Bob's debit card was stolen on Wednesday. He notifies his bank of the theft the following morning. Meanwhile, the thief has used his card to purchase $800 worth of goods and services. Based on this scenario, which of the following is true of the Electronic Fund Transfer Act?

Question

Quizplus · Accepted Answer

Under the Electronic Fund Transfer Act, if a lost or stolen debit card is reported to the bank within two business days, the cardholder's liability for unauthorized charges is limited to a maximum of $50. Therefore, in this scenario, Bob is liable for $50 of the $800 charged on his stolen card.

Bob's Debit Card Was Stolen on Wednesday