Fact Pattern 25-1Marlene loses her Neighborly Bank access card. She realizes her loss the next day but waits a week to call the bank. Meanwhile, Odell finds and uses Marlene's card to withdraw $3,000 from Marlene's account.
-Refer to Fact Pattern 25-1.Marlene is responsible for
A) $0.
B) $50.
C) $500.
D) $3,000.

Question

Fact Pattern 25-1Marlene loses her Neighborly Bank access card. She realizes her loss the next day but waits a week to call the bank. Meanwhile, Odell finds and uses Marlene's card to withdraw $3,000 from Marlene's account.
-Refer to Fact Pattern 25-1.Marlene is responsible for​ 
A) ​$0. 
B) ​$50. 
C) ​$500. 
D) ​$3,000.

Quizplus · Accepted Answer

Marlene is responsible for up to $500 under the Electronic Funds Transfer Act (EFTA) because she failed to notify the bank within two business days of discovering the loss or theft of her access card. However, she is not responsible for the full $3,000 since she did eventually report the loss to the bank.

Fact Pattern 25-1Marlene Loses Her Neighborly Bank Access Card