Caharges can take a few days to hit.  I have had the same thing happen a few times and it sucks.  overdraft protection and a small stash of cash at the house and then the most important thing it to dump BofA and get in with a credit union.  The one I have now calls me if there are any problems or things that dont' look normal.  An actual person gets on the phone from my local branch and calls my cell.  Love credit unions.

Incorrect yet again. Debits are covered. I'll refrain from posting the breakdown and what's not included.


§ 205.3 Coverage.

(a)  General. This part applies to any electronic fund transfer that authorizes a financial institution to debit or credit a consumer's account. Generally, this part applies to financial institutions. For purposes of §§ 205.3(b)(2), and (b)(3), 205.10(b), (d), and (e) and 205.13, this part applies to any person.

(b)  Electronic fund transfer––(1) Definition. The term electronic fund transfer means any transfer of funds that is initiated through an electronic terminal, telephone, computer, or magnetic tape for the purpose of ordering, instructing, or authorizing a financial institution to debit or credit a consumer's account. The term includes, but is not limited to––




No they cannot. There can be liability to the consumer but what you posted is incorrect. If it is reported within 48 hours the consumer can still be liable of the lesser between $50 and the charge(s). If it's after 48 hours but before 61 days (AFTER STATEMENT) then the liability is the lesser of $50 + the lesser of $500 or the unauthorized charges that occurred after 48 hours to the point of notice. You can still report them after 61 days but you can be held liable for the full amount after that.

So liability exists on the consumer no matter what according to Reg. E. However, it can be limited both by timeframes and bank policy (customer service goes a long way.) But they cannot tell you to pound sand by federal law.

§ 205.6  Liability of consumer for unauthorized transfers.

(a)  Conditions for liability. A consumer may be held liable, within the limitations described in paragraph (b) of this section, for an unauthorized electronic fund transfer involving the consumer's account only if the financial institution has provided the disclosures required by § 205.7(b)(1), (2), and (3). If the unauthorized transfer involved an access device, it must be an accepted access device and the financial institution must have provided a means to identify the consumer to whom it was issued.

(b)  Limitations on amount of liability. A consumer's liability for an unauthorized electronic fund transfer or a series of related unauthorized transfers shall be determined as follows:

(1)  Timely notice given. If the consumer notifies the financial institution within two business days after learning of the loss or theft of the access device, the consumer's liability shall not exceed the lesser of $50 or the amount of unauthorized transfers that occur before notice to the financial institution.

(2)  Timely notice not given. If the consumer fails to notify the financial institution within two business days after learning of the loss or theft of the access device, the consumer's liability shall not exceed the lesser of $500 or the sum of:

(i)  $50 or the amount of unauthorized transfers that occur within the two business days, whichever is less; and

(ii)  The amount of unauthorized transfers that occur after the close of two business days and before notice to the institution, provided the institution establishes that these transfers would not have occurred had the consumer notified the institution within that two-day period.

(3)  Periodic statement; timely notice not given. A consumer must report an unauthorized electronic fund transfer that appears on a periodic statement within 60 days of the financial institution's transmittal of the statement to avoid liability for subsequent transfers. If the consumer fails to do so, the consumer's liability shall not exceed the amount of the unauthorized transfers that occur after the close of the 60 days and before notice to the institution, and that the institution establishes would not have occurred had the consumer notified the institution within the 60-day period. When an access device is involved in the unauthorized transfer, the consumer may be liable for other amounts set forth in paragraphs (b)(1) or (b)(2) of this section, as applicable.

(4)  Extension of time limits. If the consumer's delay in notifying the financial institution was due to extenuating circumstances, the institution shall extend the times specified above to a reasonable period.

(5)  Notice to financial institution. (i)  Notice to a financial institution is given when a consumer takes steps reasonably necessary to provide the institution with the pertinent information, whether or not a particular employee or agent of the institution actually receives the information.

(ii)  The consumer may notify the institution in person, by telephone, or in writing.