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Credit / Debit, Checking and Gift Card Laws : Ohio and Federal: Debit Cards


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.

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