FAQ > Consumer Protection FAQs > If my credit, debit, or ATM card is lost or stolen, and used for unauthorized transactions, how long
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If my credit, debit, or ATM card is lost or stolen, and used for unauthorized transactions, how long do I have to report it to my credit card company or bank? What are my potential financial losses?
You should report all lost and stolen cards as well as unauthorized charges as soon as possible. With respect to reporting and liability limits, credit and debit cards fall under separate federal laws:
- Credit cards fall under the Fair Credit Billing Act, where your liability cannot exceed $50. If you report the loss before any unauthorized transactions occur, or if your credit card number is stolen and not the physical card, you are not liable for any unauthorized purchases.
- ATM and debit cards fall under the Electronic Fund Transfer Act. If you report a missing or stolen card before someone uses it for unauthorized purchases, you are not liable. If your debit card number was used but not the physical card, you are not liable provided you report the incident within 60 days of when the monthly statement was mailed to you. If the physical ATM or debit card is lost or stolen, and charges are made prior to your report, your maximum liability depends on how quickly you report the issue.
- If you report the incident within two business days after you discover the loss, you are liable for up to $50.
- If you wait longer than two business days after you discover the loss but less than 60 calendar days after the monthly statement is sent to you, you are liable for up to $500.
- If you wait more than 60 calendar days after the monthly statement is sent to you, you are liable for all of the unauthorized transactions