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The Who, What, When, Where and Why of Retirement

The mutual fund investor has a great many more options available to them in the post-Great Recession marketplace. The question is: are they right for you as you make a retirement plan using 401(k)s or IRAs?
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"Don't worry about people stealing your ideas. If your ideas are any good, you'll have to ram them down people's throats" - Howard Aiken

19. If your credit card is stolen and the thief runs up a total debt of $1,000, but you notify the issuer of the card as soon as you discover it is missing, what is the maximum amount that you can be forced to pay according to Federal law?

a.) $500
b.) $1000
c.) Nothing.
d.) $50 But there are requirements laid out by the Federal Trade Commission concerning how and when you should report such a loss. Of course call first but then follow up the phone call with a letter detailing all of the information. Debit cards however are another matter. They have a graduated amount of liability. The FTC site addresses the procedure on handling , 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.

"For example, if you report the loss within two business days after you realize your card is missing, you will not be responsible for more than $50 for unauthorized use. However, if you don't report the loss within two business days after you discover the loss, you could lose up to $500 because of an unauthorized transfer. You also risk unlimited loss if you fail to report an unauthorized transfer within 60 days after your bank statement containing unauthorized use is mailed to you. That means you could lose all the money in your bank account and the unused portion of your line of credit established for overdrafts. However, for unauthorized transfers involving only your debit card number (not the loss of the card), you are liable only for transfers that occur after 60 days following the mailing of your bank statement containing the unauthorized use and before you report the loss."