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Released: January 18, 2006

Help Desk FAQ

What fraud protections exist for my debit card?

Regulation E, the Electronic Fund Transfer Act, limits a debit cardholder’s liability for fraudulent charges to $50 if the lost or stolen card is reported within two business days. If you report the unauthorized transactions within 60 days of the statement date, your losses will be limited to $500, no matter how much money was stolen. If you complain after the 60-day deadline, you may not get any refund for your losses. If you report your card missing before it’s used, the card issuer can’t hold you responsible for any unauthorized transactions.

If you follow the reporting guidelines, your bank must give you provisional credit for disputed amounts. But if there is not sufficient proof that your card was used fraudulently, you could be liable for the entire amount in dispute.

In cases where an unauthorized transaction involves only your card number rather than the actual card, your liability is limited to any transactions that occur after 60 days following the mailing of your account statement containing the unauthorized use and before you report the loss.

Your card issuer may extend broader, voluntary fraud protections, such as “zero liability” coverage, which releases you from any liability for fraudulent charges. Contact your card issuer for more information.