| Early in December, I logged onto my business checking | | | | transactions, however, are governed by another set of |
| account to verify my current balance, before paying | | | | liability rules. |
| some bills. The low balance surprised me, so I began to | | | | What Are Your Rights Regarding CheckCard or ATM |
| review the recent transactions - and to my surprise, | | | | Card Fraud? |
| found four cash withdrawals from an ATM in St. | | | | If you report a debit or ATM card missing before any |
| Petersburg Russia! Perpetrators had made a duplicate | | | | fraudulent transactions occur, then you are not |
| of my checkcard and used it (with my pin, presumably) | | | | responsible for any future fraudulent transactions. |
| to withdraw hundreds of dollars. | | | | If the unauthorized transactions occur before you |
| Bank of America returned the funds into my account | | | | realize your card is missing (or if you still have your |
| that evening, pending its investigation, so I was able to | | | | card), then the amount for which you are responsible |
| pay my bills. But, if I had not checked my account, it | | | | depends upon how quickly you report the fraudulent |
| could have been emptied (and I may have bounced | | | | transactions and/or missing card: |
| checks) without my knowledge. | | | | - Report loss of card within two business days from |
| Are You Liable for Fraudulent Transactions? | | | | when you realize the card is missing = $50 limit |
| You may be aware that under Federal law, you are | | | | - Report within 60 days after your statement is mailed |
| only liable for the first $50 of fraudulent credit card | | | | to you = up to $500 |
| transactions. Visa, MasterCard, and American Express | | | | - Report after 60 days = unlimited loss (all the money |
| have adopted zero liability company policies, reducing | | | | in your account, as well as your maximum line of credit |
| that liability to $0 in most circumstances. However, this | | | | for overdrafts) |
| protection does not necessarily apply to checkcard, or | | | | There are exceptions to these limits, such as for |
| ATM card, transactions. | | | | extended travel or illness. Also, many banks and credit |
| Checkcards, usually linked to a checking or savings | | | | unions have reduced these limits under their terms of |
| account, may be used as a credit card, usually under | | | | service contracts, or ignore the limits in particular |
| Visa or MasterCard, or as a PIN-based Debit or ATM | | | | circumstances. |
| card. The credit card transactions are governed by | | | | What Can You Do To Limit Debit / ATM / Check |
| the $50-limit credit card rule. Debit and ATM | | | | Card Fraud? |