Sam did not keep track of his ATM card. One day he realized that he had not seen the card in a while, and, after looking for it, realized that it was missing. Unfortunately, over $1,000 had been fraudulently purchased using the card by the time Sam reported it missing. The first fraudulent charge was made 45 days before Sam reported to his bank that the card was missing. Which of the following is Sam liable for?

Question

Quizplus · Accepted Answer

Sam is liable for up to $500 if he reports the card missing more than 60 days after the statement is sent. Since he reported it 45 days after the first fraudulent charge, he is liable for up to $500.

Sam Did Not Keep Track of His ATM Card