Thursday, February 06, 2014

Electronic Funds Transfer Act can make consumers responsible for their own losses due to lax security of debit cards, if much time passes at all

There's a little more definitive information on the legal rights of credit card holders v. debit card, in case of fraud, in this Washington Post article by Danielle Douglas, "Why you should leave your debit card at home", here.

The governing legislation is the Electronic Funds Transfer Act, and consumers have very little time to detect pilferage, even from other accounts at the same institution that might have some linkage to the debit card indirectly.

The FDIC has a discussion of the EFTA, here

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