Watch your bank statements closely!
Just this month I noticed fraudulent charges on the company debit card. Instantly, questions of what has been compromised spring to mind. My personal accounts, my work accounts, my savings or other accounts?
As credit card fraud seems to be on the rise, here are some things for you, as a credit or debit card holder, should be aware of. There are great differences in the type of card, credit or debit, and your rights and protection. I asked our banker and Military Avenue Board Member, Matt Rayome to break it down. See his answer below.
And, watch your statements, and report to your bank any transactions that you did not authorize.
Potential liability to the individual for fraudulent debit card transactions is virtually unlimited. You have up to 60 days to report a lost or stone card under the EFTA. After that, you lose whatever money was taken, even funds siphoned from linked accounts (side savings or checking).
Fraud reported before unauthorized transactions: Zero Liability
Fraud reported within two days: $50 liability
Fraud reported within 60 days $500 liability
Fraud reported after 60 days: no protection
Under the FCBA, your maximum liability for fraudulent credit card transactions is $50, but many Credit Card companies promise zero liability really no matter the time frame.
Matthew Rayome / Bank Manager / BMO Harris Bank Military