The impact or shock of a credit card lost or stolen can be definitely minimized with FCBA & EFTA. FCBA (Fair credit billing act) and EFTA (Electronic fund transfer act) are laws implemented to help you on occasions when you misplace your credit card or when it gets stolen.

The questions that arouse in our minds are:

• What is the punishment for it?
• Will I have to pay heavily for it?
• Will I be held responsible for the unauthorized use?

Your liability under the federal law for unauthorized exercise of your debit card or an ATM card depends on how quickly you report the loss. If you report on the loss of your debit card or ATM card, before its use without your permission, the EFTA says that the card issuer cannot hold you responsible for any unauthorized transfer. The law states that you will be charged only $50 for unauthorized use of your credit card or ATM card, but that happens only if you report the loss before your credit cards are utilized to obtain cash. Moreover, if you lose your credit card number only and not the card itself, then you will have no financial obligation for the unauthorized use.

Nowadays almost every second person is seen to use a Credit card or an ATM card. With an increase in the use of plastic money, the rate of credit card loss has also increased.

• Report the loss or theft of your credit cards, ATM or debit cards to the card issuers as quickly as possible.
• Many companies have toll-free numbers and 24-hour service to deal with such emergencies. Avail the services of such companies.
• It is a good idea to follow up your phone calls with a letter. Include the account number, when you notice your card is missing and also the date when you first report the loss.
• You also may want to check your homeowner's insurance policy to see if it covers your liability for card thefts. If not, some insurance companies will allow you to change your policy to include this protection.

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