o you know what to do if report the loss before the cards
your credit cards or ATM are used the card issuer cannot
cards are stolen? You might hold you responsible for any
be surprised at how many people unauthorized charges. If the card
do not. is used before you report it
All consumers should know that missing, the most you will be
the Fair Credit Billing Act responsible for in unauthorized
(FCBA) and the Electronic Fund charges is $50 per card. This is
Transfer Act (EFTA) offer true even if your credit card is
procedures if your cards are lost used at an ATM machine to access
or stolen.
your credit card account.
In general, here is what you
Consumers should always review
should do:
the next billing statements
You should report the loss or carefully. If you find any
theft of your credit card or ATM unauthorized charges, send a
card to the card issuers as soon letter to the card company
as possible. This is easy to do describing each unauthorized
as most companies have toll-free charge. You will need to let them
numbers and 24-hour customer know the date your card was lost
service set up to deal with these or stolen and when you first
types of problems. It is always a reported the loss to them. Make
good idea to follow up the phone sure you send this letter to the
call with a letter. Within the address provided for billing
letter, include your account errors and not to the place where
number, when you discovered that you send your payments unless you
your card was missing, and the are told to do so.
date you first reported the loss
In the event your ATM card is
to the company.
lost or stolen: Report your loss
For Credit Card Loss: to the issuer as soon as
According to the FCBA, if you possible. If you report an ATM
card missing before it is used established for overdrafts.
without your permission, the card
If unauthorized ATM
issuer cannot hold you transactions are on your bank
responsible for any unauthorized statement, report them to the
withdrawals. Keep in mind that if card issuer as soon as possible.
an unauthorized use occurs before Once you have notified the issuer
you report the loss to the of the loss, you cannot be held
issuer, the amount that you can liable for additional amounts,
be held liable for will depend on even if more unauthorized
how quickly you reported the transactions are made.
loss. For example, if you report
Because of these time limits
the loss within two business days it is always a good idea to check
after you realize your card is your cards often to see that you
missing, you will not be still have them.
responsible for more than $50 for
its unauthorized use.
transfer or withdrawal within 60 align="center">
days after your bank statement is
mailed to you. That means you could lose all the money in your type="text/javascript">
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Article Tags: card, loss, unauthorized
