Do i have
give the bank the money?
Recently my bank card was stolen and somebody used it to commit fraud and spent thousands. however, my card was reported lost before the card was used for fraudelent activity. the bank say that i am liable to pay this money back. is this true?
Answer
No under federal law, once you report the loss or theft of a card, you have no further responsibility for unauthorized charges. in any event, your maximum liability under federal law is $50.00.
