ATM and Debit Card Liability

Unfortunately ATM and debit cards do not offer nearly the amount of protection that credit cards do in cases of loss or theft. It is in cases like these where time is truly of the essence and in the end it is very beneficial for you to keep proper track of your statements and card usage. When and if you do notice a discrepancy it is in your best interest to report it immediately to the issuing office. If you are fortunate in that you report the missing card prior to it being used then your financial institution cannot hold you liable for any unauthorized use. If you report the incident within two business days of the loss your liability is capped at $50. In cases where the report is made anywhere after two business days and before sixty days you will be held liable for up to $500 of what the identity thief stole from you. If a victim were to wait more than sixty days, they could potentially lose every single cent that was stolen prior to reporting the card missing. However, we know for a fact that this last scenario couldn’t possibly happen to you. You’re much too smart and well informed to let this happen especially knowing everything that you know now…right?