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RE: 0 Liability at Chase I don't know of any bank that don't offer this now. As part of FDIC Regulation E, the cap on consumer liability for credit card fraud

by Johnie 13y ago

RE: 0 Liability at Chase I don't know of any bank that don't offer this now. As part of FDIC Regulation E, the cap on consumer liability for credit card fraud is a max of $50 [1]. For most banks, it costs them more than that to try to get that from the consumers . The reason why people say that debit cards are safer than credit is because credit card provides a buffer to your bank account. If there is fraud, you still have the cash while the fraud is investigated. With debit, you are out the cash until the fraud is reported. [1] http://www.fdic.gov/regulations/laws/rules/6500-1350.html http://www.fdic.gov/regulations/laws/rules/6500-1350.html ____________________________ (a) UNAUTHORIZED ELECTRONIC FUND TRANSFERS; LIMIT.--A consumer shall be liable for any unauthorized electronic fund transfer involving the account of such consumer only if the card or other means of access utilized for such transfer was an accepted card or other means of access and if the issuer of such card, code, or other means of access has provided a means whereby the user of such card, code, or other means of access can be identified as the person authorized to use it, such as by signature, photograph, or fingerprint or by electronic or mechanical confirmation. In no event, however, shall a consumer's liability for an unauthorized transfer exceed the lesser of-- (1) $50; or (2) the amount of money or value of property or services obtained in such unauthorized electronic fund transfer prior to the time the financial institution is notified ____________________________

pkteison 13y ago
This is not true for debit cards. You skipped the next paragraph, which provides exemptions that mean you have unlimited liability if you don't report a problem within 60 days, or $500 liability if you don't report a lost card within two days. Same link, one paragraph down: "Notwithstanding the foregoing, reimbursement need not be made to the consumer for losses the financial institution establishes would not have occurred but for the failure of the consumer to report within sixty days of transmittal of the statement (or in extenuating circumstances such as extended travel or hospitalization, within a reasonable time under the circumstances) any unauthorized electronic fund transfer or account error which appears on the periodic statement provided to the consumer under section 906. In addition, reimbursement need not be made to the consumer for losses which the financial institution establishes would not have occurred but for the failure of the consumer to report any loss or theft of a card or other means of access within two business days after the consumer learns of the loss or theft (or in extenuating circumstances such as extended travel or hospitalization, within a longer period which is reasonable under the circumstances), but the consumer's liability under this subsection in any such case may not exceed a total of $500, or the amount of unauthorized electronic fund transfers which occur following the close of two business days (or such longer period) after the consumer learns of the loss or theft but prior to notice to the financial institution under this subsection, whichever is less."

by Johnie 13y ago

pkteison 13y ago

This is not true for debit cards. You skipped the next paragraph, which provides exemptions that mean you have unlimited liability if you don't report a problem within 60 days, or $500 liability if you don't report a lost card within two days. Same link, one paragraph down: "Notwithstanding the foregoing, reimbursement need not be made to the consumer for losses the financial institution establishes would not have occurred but for the failure of the consumer to report within sixty days of transmittal of the statement (or in extenuating circumstances such as extended travel or hospitalization, within a reasonable time under the circumstances) any unauthorized electronic fund transfer or account error which appears on the periodic statement provided to the consumer under section 906. In addition, reimbursement need not be made to the consumer for losses which the financial institution establishes would not have occurred but for the failure of the consumer to report any loss or theft of a card or other means of access within two business days after the consumer learns of the loss or theft (or in extenuating circumstances such as extended travel or hospitalization, within a longer period which is reasonable under the circumstances), but the consumer's liability under this subsection in any such case may not exceed a total of $500, or the amount of unauthorized electronic fund transfers which occur following the close of two business days (or such longer period) after the consumer learns of the loss or theft but prior to notice to the financial institution under this subsection, whichever is less."