1. Jamie Lee is beside herself knowing that the thieves had unauthorized use of
ID: 470216 • Letter: 1
Question
1. Jamie Lee is beside herself knowing that the thieves had unauthorized use of her debit/ ATM card. What is Jamie’s financial responsibility for the unauthorized use?
2. What would have been Jamie Lee’s financial liability had she waited more than two days to report the debit/ATM card lost or stolen?
3. Using “Your Personal Financial Plan” sheet 11, what financial service would benefit Jamie Lee now, as she had legitimate checks written to cover her monthly bills that are now in excess of the available checking account balance due to the theft?
Explanation / Answer
1. the law states that if you hold or have an asset, you must protect it. if you are not in a position to protect it, you must inform the same to legal parties. in this case, Jamie Lee is identified that the thieves are using her card for any commercial transaction. the same must complaint to police, it is her duty.
2. once she complain about the card stolen in two days, the maximum loss or charge of Jamie liability is $500. according to FCBA &EFTA laws and regulations, it is charged to the card holder.
3. she must put request to the drawees to the cheques, if the cheques were bounce, legally she may face high consequences.
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