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#2241324 - 08/20/20 01:20 PM MasterCard Zero Liability
reknab Offline
100 Club
Joined: Oct 2008
Posts: 234
not where I want to be
For small business cards covered under mc zero liability, what are the time frames for customers to report unauthorized transactions?

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eBanking / Technology
#2241338 - 08/20/20 02:58 PM Re: MasterCard Zero Liability [Re: reknab]
BrianC Offline
Power Poster
BrianC
Joined: Nov 2004
Posts: 5,538
Illinois
Mastercard does not define a timeframe on their Zero Liability website

The two criteria to qualify for Zero Liability protections are:

You have used reasonable care in protecting your card from loss or theft; and
You promptly reported loss or theft to your financial institution.


I encourage my clients to define "prompt" in their cardholder agreements. Although regulation E does not apply to small businesses, defining prompt as "two business days after learning of the loss or theft of the access device" (borrowed from 1005.6(b)(1)) seems like a prudent timeframe.

I have my Mastercard and Reg E Error Resolution webinar coming up on October 16 that will address questions such as this.

VISA and Reg E Error Resolution is on October 13th.
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#2241359 - 08/20/20 05:12 PM Re: MasterCard Zero Liability [Re: reknab]
reknab Offline
100 Club
Joined: Oct 2008
Posts: 234
not where I want to be
Thank you, Brian!

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