":"\n
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Disclosure regarding our editorial content standards.<\/a><\/p>\n\n\n\n

A number of federal and state laws protect you when it comes to payments and billing. The Fair Credit Billing Act<\/a> (FCBA), for example, holds creditors to truthful and fair billing practices. This act, along with the Electronic Fund Transfer Act<\/a> (EFTA), also provides some procedures to help you if your debit card is ever stolen.<\/p>\n\n\n\n

If your debit card is stolen, how much are you liable for and what should you do about it? Find out more below.<\/p>\n\n\n\n

Liability for debit cards and ATM cards<\/h2>\n\n\n\n

If someone uses your debit card and makes unauthorized charges, you could be on the hook for those amounts depending on your state, your bank and when you act. According to the EFTA, how much you can be held liable for under law depends on how long it takes you to notify your bank or other financial institution about the issue.<\/p>\n\n\n\n

Here\u2019s how the EFTA breaks down consumer liability for charges.<\/p>\n\n\n\n

What happened<\/strong><\/td>When you properly reported it<\/strong><\/td>How much you\u2019re liable for<\/strong><\/td><\/tr>
Your card or another access device for your account was lost or stolen<\/td>Within two days of learning it was missing<\/td>Up to $50 total<\/td><\/tr>
Your card or another access device for your account was lost or stolen<\/td>Up to 60 days after a statement that would have indicated an unauthorized charge<\/td>Up to $500<\/td><\/tr>
Your card or another access device for your account was lost or stolen<\/td>More than 60 days after a statement that would have indicated an unauthorized charge<\/td>Up to $500 for issues within the first 60 days and full liability for charges and transfers after 60 days<\/td><\/tr>
Unauthorized charges or transfers that don\u2019t involve loss or theft of card\/device<\/td>Up to 60 days after a statement that would have indicated an unauthorized charge<\/td>$0<\/td><\/tr>
Unauthorized charges or transfers that don\u2019t involve loss or theft of card\/device<\/td>More than 60 days after a statement that would have indicated an unauthorized charge<\/td>Full liability for all transfers or charges occurring after the 60 day mark<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Source: Federal Reserve<\/a><\/p>\n\n\n\n

These liability amounts are typically much higher than they would be with credit cards. Many credit cards actually have a $0 liability policy. You can check your credit card account benefits to find out if that\u2019s the case with yours.<\/p>\n\n\n\n

It\u2019s also worth noting that these caps are from the federal EFTA. Some states have placed lower caps on debit card liability due to complaints from consumers.<\/p>\n\n\n\n

Risks of using debit cards<\/h3>\n\n\n\n

Using your bank card as a debit card, which typically involves entering your PIN, can be a risky move at the register or online. Some of the risks involved include:<\/p>\n\n\n\n