The following article covers the liabilities of fraudulent activities for credit cards, ATM cards and debit cards.
Many people find it easy and convenient to use credit cards and ATM or debit cards. The Fair Credit Billing Act (FCBA) and the Electronic Fund Transfer Act (EFTA) offer procedures for you to use if your cards are lost or stolen.
Limiting Your Financial Loss
It is faster and easier to process financial transactions today than ever before. Thanks to the electronic age, check cards, debit cards, and ATM cards give us instant access to funds on deposit at the local bank or a financial institution miles away. This also provides an avenue of opportunity for thieves and scam artists to rapidly deplete our financial reserves as well.
There are laws in place that provide a measure of protection from total financial ruination, but you need to be aware of your rights and responsibilities should your cards be stolen or appropriated for mischief. The Fair Credit Billing Act (FCBA) and the Electronic Fund Transfer Act (EFTA) are two laws implemented on a federal level that can assist individuals targeted by the criminal element. For the laws to work...
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