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4. Sorry, that is incorrect.
The correct answer is "True"
If someone uses your credit card without authorization, the most you are liable for is $50 in charges. If your ATM or debit card is lost or stolen, your liability under the EFTA is limited to $50 if you notify your financial institution within two business days of discovering the loss or theft. If you wait more than two business days to report a lost or stolen card but you notify the card issuer about an unauthorized transaction within 60 days of the date the bank mails the statement containing the error, you could lose as much as $500.
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