Released: January 18, 2006
Help Desk FAQ
Debit cards
What are the federal standards that protect my debit card?
Federal Regulation E governs lost or stolen funds when you use a debit card. To fully protect yourself, you must report a lost or stolen debit card to your bank within 2 days of the time you become aware that it’s missing. You then will be liable only for $50 of your losses.
If you notice any electronic transactions you did not make on your monthly bank statement, complain in writing immediately. If you bring the unauthorized transactions to the bank’s notice 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 refunds for your losses.
If you follow these rules, your bank must give you provisional credit for disputed amounts.