bad essay

bad essay

  • Submitted By: leh25
  • Date Submitted: 04/02/2014 7:30 AM
  • Category: English
  • Words: 386
  • Page: 2

pull out a debit or credit card and not think anything
But only 17 out of 25 major banks, like Chase and Bank of America, extend that protection to debit card PIN purchases or ATM withdrawals. According to a report from Javelin Strategy and Research, institutions including Citizens Bank and PNC don’t cover these types of transactions.

Under the Electronic Fund Transfer Act, consumers aren’t responsible for more than $50 if a lost debit card or fraudulent charge is reported within two days. If the loss is reported 60 days after a statement containing fraudulent charges is mailed, a consumer’s liability jumps to $500. If an unauthorized debit transaction is reported more than 60 days after the statement is mailed to the consumer, the damage can be unlimited.

Also See: 5 Surprising Cleaning Tips

These days, many financial institutions will catch bogus charges before you do. Still, check your statements regularly. No, really, check your statements. Notify your bank of anything suspicious. Sign up for and don’t ignore text alerts from your bank that let you know whenever unusual transactions are made.

If you do spot something fishy, contact your bank immediately. The FTC recommends following up with a certified letter detailing the fraudulent charge so there’s a record of when you notified them. of it.t should be noted that although debit cards may be convenient and fast, they are not as safe as credit cards. To illustrate, if a credit card is lost or stolen federal law limits liability to $50 in unauthorized charges. On the other hand, if a debit card is lost or stolen and not reported within two days of discovering it the card holder could be responsible for up to $500. If the cardholder fails to report it within 60 days, they could take the entire loss. I was unaware of these stipulations prior to reading "What to Know Before you Spend Cyberdough". The author, Ellen Stark, advises to guard the debit card as closely as actual cash or checks would be...

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