Brent had $450 in his checking account when his electronic funds transfer system (EFTS) card and personal identification number (PIN) were stolen almost a week ago. Because he has been ill, he didn't report the theft until today, 5 days after the theft occurred. The delay in notifying the bank means that he could lose:

Question

Quizplus · Accepted Answer

Brent's delay in notifying the bank means that the thief had 5 days to withdraw money from his account. The Electronic Funds Transfer Act (EFTA) limits the amount of money a victim of ATM or EFTS card theft can be held liable for to a maximum of $500, but only if the theft is reported within 2 business days. Since Brent reported the theft 5 days after the fact, he could potentially lose all the money in his account.

Brent Had $450 in His Checking Account When His Electronic