Liability Limit for unauthorized credit card charges Nick Hildebrand.

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Liability Limit for unauthorized credit card charges Nick Hildebrand

Liability The owner of a credit card is liable for unauthorized uses up to $50 under federal law under these conditions: – Cardholder has asked for and received the card or had signed or used it. – Card issuer had given adequate notice of the possible liability for unauthorized use – Card issuer has provided the cardholder with a description of contact information in case the card is lost or stolen. – Card issuer had provided positive means for identification on the card, such as space for a signature or photograph. – Unauthorized use happened before cardholder notified issuer that the card was lost or stolen.

Real Life Situation Tim was buying a pair of shoes when his son knocked over a giant shoe display and many employees had to clean everything up. During all the confusion, somebody slipped by and pickpocketed Tim, stealing his wallet. When he went to pay for his shoes he could not find his wallet and reported it and everything in it missing, including his credit cards. He was notified that there was $10,000 dollars in charges and he was not liable for any of it because of his quickness reporting it.