The bank closed Jason’s ATM account on February 16, by which time Joshua had withdrawn another $150. What is Jason’s liability, if any, for the unauthorized use of his account?

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The bank closed Jason’s ATM account on February 16, by which time Joshua had withdrawn another $150. What is Jason’s liability, if any, for the unauthorized use of his account?

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Jason, who has extremely poor vision, went to an automated teller machine (ATM) to withdraw $200 on February 1. Joshua saw that Jason was having great difficulty reading the computer screen and offered to help. Joshua obtained Jason’s personal identification number and secretly exchanged one of his old credit cards for Jason’s ATM card. Between February 1 and February 15, Joshua withdrew $1,600 from Jason’s account. On February 15, Jason discovered that his ATM card was missing and immediately notified his bank. The bank closed Jason’s ATM account on February 16, by which time Joshua had withdrawn another $150. What is Jason’s liability, if any, for the unauthorized use of his account?

Explanation & AnswerSolution by a verified expert

Explanation

The liability is going to be unlimited only when Individual J has not informed about the loss of card even after 60 days. Individual J has informed the loss of the card within a few days of the theft, which limits the liability of Individual J to $50.

Verified Answer

According to Country E's free-trade association, unauthorized transactions of the consumer, limits the consumer liability to $50. The liability for $50 is going to be charged to Individual J since it is only the unauthorized transactions. Individual J has informed the bank regarding the stolen card within two days of the discovery of the stolen card.

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