A thief stole Gilligan's ATM card,learned his identification number,and withdrew $600 from the bank account without authority.Gilligan notified the bank within two days after the card was stolen.Gilligan's liability is:

Question

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Gilligan's liability is limited to $50 because he reported the theft within two days, according to the Electronic Fund Transfer Act, which limits liability to $50 if reported within two business days.

A Thief Stole Gilligan's ATM Card,learned His Identification Number,and Withdrew