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Time Frame for Visa's Zero Liability Rules

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Under Visa's Zero Liability rules, is there a time frame in which a customer has to report a fraudulent transaction on their account? I understand that the Reg E rules apply to ATM and PIN based transactions not processed through Visa. I am mostly concerned with Signature Based, Visa processed transactions.

VISA has separate Zero Liability disclosures for their Small Business Card and Consumer Debit Card. The Small Business Card policy specifically addresses time frames. It mirrors Reg E in that a financial institution may impose greater liability if a small business customer does not notify the financial institution within 60 days of the mailing date of the first statement showing any unauthorized transactions.

For consumer cards it simply states the cardholder should notify the institution immediately of any unauthorized use and to contact the card issuer for specific restrictions or limitations. There is no time period specified by VISA. In absence of any requirement from VISA, as long as you disclose a limitation to Zero Liability to transactions that are reported within 60 days of the mailing date of the statement, you can avoid a consumer demanding reimbursement for years worth of charges.

Zero Liability Small Business

Zero Liability Consumer

First published on 6/13/11

First published on 06/13/2011

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