Financial Institution Liability
The financial institution must give the customer notice of their liability in case the card is lost or stolen. This must include a phone number for reporting the loss and a description of its error resolution process.
Read more about this topic: Electronic Fund Transfer Act
Famous quotes containing the words financial and/or institution:
“The woman who does her job for society inside the four walls of her home must not be considered by her husband or anyone else an economic “dependent,” reaching out her hands in mendicant fashion for financial help.”
—Mary Barnett Gilson (1877–?)
“We are now a nation of people in daily contact with strangers. Thanks to mass transportation, school administrators and teachers often live many miles from the neighborhood schoolhouse. They are no longer in daily informal contact with parents, ministers, and other institution leaders . . . [and are] no longer a natural extension of parental authority.”
—James P. Comer (20th century)