Jeff Had VISA Card with a Chip in It Stolen

Jeff had VISA card with a chip in it stolen from his wallet. The pin number on the card was 9471 which was the last four digits of his grandmother's phone number. The thief made $2,000 worth of fraudulent transactions on the card before the theft was discovered and the card was cancelled. The agreement Jeff had signed when he got the VISA card was the standard banking agreement. Which of the following statement is TRUE?

A) Jeff would only be liable for $50
B) Jeff would be liable for $100
C) Jeff would be liable for $500
D) Jeff would be liable for $1,000
E) Jeff would be liable for $2,000