Buying a Registration Service

Greetings,

Thank you for joining me on the last installment of
Credit & Debit card safety & security.

For an annual fee, companies will notify the issuers of your credit card and
your ATM or debit card accounts if your card is lost or stolen. This service
allows you to make only one phone call to report all card losses rather than
calling individual issuers. Most services also will request replacement cards on
your behalf.

Purchasing a card registration service may be convenient, but it’s not required.
The FCBA and the EFTA give you the right to contact your card issuers
directly in the event of a loss or suspected unauthorized use.If you decide to
buy a registration service, compare offers. Carefully read the contract to
determine the company’s obligations and your liability. For example, will the
company reimburse you if it fails to notify card issuers promptly once you’ve
called in the loss to the service? If not, you could be liable for unauthorized
charges or transfers.

For More Information :
The following federal agencies are responsible for enforcing federal laws that
govern credit card and ATM or debit card transactions. Questions concerning
a particular card issuer should be directed to the enforcement agency
responsible for that issuer.

Board of Governors of the Federal Reserve System Regulates
state-chartered banks that are members of the Federal Reserve System,
bank holding companies, and branches of foreign banks:
Division of Consumer and Community Affairs
Stop 801 20th and C Streets, NW
Washington, DC 20551
202-452-3693; www.federalreserve.gov

Federal Deposit Insurance Corporation
Regulates state-chartered banks that are not members of the
Federal Reserve System:
Division of Compliance and Consumer Affairs
550 17th Street, NW
Washington, DC 20429
877-ASK-FDIC (275-3342) toll-free;
www.fdic.gov

National Credit Union Administration
Regulates federally chartered credit unions:
Office of Public and Congressional Affairs
1775 Duke Street
Alexandria, VA 22314-3428
703-518-6330; www.ncua.gov

Office of the Comptroller of the Currency
Regulates banks with “national” in the name or “N.A.” after the name:
Office of the Ombudsman Customer
Assistance Group
1301 McKinney Street, Suite 3710
Houston, TX 77010
800-613-6743 toll-free; www.occ.treas.gov

Office of Thrift Supervision
Regulates federal savings and loan associations
and federal savings banks:
Consumer Programs
1700 G Street, NW
Washington, DC 20552
800-842-6929 toll-free; www.ots.treas.gov

Federal Trade Commission
Regulates other credit card and debit card issuers:
Consumer Response Center
600 Pennsylvania Avenue, NW
Washington, DC 20580
877-FTC-HELP (382-4357) toll-free; ftc.gov

The FTC works for the consumer to prevent fraudulent, deceptive, and unfair
business practices in the marketplace and to provide information to help
consumers spot, stop, and avoid them.

To file a complaint or to get free information on consumer issues, visit ftc.gov
or call toll-free, 1-877-FTC-HELP (1-877-382-4357); TTY: 1-866-653-4261.

The FTC enters Internet, telemarketing, identity theft, and other fraud-related
complaints into Consumer Sentinel, a secure, online database available to
hundreds of civil and criminal law enforcement agencies in the U.S. and
abroad.

I hope these past few blogs have help you out.

Sincerely,

Trapper
http://www.sherwoodlocksmithing.com

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ATM or Debit Card Loss

ATM or Debit Card Loss or Fraudulent Transfers (EFTA)

Your liability under federal law for unauthorized use of your ATM or debit card
depends on how quickly you report the loss. If you report an ATM or debit
card missing before it’s used without your permission, the EFTA says the card
issuer cannot hold you responsible for any unauthorized transfers. If
unauthorized use occurs before you report it, your liability under federal law
depends on how quickly you report the loss.

For example, if you report the loss within two business days after you realize
your card is missing, you will not be responsible for more than $50 for
unauthorized use.

However, if you don’t report the loss within two business days after you
discover the loss, you could lose up to $500 because of an unauthorized
transfer. You also risk unlimited loss if you fail to report an unauthorized
transfer within 60 days after your bank statement containing
unauthorized use is mailed to you.

That means you could lose all the money in your bank account and the
unused portion of your line of credit established for overdrafts. However,
for unauthorized transfers involving only your debit card number
(not the loss of the card), you are liable only for transfers that occur after
60 days following the mailing of your bank statement containing the
unauthorized use and before you report the loss.

If unauthorized transfers show up on your bank statement, report them to
the card issuer as quickly as possible. Once you’ve reported the loss of your
ATM or debit card, you cannot be held liable for additional unauthorized
transfers that occur after that time.

Stay tuned for our next post. We will discuss how to protect your ATM or
Debit card and also your credit cards.

Sincerely,

Thomas “Trapper” Sherwood
www.sherwoodlocksmithing.com

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PS…