What are my rights regarding unauthorized automatic teller machine (ATM) transactions?
Under Federal Regulation E or the Electronic Funds Transfer Act, the extent of a customers liability on unauthorized ATM transactions is generally limited to the first $50 withdrawn. If however, someone whom the customer supplied the card and personal identification number to performs the transactions, then the transactions are generally considered to have been authorized. The customer is responsible for notifying the bank immediately when unauthorized transactions are discovered, which initiates an investigation by the bank.
Under Federal Regulation E (Electronic Funds Transfer Act), the extent of a member’s liability on unauthorized ATM transactions may be limited to the first $50 withdrawn. Depending on the circumstances such as how long the member takes to report a loss of an ATM card or unauthorized transactions, liability could be greater. If, however, someone to whom the member supplied the card and personal identification number performs the transactions, then the transactions are generally considered to have been authorized. The member is responsible for notifying the credit union immediately when unauthorized transactions are discovered, which initiates an investigation by the credit union.
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