Dear Action Line: A couple I know said someone stole their credit card number and spent $1,270 on their account in Oklahoma City. The credit card company called - on Sunday, no less - trying to find out if the purchases were legitimate. The caller said, "We strongly suggest people check their credit card accounts daily." - C.C., Broken Arrow.
The Federal Trade Commission recommends that consumers check their credit card accounts online every day instead of waiting 30 days for printed statements to show up.
The federal Fair Credit Billing Act (
tulsaworld.com/FTCFCBA) protects us from credit card ruin but only when we "write the creditor at the 'billing inquiries' address, not the address for sending payments, and include name, address, account number and a description of the billing error," the FTC website says.
60-day window: "Send your letter so it reaches the creditor within 60 days of the first erroneous bill arrival. Send your letter by 'certified mail, return receipt requested' so you will have proof of what the creditor received. Include copies (not originals) of sales slips or other documents supporting your position. Keep a copy of your dispute letter.
Only $50: "Creditors must acknowledge your complaint, in writing, within 30 days of receiving it, unless the problem has been resolved. The creditor must resolve the dispute within two billing cycles (but not more than 90 days) after getting your letter." The FTC website recommends reporting card losses and fraudulent transactions as soon as you discover withdrawals or purchases you didn't make.
ATM or debit cards: The federal Electronic Fund Transfer Act (
tulsaworld.com/FTCEFTA) protects us from serious financial loss when our ATM or debit cards are lost or stolen. See the FTC's "Lost or stolen credit, ATM and debit cards" at
tulsaworld.com/FTClostorstolenCC It urges consumers to report loss or theft immediately. Many companies have toll-free numbers with 24-hour service for such emergencies.
Contact your ATM or debit card issuer to report fraudulent transactions as soon as you discover withdrawals or purchases you didn't make. Write a follow-up letter to confirm that you reported the problem. Keep a copy of your letter. Send it by "certified mail, return receipt requested." Update your files. Record the dates you made calls or sent letters. Keep copies of the letters in your files for future proof.
Over $500: If you report ATM or debit cards missing before unauthorized use occurs, you're not responsible for unauthorized withdrawals. But if fraudulent use occurs before you report it missing, your liability goes up based on report timing: within two business days of disappearance - no more than $50, within 60 days of statement mailing - up to $500 for unauthorized transfer; and if not reported within 60 days of statement mailing - all the money in the account, the unused portion of your maximum credit line established for overdrafts and maybe more will come out of your pocket.
Insurance: Check your homeowner's or renter's insurance policy to see if it covers your liability for card thefts. If not, some insurance companies will allow you to change your policy to include such protection.
Submit Action Line questions by calling 918-699-8888, emailing
phil.mulkins@TulsaWorld.com or by mailing them to Tulsa World Action Line, PO Box 1770, Tulsa OK 74102-1770.
Original Print Headline: Act fast to minimize liability for fraudulent credit card usage
Consumer Awareness
Edmunds.com last week released its annual list of Best Used Cars for 2013, a list of 17 cars across every segment based on "the most important criteria: reliability, safety, value and availability."
Dear Action Line: I received a mailing from the IRS and wonder if this is typical. I thought all such notices came by email. Should I call the Tulsa IRS on this? - B.N., Tulsa
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