What strategies/policies do other banks apply involving business debit transactions with PIN which are not protected by Reg E or Visa/Mastercard Zero Liability? Business responsible for everything, bank takes first 24 hours - business liable for the rest, bank responsible for everything?
In our scenario, the business was broken into and Pin/Card stolen, which was co-located in the office. Business was aware of the break in few hours after it occurred when PIN losses were below $3,000, but did not report card stolen for two days resulting in much higher losses. We do offer 24/7 customer service to report the cards stolen.
Any advise is appreciated. Thanks