Importance of FCBA When Reporting Lost Credit Card

Hi guys, In my last post I talked about what you should instantly do if your Credit Card is stolen or lost. In this post I’m gonna discuss about the FCBA: Fair Credit Billing Act. I hope we all are pretty much well known with this word. Aren’t we? I’m sure 80% of us have to study the boring sentences like The Fair Credit Billing Act (FCBA) is a United States federal law enacted as an amendment to the Truth in Lending Act…blah blah blah! The easy thing you need to know now is that FCBA can help you saving at least 50 bucks! Let’s see how!

Importance of FCBA on Reporting Lost Credit Card

What Does FCBA Do When Reporting Credit Card Lost? Under federal law, if unauthorized charges are made with your credit card after it is stolen, the maximum amount that you can be liable for is $50. Now, here’s how FCBA is going to help you. And that is if the charges are made after you report the card lost or stolen, you have no liability. You won’t have to pay the $50 then.

Many credit cards will cover the remaining $50 in what they call $0 fraud liability. If the loss involves the only the credit card number not the card itself, as an example, in with a data breach or some other such case, then guess what! you are not liable whatsoever for the charges are done. But if your credit card is lost or stolen and the fraudulent charges are already done before you report the loss, your creditor can ask you to pay up to that $50.

Checking Credit Card statement

Now I hope you guys have already come to know why I notified in my last post how important it is to report missing card as soon as you come to know it is lost! And another important thing that you obviously need to check is the billing statement for a few months after the loss to find out if any unauthorized charges were made using your Credit Card.

I hope the post was helpful. Please keep posting open minded comments telling which sectors that could have been better. I’ll try my best to deliver posts that will help you guys the best. Subscribe to our RSS Feed to get updates! More posts are coming on! Don’t miss it! Thanks once again for reading the post.