Fact Pattern 27-1A (Questions A17 and A18 apply)
Mike loses his National Bank access card.He realizes his loss the next day but waits a week to call National.Meanwhile,Opal finds and uses Mike's card to withdraw $3,000 from Mike's account.
-Refer to Fact Pattern 27-1A.Mike is responsible for
A)$0.
B)$50.
C)$500.
D)$3,000.

Question

Quizplus · Accepted Answer

Mike is responsible for up to $500 because he waited more than two business days to report the loss of his card to the bank. If he had reported it within two business days, his liability would have been limited to $50 under the Electronic Fund Transfer Act. However, because he waited a week, his liability can be up to $500.

Fact Pattern 27-1A (Questions A17 and A18 Apply)