Electronic Fund Transfers

Before starting this activity, review LO $29-5.$ Recall that the most common types of electronic fund systems are automated teller machines, point$-$of$-$sale systems, direct deposits and withdrawals, pay$-$by$-$telephone systems, and online systems, and that consumer fund transfers are regulated by the Electronic Fund Transfer Act of $1978($EFTA$).$ Through a fictional scenario regarding a woman who loses her ATM card, this activity highlights the rights and responsibilities of bank customers.

The application of technology to the banking system has made the banking process more efficient and less reliant on paperwork. When money is transferred by an electronic terminal, telephone, or computer, this transfer is called an electronic fund transfer $($EFT$).$

Read the case and answer the questions that follow.

Suppose Kirsten is shopping at the mall during the Christmas rush and she accidentally leaves her wallet in one of the stores where she was shopping. She returns to the store and looks everywhere for her wallet, including the counter where she paid for her purchase and the dressing room, but her wallet is nowhere in sight.

Kirsten notifies the salesclerks about her lost wallet, gives her phone number, and asks them to call if the wallet is found. Kirsten does not have any cash in the wallet, but it does hold her driver's license and ATM$/$debit card in it$.$ She has roughly $$2,000$ in the bank account that the ATM is linked to$.$ She does not want to move the money because she is worried she will face overdraft fees if she moves the money and then a thief uses the card.

Kirsten is unaware of her rights and responsibilities she has in this situation.

According to the Electronic Fund Transfer Act of $1978($EFTA$),$ when should Kirsten notify the bank of her missing ATM card?

Multiple Choice

Within two days.

Within $30$ days.

Immediately.

At some point before the thief uses the card.

Within $90$ days.