Consumers have the responsibility to examine periodic statements provided by their financial institutions; accordingly, if a loss would not have occurred but for the failure of a consumer to report within __________ of the transmittal of the statement any unauthorized transfer, the loss is borne by the consumer.

Question

Quizplus · Accepted Answer

The Electronic Fund Transfer Act (EFTA) specifies that consumers should promptly examine their account statements and report any unauthorized transactions to their financial institution within 60 calendar days of the transmittal of the statement to avoid bearing the loss. If a loss occurs as a result of a failure to report unauthorized transfers within the specified period, the consumer is liable for the loss.

Consumers Have the Responsibility to Examine Periodic Statements Provided by Their