Jamie Lee is beside herself knowing that the thieves had unauthorized use of her debit/ATM card. What is Jamie's financial responsibility for the unauthorized use

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13-01-2022
Computers and Technology

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Jamie Lee is beside herself knowing that the thieves had unauthorized use of her debit/ATM card. What is Jamie's financial responsibility for the unauthorized use

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tutorAnne tutorAnne · Answer 1 · 2022-01-18T11:47:27+01:00

Jamie's financial responsibility for the unauthorized use is dependent on how fast she report the theft of her debit/ATM card.

Since Jamie Lee is dealing with an unauthorized use of her ATM or debit card, she ought to act quickly so as to avoid full liability for unauthorized charges since her card was stolen.

According to Federal laws and bank policies, Under the Federal Electronic Fund Transfer Act, the following liability applies:

$0 if she reports the theft of the card immediately before any unauthorized charges are made.

She would be charged up to $50 if she notifies the bank within two business days after she realized the theft.

She would be charged up to $500 if she fails to notify the bank within two business days after the theft but does notify the bank within 60 days after her bank statement is mailed to her with a list of the unauthorized withdrawals.

She wold be charged unlimited charges if she fails to notify the bank within 60 days after her bank statement is mailed to her listing the unauthorized withdrawals.

From the polices applicable, It is necessary that Jamie Lees notifies the bank or card issuer of the theft as soon as possible so as not to incur much financial responsibilites for the unauthorised use.

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