Carl Lee lost his wallet at the beach five days ago.Carl is sure there were three credit cards and one debit card in the lost wallet.Assuming he's right and notifies the banks,Carl can lose as much as ________,assuming he has no private insurance protection.

Question

Quizplus · Accepted Answer

If Carl notifies the banks within two business days of realizing his wallet is lost or stolen, he will only be liable for a maximum of $50 per credit card and $500 maximum for his debit card according to the Fair Credit Billing Act and the Electronic Fund Transfer Act.

However, since five days have passed before Carl notified the banks, his liability increases up to $500 per credit card and unlimited losses for his debit card under the same acts. Therefore, the maximum amount of loss Carl can face is $650 ($500 for the debit card plus $50 per credit card for three credit cards).

Carl Lee Lost His Wallet at the Beach Five Days