On an automated teller machine (ATM) belonging to USA Bank, Sven placed a card-skimming device to pull information from the magnetic strips of users' debit cards. The device then transmitted the stolen data to thieves who used it to gain access to, and
empty, the bank accounts of the users, including Megan. Megan learned of the theft the next day and promptly notified USA. Is Megan entitled to a recredit of her account for the most of the loss due to the theft? Explain.
Yes, Megan is entitled to a recredit of her account for the most of the loss due to the theft.
Under the Electronic Fund Transfer Act, if a customer's debit card is lost or stolen and used without his or her permission, the customer may be required to pay no more than $50. The customer must notify the bank of the loss or theft within two days of learning about it. Otherwise, the liability increases to $500. The customer may be liable for more than $500 if he or she does not report the unauthorized use within sixty days after it appears on the customer's statement.
In this situation, Megan promptly notified USA, so her liability will be no more than $50.
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