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The Debit Card Debate

A card that offers speed and convenience also has many consumers unsure about costs and safety. Here are answers to common questions.

What federal protections cover consumers who use debit cards?

The federal Electronic Fund Transfer Act (EFTA) protects you from errors, loss or theft of your debit card. However, unlike the Truth in Lending Act protections for credit cards, which cap a consumer's liability for unauthorized transactions at $50, the law limits liability to $50 if the debit cardholder notifies the bank within two business days after discovering the theft. If you don't notify your bank within those two days, you could lose up to $500, or perhaps more. In the worst-case scenario — if you receive a bank statement that includes an unauthorized debit-card withdrawal and you wait more than 60 days to alert your bank — you could be liable for any amounts from transactions made after that 60-day period.

The good news is that many banks don't hold a consumer responsible for unauthorized transactions if he or she notifies the institution in a timely fashion. But remember that with a debit card, the money tapped by the thief has already been taken out of your account.

Under the EFTA, a bank has 10 business days to investigate the matter (20 business days if your account is new) and report back to you with its results. If the bank needs additional time, it may, under certain circumstances, temporarily give you some or all of the disputed amount until it finishes its investigation. Generally, a bank is allowed up to 45 days of additional investigation time (90 days for certain transactions). "But until the dispute is resolved," said Creamean, "you should be prepared to pay your mortgage, car payment, credit card bill and any other obligations that may come due." Also, she said, if the bank's investigation finds there was no error, theft or loss, it can take back the money it put into your account, after notifying you.

Where can I get more information about debit cards?

The FDIC can help answer your questions or point you in the right direction. Call toll-free 1-877-ASK-FDIC (1-877-275-3342) Monday through Friday 8:00 a.m. to 8:00 p.m., Eastern Time.

FDIC Consumer News is published by the Federal Deposit Insurance Corporation

FDIC Consumer News is produced quarterly by the FDIC Office of Public Affairs in cooperation with other Divisions and Offices. It is intended to present information in a nontechnical way and is not intended to be a legal interpretation of FDIC or other government regulations and policies. Mention of a product, service or company does not constitute an endorsement.

Find current and past issues of FDIC Consumer News at http://www.fdic.gov/consumernews. Refer to this same index to locate the issues that are specially formatted for being reprinted in any quantity.

To receive an e-mail notice about each new issue of FDIC Consumer News posted on the FDIC Web site, with links to stories, follow instructions posted at www.fdic.gov/about/subscriptions/index.html.

Last updated on 5/09/2006

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