Fact Pattern 27-3A
Mike loses his National Bank access card. He realizes his loss the next day but waits a week to call National. Meanwhile, Opal finds and uses Mike's card to withdraw $3,000 from Mike's account.
-Refer to Fact Pattern 27-3A. Mike is responsible for
A) $0.
B) $50.
C) $500.
D) $3,000.

Question

Fact Pattern 27-3A 
Mike loses his National Bank access card. He realizes his loss the next day but waits a week to call National. Meanwhile, Opal finds and uses Mike's card to withdraw $3,000 from Mike's account.
-Refer to Fact Pattern 27-3A. Mike is responsible for
A) $0.
B) $50.
C) $500.
D) $3,000.

Quizplus · Accepted Answer

Under the Electronic Fund Transfer Act, if a consumer reports a lost or stolen card within two business days, their liability is limited to $50. If reported after two business days but within 60 days, the liability increases to $500. Since Mike waited a week, he is responsible for up to $500.