Mohammed had $750 in his checking account when his debit card was stolen. Assuming the thief made $525 in purchases with the card, how much could Mohammed save by reporting the stolen ATM card within 2 business days rather than waiting more than 2 business days (but less than 60 days) before reporting the theft?

Question

Quizplus · Accepted Answer

If Mohammed reports the theft within 2 business days, his liability is limited to $50. If he reports after 2 business days but before 60 days, his liability increases to $500. Therefore, by reporting within 2 business days, he saves $500 - $50 = $450.

Mohammed Had $750 in His Checking Account When His Debit