Question

Suppose that someone stole your ATM card and withdrew $1,500 from your checking account. How much money could you lose according to federal legislation if you reported the stolen card to the bank:

1. the day the card was stolen?
   $  
   
2. 7 days after the theft?
   $  
   
3. 78 days after receiving your periodic statement?
   $  

Answer 1

a. The day the card was stolen	$50
b.7 days after the theft	$500
c. 78 days after receiving your periodic statement	$1500 (or even more, if the person withdraws more amounts at a later date).

as per the legislation:

If reported before any unauthorised charges are made, the maximum loss will be $0.

If reported within 2 business days after you learn about the loss or theft, the maximum loss will be $50.

If reported more than 2 business days after learning about loss, but less than 60 days from the date of statement , the maximum loss is $500.

If reported more than 60 days after your statement is sent , all the money withdrawn is lost.