If you have not contributed to the unauthorized use,
you should not be held liable.
But, if you have contributed to the unauthorized use,
your liability is normally limited to the daily limits
set by your financial institution. Most set a daily
limit for cash withdrawals at ATMs and a separate daily
limit for purchases at point of sale terminals. For
example, the following daily transaction limits could
apply:
|
Cash at ATMs
|
$ 1,000
|
|
Purchases at point of sale terminals
|
$ 2,000
|
|
|
Total Daily Limit
|
$ 3,000
|
Note: limits vary depending on the institution and
the cardholder’s agreement
Be aware that the funds taken could far exceed the
balance of your chequing account. For example, if you have only a few dollars
in your account you could still lose an amount up to your daily limit,
every day. This could occur
if your account is linked to overdraft protection, a
line of credit, other accounts, or if a thief, who obtains
your card and PIN information, deposits a false cheque
into your account for a large amount, and then withdraws
cash and makes purchases against the false deposit.
|
|
Be aware that the funds taken
could far exceed the balance of your chequeing
account.
|
|
Consumer Connection
