| The post from Chedva is not correct. I'm a consumer financial services lawyer and am familiar with the laws that apply to debit cards. Your maximum liability for unauthorized use of your debit card is $50 if you report the loss or theft within 2 business days of learning that the card is lost or stolen. And, most banks don't charge you even the $50. If you don't notify the bank within 2 business days, your liability goes up to a maximum of $500. You also have to check statements. If you discover an unauthoirzed transaction on your statement, you have to notify your bank within 60 days after the statement was sent to you. If you don't then you will be responsible for all use that occurs after the 60 days and before you give notice. So, you potentially do have more liability with a debit card, but only if you don't examine your statements or don't promptly report a lost/stolen card. |