Under the federal Electronic Fund Transfer Act, if the debit card is lost, then the owner is liable for just $50 if the case has been reported within 2 days to the bank.
The bank has notified earlier that the liability would be $0 if the report of the loss or theft of the card is done immediately and up to $50 if you notify the bank within two business days after the card goes missing. Debit card is a digital bank card which enables payments and purchases without the use of money in cash and the amount gets deducted directly from the bank account. Many banks have already provided complaint platforms and redressal systems for people whose cards go missing or are broken or damaged. It is important that the user is alert about any false transaction made on the card after it goes missing so as to prevent the fraud.
Learn more about Electronic Fund Transfer Act at:
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