Assume that you had $1,200 in your checking account. You lost your debit card on June...
Assume that you had $1,200 in your checking account. You lost your debit card on June 1. A “thief” withdrew all $1,200 from your account on June 5. You finally report the loss to your bank on June 9. What is the dollar amount of your loss ?
Homework Answers
There are different rules as per federal law which protects from
fraud and errors
1)If we notify bank befoe the card is used by theives then no
charges
2)If we notify within 2 days after the theft happened then only
$50
3)If we notify within 60 days then the loss is $500
Here the case is the reporting happened after 2 days so loss is 500
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