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According to the Electronic Fund Transfer Act of 1978, Which

Question 31

Multiple Choice

According to the Electronic Fund Transfer Act of 1978, which of the following is true in case of recourse for loss or theft?


A) Is a customer fails to notify the issuer about a missing or stolen EFT card, within two working days, the liability is $500.
B) If the loss or theft of an Electronic Fund Transfer card is reported after sixty days of receipt, the customer's liability is $5000.
C) If a customer notifies the issuer of the Electronic Fund Transfer card within two business days after learning that their card is missing or stolen, their liability is limited to $50.
D) A customer would have fifty percent liability if he/she notifies the financial institution for funds withdrawn from a missing or lost Electronic Fund Transfer card after the sixtieth day.
E) Under Electronic Fund Transfer Act Section 903(6) , a customer can have ninety percent of the liability if he/she notifies the financial institution about the missing or lost EFT card after ninety days.

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