Jamie Lee Jackson, age 26, is in her last semester of college and is anxiously awaiting graduation. She still works part time as a bakery clerk, has been sticking to her budget, and is on track to accumulate money to make the $9,000 down payment to open her cupcake café within the next two years.

Jamie Lee is single, shares a small apartment with a friend, and continues to split associated living expenses, such as rent and utilities. However, following a bad turn of events, she has to consider a place of her own.

One evening, after returning to the apartment after work, Jamie learned that her roommate had a couple of friends over earlier in the evening. As Jamie went to her room, she noticed that her top desk drawer had been left open and her debit card, checkbook, and Social Security card were missing. She immediately contacted the authorities, and the police instructed her to notify her financial institution. But it was late Saturday night, and Jamie thought she had to wait until Monday morning. Unfortunately, within no time, Jamie found that her checking account had been emptied!

Jamie Lee’s luck worsened, as she had paid many of her monthly bills late last week. Her automobile insurance, two utility bills, and a layaway payment had all been paid for by check. Her bank almost immediately began sending overdraft alerts through her smartphone for the emptied checking account.

Current Financial Situation.

Bank Accounts:

1. Checking account: $2,250 (before the theft).

2. Savings account: $6,900.

3. Emergency fund savings account: $3,900.

4. 401(k) balance: $350.

Questions 

1. Jamie Lee is beside herself knowing that the thieves had unauthorized use of her debit/ATM card. What is Jamie’s financial responsibility for the unauthorized use?

2. What would Jamie Lee’s financial liability have been had she waited more than two days to report the debit/ATM card lost or stolen?

3. What financial service would now benefit Jamie Lee, as she had legitimate checks written to cover her monthly bills that are now in excess of the available checking account balance due to the theft? Will Jamie Lee incur fees for taking advantage of this financial service?