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9 Cards in this Set

  • Front
  • Back
What if a bank recredits an account after being notified by a customer that a preauthorized transfer had an error and discovers no error?
Bank may withdraw and money and send written explanation if it gives the consumer five bus days' notice first.
What is an unauth'd EFT?
One not auth'd by a consumer and fr which the consumer rec's no benefit
Are involuntary trans's considered to be unauth'd EFTs?
A consumer is liable for all uses of a debit card the consumer gave another person to use until when?
Notice of a withdrawl of authority is given to the institution.
A consumer is liable for what dollar amt of unath'd EFTs?
$50. Less if the bank is notified bf $50 is withdrawn.
If a consumer fails to rpt a missing card to the financial institution w/i two bus days, for how much money is the consumer liable?
$500 max for amts withdrawn after the two day period
What happens if a consumer does not rpt a statement prob to the insitution w/i 60 days of the sending of the statement?
Consumer has unlimited liability (in addition to the regular liability for unauth'd transfers occuring after the 60 day period and until the bank is so notified.
Does consumer negligence alter the rules regarding unauth'd electronic funds transfers?
Failure to follow fed rules subjects a financial institution to what types of damages?
Actual and punitive, between $100 and $1000, plus costs and attny's fees.