If your credit card has been stolen, it is vital to know your rights against the bank, including the limitation of liability, the obligation to return funds and the right to information.
It is an unpleasant and often stressful experience to discover that your credit card has been stolen. However, as a consumer, it is essential to know that you have guaranteed rights against the bank. According to the Bank of Spain and European regulations, these rights include the limitation of your liability in case of unauthorized operations, the bank’s obligation to return the funds and your right to receive clear and understandable information.
What responsibility do I have in case of unauthorized operations?
According to the Payment Services Law, in case of unauthorized operations, your responsibility is 50 euros, as long as you inform the bank as soon as you realize the theft or loss of the card. The bank cannot hold you responsible for unauthorized operations carried out after you report the theft.
Am I protected if I don’t report the loss or theft immediately?
Yes, you are still protected, but your liability can increase up to 150 euros if you do not report the theft or loss within 48 hours of learning about it. After this period, the liability falls on the bank, unless there was gross negligence or fraud on your part.
Is the bank obliged to return the funds to me?
Yeah. If unauthorized transactions are made with your card, the bank must return the funds as soon as possible and no later than the end of the next business day after reporting the unauthorized transaction. This does not apply if the bank has reasonable grounds to suspect fraud and is investigating the case.
Do I have the right to receive information from the bank?
Absolutely. You have the right to receive clear and understandable information about your rights and duties, as well as the measures you can take to protect your card. This includes information on how to block your card, how to report a theft or loss, and what to do in the event of unauthorized transactions.
Remember that although these rules guarantee basic protection, the best defense against credit card theft is prevention. Keep your card safe, don’t share your PIN with anyone and periodically review your account statements to detect any unauthorized operations. In case of doubt, do not hesitate to contact your bank or the Bank of Spain for more information.
