Asked by DeAnna Schmidt on Apr 25, 2024
Verified
A credit cardholder is liable for all unauthorized charges if he or she does not report the unauthorized charges within twenty days of receiving a statement on which the unauthorized charges appear.
Unauthorized Charges
Unauthorized charges refer to transactions made on a credit or debit card without the consent or authorization of the cardholder.
Twenty Days
A specific time frame, usually referring to a period of twenty calendar days, that may be used in legal, financial, or operational contexts.
- Master the responsibilities and regulatory requirements governing consumer transactions.
Verified Answer
TT
Tabitha Taylor7 days ago
Final Answer :
False
Explanation :
A credit cardholder is only liable for up to $50 of unauthorized charges if the charges are reported within 60 days of receiving the statement. If the charges are reported after 60 days, the cardholder may be liable for all charges. It is important to report unauthorized charges as soon as possible to avoid liability.
Learning Objectives
- Master the responsibilities and regulatory requirements governing consumer transactions.
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