What If My Debit Card Was Stolen?

The Electronic Fund Transfer Act applies to and regulates instances of debit card fraud. The Act requires cardholders to notify banks about fraudulent charges within 60 days of any allegedly fraudulent transaction. If a customer fails to notify the bank within this time frame, the bank is under no obligation to respond. Cardholders’ liability for fraud is limited to $50 if the bank is notified within two days of the fraudulent transaction. However, most banks provide their customers with 120 days to dispute fraudulent debit card charges.