Question

On an automated teller machine (ATM) belonging to USA Bank, Sven placed a card-skimming device to pull information from the magnetic strips of users’ debit cards. The device then transmitted the stolen data to thieves who used it to gain access to, and empty, the bank accounts of the users, including Megan. Megan learned of the theft the next day and promptly notified USA. Is Megan entitled to a recredit of her account for the most of the loss due to the theft? Explain.

Answer 1

Answer :- yes, under the electronic fund transfer act if a person debit card is stolen or lost from him . He is not liable to pay more than $ 50 incase any fraud transaction made by his debit card without his permission. In case he notify the bank within two days of fraud tansaction. Otherwise it may be $ 500 liability. Incase he doesn't notify bank within 60 days after it shows on customer's statement he may be liable for more than $ 500.

In this case Megan liablity is not more than $ 50 as she notified the USA bank within two days .