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Debit/Credit Card - Higher Limit Liability
John Burnett, BOL Guru
Guru Bios
Question: This question is in regard to the daily limits we place on both Consumer and Business Debit Cards. I'm looking for something that states whether or not the cardholder is responsible for requesting a higher limit. I want to know if we can state to the cardholder that they will be held liable for requesting their limit be raised higher than what we have as standard should the card be lost/stolen.
Answer: Sorry, but that idea won't work. Regardless of who suggests a higher cash limit, the customer's federal (and state, if any) protections remain the same, and don't forget that the bank certainly has the ability to refuse the higher limit.
First published on BankersOnline.com 8/14/06
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