Cost of Delay Suppose you had $1,000 in your checking or debit account and $1,000 overdraft protection and your wallet is stolen. IF you call the bank less than 48 hours later to notify them of the theft of your card. Even if all $1,000 had been withdrawn, you could only lose a maximum of $50. If the bank does not find the thief, it will pay for the loss with its own insurance policy. IF you waited until the weekend--say three days later--you could lose up to $500. IF you were on summer vacation and did not notice the theft, then you could lose the entire $1,000 in your account AND another $1,000 in overdraft protection funds. In this case, you better hope that your financial institution supports the self-imposed industry rule of limiting customer financial loss to zero if notified within two (2) business days and a maximum of $50 thereafter. CALL YOUR BANK AND ASK IF THEIR FINANCIAL LIABILITY POLICY IS BASED ON FEDERAL OR INDUSTRY GUIDELINES. Return to Module 1 Liability Discussion           Copyright Newtonian Finances Ltd. © 2000-2024 (disclaimer)