Under the Electronic Funds Transfer Act, consumers are protected regarding any transactions involving an ATM, debit card or other electronic funds. If someone takes money out of your account without your permission, immediately call your bank or credit union.
If you lost your card, code, or other access device, or it was stolen, and you notify your bank or credit union within two business days of discovering the loss or theft of the card, code or access device, you cannot be made to pay more than $50 or the transaction amount, whichever is less. If you notify your bank or credit union after two business days, you could have to pay as much as $500. If you wait more than 60 days after the transmittal date of your next statement, you could have to pay the full amount of any other unauthorized transactions that happen after the 60-day period.
If you did not lose your card or have it stolen, but an unauthorized transaction appears on your statement, you must notify the bank or credit union within 60 days of the date of the statement to avoid being held responsible for that unauthorized transaction.