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Originally Posted by niksinif
i do not recomend citibank. they dont allow disputes for fraudulent transactions that are 100 miles away from your home. so if someone steals your credit card, and uses it in another city, you will be responsible for paying. this hapend to me. someone used my credit card in another country and i ended up having to pay for it. citibank wouldnt even allow for a dispute.
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Under federal law, your liability is limited to $50 if your credit card is stolen and used by someone else. If you report it stolen before it is used, you are not responsible for any of the charges. The same law (Fair Credit Billing Act) requires citibank or any credit card issuer to follow specific dispute resolution procedures if you want to question any transaction.
Debit cards
do not have the same liability protection.
From the Federal Trade Commission:
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Credit Card Loss or Fraudulent Charges (FCBA). Your maximum liability under federal law for unauthorized use of your credit card is $50. If you report the loss before your credit cards are used, the FCBA says the card issuer cannot hold you responsible for any unauthorized charges. If a thief uses your cards before you report them missing, the most you will owe for unauthorized charges is $50 per card. Also, if the loss involves your credit card number, but not the card itself, you have no liability for unauthorized use.
ATM or Debit Card Loss or Fraudulent Transfers (EFTA). Your liability under federal law for unauthorized use of your ATM or debit card depends on how quickly you report the loss. If you report an ATM or debit card missing before it's used without your permission, the EFTA says the card issuer cannot hold you responsible for any unauthorized transfers. If unauthorized use occurs before you report it, your liability under federal law depends on how quickly you report the loss.
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http://www.ftc.gov/bcp/conline/pubs/credit/atmcard.htm
You should make yourself aware of your rights to dispute credit card charges:
http://www.ftc.gov/bcp/conline/pubs/credit/fcb.htm