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The Electronic Fund Transfer Act (EFTA) gives you the right to dispute an error on your bank statement and gives you some protections. For unauthorized debit card purchases, your liability is capped at $50 if you notify your bank within two days of realizing your debit card is missing. But between two days and 60 days, you could be responsible for paying up to $500 of a crook’s spending spree. If you wait more than 60 days to contact the bank, you will be stuck paying every cent of the unauthorized charges, which could cause you to lose everything in your checking account.
15 U.S.C. §§ 1693-1693r
The Electronic Fund Transfers Act governs debit cards.
15 U.S. Code § 1693b(a)
Gives authority to the Consumer Financial Protection Bureau (CFPB) to promulgate regulations to carry out the purposes of the EFTA. Previously, the Federal Reserve Board had that authority.
15 U.S. Code § 1693f
Error resolution. Consumers rights are more limited than when disputing credit card charges under the Truth in Lending Act.
15 U.S. Code § 1693m
If the error resolution process is violated, the consumer can sue in any federal district court, or in state court.
12 CFR Part 205
Regulation E governs debit cards.
12 CFR §§1005.1-1005.17
Official interpretations of Regulation E from the Consumer Financial Protection Bureau (CFPB)
12 CFR Appendix Supplement I to Part 205
Official Staff Interpretations from the Federal Reserve Board. These regulations are substantively the same as the CFPB regulations as far as debit cards go.
16 CFR Part 310
TELEMARKETING SALES RULE 16 - applies to credit debit card transactions done over the phone.