federal fair credit billing act (FCBA) ) and federal electronic fund transfer act (FTA)
The impact or shock of a credit card lost or stolen can be definitely minimized with FCBA & EFTA. FCBA (Fair credit billing act) and EFTA (Electronic fund transfer act) are laws implemented to help you on occasions when you misplace your credit card or when it gets stolen.
The questions that arouse in our minds are: What is the punishment for it? Will I have to pay heavily for it? Will I be held responsible for the unauthorized use?
Fraudulent Transfers (EFTA) on Debit Card Loss or ATM card: Your liability under the federal law for unauthorized exercise of your debit card or an ATM card depends on how quickly you report the loss. If you report on the loss of your debit card or ATM card, before its use without your permission, the EFTA says that the card issuer cannot hold you responsible for any unauthorized transfer. The law states that you will be charged only $50 for unauthorized use of your credit card or ATM card, but that happens only if you report the loss before your credit cards are utilized to obtain cash. Moreover, if you lose your credit card number only and not the card itself, then you will have no financial obligation for the unauthorized use.
Nowadays almost every second person is seen to use a Credit card or an ATM card. With an increase in the use of plastic money, the rate of credit card loss has also increased. When a person undergoes a loss or a theft of his credit or ATM card he should do the following: Report the loss or theft of your credit cards, ATM or debit cards to the card issuers as quickly as possible. Many companies have toll-free numbers and 24-hour service to deal with such emergencies. Avail the services of such companies. It is a good idea to follow up your phone calls with a letter. Include the account number, when you notice your card is missing and also the date when you first report the loss. You also may want to check your homeowner's insurance policy to see if it covers your liability for card thefts. If not, some insurance companies will allow you to change your policy to include this protection.
If you are under financial pressure, our experts will help you to consolidate your debts and lead a debt free life. Debt consolidation is the best way to get rid of your debts and we are the experts in this field. Fill our free quote to have an understanding of all the options and allow us to take care of your debt burdens.
Disclaimer Legal Information Is Not Legal Advice This site provides information about the law designed to help users safely cope with their own legal needs. But legal information is not the same as legal advice -- the application of law to an individual's specific circumstances. Although we go to great lengths to make sure our information is accurate and useful, we recommend you consult a lawyer if you want professional assurance that our information, and your interpretation of it, is appropriate to your particular situation.
Consumer Credit Counseling Information, Debt Management Plan Information, Debt Settlement Plan information, Credit Counseling, Credit Score, Consumer Credit Counseling Service, CCCS, Bill Consolidation, Credit Repair, and Debt Consolidation is not advice, and we recommend you consult a licensed credit counseling agency, debt settlement attorney, and/or licensed debt management plan administrator in your state if you want professional assurance that our information, and your interpretation of it, is appropriate to your particular situation.
