Evie's debit card was stolen and used to purchase a $500 hairless cat. If Evie notifies her bank within two days of the stolen card, she will only be held responsible for $50.00 of the wrongful transaction.

Question

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Under the Electronic Fund Transfer Act, if a debit card is reported lost or stolen within two days, the cardholder's liability for unauthorized transactions is limited to $50.

Evie's Debit Card Was Stolen and Used to Purchase a $500