How much is carlos liable for on his credit card

Reference no: EM132264905

Carlos Jacobs (CJ) has had a bad few days. His wallet was stolen on Monday afternoon. His debit card and main credit card (both from Bank One) were in it. On Monday, the thieves: Charged $5,000 to his credit card for airplane tickets to Maui. Charged $200 to his debit card for dinner at the Olive Garden (in Tulsa). On Tuesday, the thieves: Charged $500 to his credit card for snacks on the plane. Charged $2500 to his credit card for a car rental in Maui. Charged $200 to his debit card for dinner at the Olive Garden (in Maui). Wednesday morning Carlos called Bank One to notify the bank about the stolen debit card and credit card. On Wednesday afternoon, the thieves: Charged $10,000 to his credit card for snorkeling gear in Maui. Charged $200 to his debit card for dinner at the Olive Garden (still in Maui). On Thursday, the thieves: Charged $12,500 to his credit card for a time share in Maui. Charged $200 to his debit card for dinner at the same Olive Garden. On Friday the thieves were captured when they returned to the Olive Garden for dinner. Bank One follows only federal requirements when determining liability for unauthorized charges. a) How much is Carlos liable for on his credit card? b) What, if anything, would change if Carlos had reported the theft on Friday? c) How much is Carlos liable for on his debit card? d) What, if anything, would change if Carlos had reported the theft on Friday?

Reference no: EM132264905

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