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For what it’s worth, a consumer is pretty well protected after the fact by regulatory protections. But I’ll include the PSA I posted on the article as well: A

For what it’s worth, a consumer is pretty well protected after the fact by regulatory protections. But I’ll include the PSA I posted on the article as well: Attorney here (not legal advice). Please be aware that there is a short deadline required for Regulatory disputes (approximately 60 days). That could have an effect on your claim. Time is of the essence. And depending on how soon you notify the institution before the deadline, you can be stuck losing up to $500. Again, please just know time is of the essence and you want to reach to an experienced attorney ASAP if you suffer fraud.

BrandoElFollito 5y ago
In the EU it is a year, and you may loose up to 150€. Good luck to the bank which would like to enforce this. One tried, I told them I am leaving, they said it is a misunderstanding and that of course they did not mean to make me pay these 150€.
- thathndude 5y ago
  Yeah. That’s superior to our protections. Generally, in the US, its 60-90 days (the fact that it’s variable is obviously not ideal) and $500 loss limit.
  - BrandoElFollito 5y ago
    In the EU this is a EU regulation, so all banks have the same rules. I just checked, it is now 50€ only, and only if the payment was done with a PIN or SMS/app confirmation. This is the maximum amount (so if you had, say 3 times 300€ of fraudulent transactions, you would pay a max of 50€ total - and like I said it is not likely that the bank will make you pay anyway)
mindslight 5y ago
Something I've been curious about (not asking for legal advice). If the deadline to report is 60 days from the statement/notification of the transaction, what about accounts that only issue statements quarterly or monthly? Is it really still workable to contest a transaction say 10 months after it occurred, if the bank has only just issued you a statement?
- thathndude 5y ago
  Sorry I missed this yesterday. Accounts have to be monthly unless there’s no transactions. That’s when you get quarterly statements. So if you’re getting quarterly statements, then there’s no transaction to dispute — I believe the theory goes.
  - mindslight 5y ago
    Ah, I presume interest crediting is excluded from that requirement to send statements?

BrandoElFollito 5y ago

In the EU it is a year, and you may loose up to 150€. Good luck to the bank which would like to enforce this. One tried, I told them I am leaving, they said it is a misunderstanding and that of course they did not mean to make me pay these 150€.

thathndude 5y ago
Yeah. That’s superior to our protections. Generally, in the US, its 60-90 days (the fact that it’s variable is obviously not ideal) and $500 loss limit.
- BrandoElFollito 5y ago
  In the EU this is a EU regulation, so all banks have the same rules. I just checked, it is now 50€ only, and only if the payment was done with a PIN or SMS/app confirmation. This is the maximum amount (so if you had, say 3 times 300€ of fraudulent transactions, you would pay a max of 50€ total - and like I said it is not likely that the bank will make you pay anyway)

mindslight 5y ago

Something I've been curious about (not asking for legal advice). If the deadline to report is 60 days from the statement/notification of the transaction, what about accounts that only issue statements quarterly or monthly? Is it really still workable to contest a transaction say 10 months after it occurred, if the bank has only just issued you a statement?

thathndude 5y ago
Sorry I missed this yesterday. Accounts have to be monthly unless there’s no transactions. That’s when you get quarterly statements. So if you’re getting quarterly statements, then there’s no transaction to dispute — I believe the theory goes.
- mindslight 5y ago
  Ah, I presume interest crediting is excluded from that requirement to send statements?