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Personal Finance Insurance

The Fair Credit Billing Act, and the Electronic Fund Transfer Act, were both designed to protect people if they had their credit card or debit card stolen, or had the numbers from their card stolen. But the amount of protection is largely gauged on how soon you report these charges. If you have lost one of these kinds of cards, or perhaps someone has stolen your bank account information, you are strongly encouraged to report this to your financial institution, as soon as you possibly can.

These types of thefts can be easy to spot, especially if someone has physically stolen your card. But if this has been an electronic theft, from a crafty electronic thief, then limiting your liability can be a much more monumental task. Let’s say for instance that an online hacker has garnered your financial information, and doesn’t choose to tip their hand too quickly. You might be thinking that a thief might go all willy-nilly and buy as much as they could get away with, as quickly as possible, and that you would catch on pretty quickly that something was wrong.

But a smart thief wouldn’t.

A smart thief probably knows the law better than you. They know that if they make tiny little purchases, cleverly disguised as items you might not notice, and they go in as authorized changes, that they can slowly begin to take bites out of your account. And the more bites they take, over an extended period of time, the more they can simply sit back and rack up the cash. Because in all probability, your financial information isn’t the only information they have gained access to. So if they keep it small, keep it clever, and keep it going over a long period of time, they can slowly accrue great wealth. And if they get bored of taking small bites, and decide to go for the gusto, you may actually be held responsible for their purchases! All of them!

If, for whatever reason, you don’t report unauthorized changes within 60 days of receiving your statement, the Fair Credit Billing Act and Electronic Fund Transfer Act may not protect you! What a nightmare! Avoid this scenario, or any other kind of personal financial liability losses, by asking Handley Insurance about what kinds of Personal Finance Insurance protect you and your future! We also handle Credit Life Insurance, Credit Disability Insurance, Involuntary Unemployment Credit Insurance, and Credit Property Insurance. Call Handley today!