This is where timeliness and the type of card you carry can make a big difference. With a credit card, your loss is limited to $50. Period. If you notify your financial institution within two business days of a lost or stolen ATM or debit card, your loss is also limited to $50. However, if you wait more than two business days to notify your bank of a lost or stolen ATM or debit card, you liability could be up to $500.
Unauthorized transfers from your account must be reported within 60 days of your statement (again, the earlier you report a problem, the better). If you delay notifying the bank, you run the risk of unlimited losses after 60 days. So be sure to check your bank statements in a timely manner to protect yourself.
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