To be legally responsible for only the first $50 of unauthorized use,one must report an ATM card missing within two days after the loss or theft of the card.

Question

Quizplus · Accepted Answer

According to the Electronic Fund Transfer Act (EFTA), if an individual reports the loss or theft of their ATM card within two business days, they are only liable for up to $50 of unauthorized use. If they report the loss after two business days, their liability increases to $500. After 60 days, the individual can be held liable for all unauthorized withdrawals made with the card.

To Be Legally Responsible for Only the First $50 of Unauthorized