Understanding how much you’ll be on the hook for if your credit card is stolen can be important to repairing your credit and monitoring your credit history. If your debit card or credit card is stolen it is important to know what you’ll be responsible for in liability and how you can recover.
Debit Cards And ATM Cards
If somebody uses your credit card or debit card the amount of money that you will be held liable for varies depending on the state you live in. If you report your card immediately as stolen, you’ll only be liable for $50 on average. If you’re reporting your card stolen later such as 60 days after a statement indicates a false charge, you could be held liable for up to $500.
It’s been more than 60 days since your card was stolen and there’s a series of charges, you might be liable for all of the transfers that were full charges after the 60 days. This means that if you have bank accounts or cards that you seldom use or check on, it’s very important that you are looking back on these reports as often as possible to prevent fraud and to make sure that you’re not held liable.
There are some risks associated with using debit cards and credit cards. Most banks will require at least 10 days to resolve fraud claims and this can lead you out money. It’s also possible that you could be liable for more money if your credit card is compromised, especially if you do not report the claim immediately. When you become the victim of fraud, it is possible that you might be unable to access your funds for more than a week as the dispute is being fixed.
Keeping your account safe and keeping your card safe requires consistent monitoring. Even though you might not be responsible or liable for the charges made on your account after your report quickly, you need to keep your account secure and close access to your cards to prevent the chance your accounts may be locked up.
This post was written by Kristian D’An, owner of https://bestcreditrepairservices.com/ and CCA board certified credit repair specialist. Lux Credit offers credit repair services for those looking to improve their credit!