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What are my rights regarding unauthorized automatic teller machine transactions and Debit Card transactions?

April 26, 2017automatic Debit card Machine Rights teller transactions unauthorized

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What are my rights regarding unauthorized automatic teller machine transactions and Debit Card transactions?

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Federal Reserve Regulation E (12 CFR 205) limits the customers liability on consumer accounts for unauthorized ATM or debit card transactions to the first $50 withdrawn. If however, someone whom the customer supplied the card and personal identification number to performs the transactions, then the transactions are generally considered to have been authorized. The customer is responsible for notifying the bank immediately (within 48 hours of discovery) when unauthorized transactions are discovered, which initiates an investigation by the bank. If you wait more than the first 48 hours after you discover the unauthorized transaction, your liability can increase up to $500.00.