Unit 22.

EFT Cards and Debit Cards

Read and translate the text.

In recent years, many banks have of­fered their customers electronic funds transfer (EFT) cards. These engraved plastic cards look like credit cards but are not credit cards. Instead, they allow you to withdraw money from your account by using an automatic teller machine.

If your EFT card is lost or stolen and you do not notify your bank within two business days after discovering its loss, you may be liable for up to $500 in unauthorized withdrawals. If you notify the bank within two business days, your loss is limited to $50.

Some businesses (such as gas stations and grocery stores) are now issuing debit cards to their customers. These cards look like credit cards but work like EFT cards. For example, when a consumer pur­chases gasoline using a debit card, the amount of the purchase is transferred immediately from his or her account to the gas station’s bank account.

Billing Errors. Billing errors can be a real headache. It takes time and energy to sort them out, and they can cost you money if you don’t discover them. To avoid billing problems, check all sales slips care­fully, save receipts and canceled checks, and go over each bill or monthly statement carefully.

If you still encounter a problem, the Fair Credit Billing Act pro­vides you with a measure of protection. If you complain in writing about your bill, this law requires creditors to acknowledge and re­spond to your complaint within 90 days. You may withhold payment of the disputed amount pending the investigation; however, undis­puted amounts must be paid as normally required. Until your com­plaint is settled, the law forbids the creditor from reporting the matter to a credit bureau.

If it is determined that the bill is correct, you may have to pay a fi­nance charge on the unpaid amount in dispute. However, a creditor who does not follow the requirements of the law may not collect the first $50 of the disputed amount, even if the bill turns out to be accu­rate. A consumer can sue such a creditor for damages and can also recover attorney’s fees.

If you are to receive the protection of the Fair Credit Billing Act, your communication to the creditor must meet certain requirements. As noted, you must complain in writing. Phone calls do not protect your rights under this act. Your notice must be received at the creditor’s address for billing error inquiries within 60 days after the statement was first sent to you. In the notice, you must include your name, complete address, and account number. Finally, you must explain why you believe there is a billing error and state the amount of the error.

It is important to follow these requirements when complaining about a bill. Once negative information is reported to a credit bu­reau, it may be difficult to have it removed.

Find the equivalents of the following words and expressions in the text.

Банковский автомат; платежная карточка; карточка электронных платежей; ошибки при выписке счетов; квитанция; сталкиваться с проблемой; отреагировать на жалобу; в течение расследования; счет оказывается точным; подавать жалобу в письменном виде.

Answer the questions:

1. What steps should you take if your EFT card is lost or stolen?

2. What are the advantages and disadvantages of using a debit card to pay for purchases?

3. What happens if your EFT card is lost or stolen and you do not notify your bank within two business days after discovering its loss?

4. What are debit cards? How do they work?

5. How can you avoid billing problems?

6. How must you complain about billing errors?

7. Do you have a debit card?

Match the words on the left with the correct definition on the right:

Electronic funds transfer cards	receipt.
Sort out	without error.
Sales slip	EFT.
Pending	during.
Accurate	understand and interpret.