A Georgia woman lost more than $1,100 after an unauthorized $78 monthly cell phone charge quietly drained her checking account for a year and a half. Dorothy Bush only discovered the fraud when her account went negative — and her bank agreed to reimburse just 60 days' worth of charges.
Federal law is why. Under the Electronic Fund Transfer Act, the clock starts when a bank statement is issued. Bankrate's Karen Bennett warns that reporting fraud after 60 days means the bank is no longer required to investigate, leaving customers liable for the full amount.
