When it comes to protecting your money, early detection is everything. Regularly monitoring your accounts is one of the simplest — and most effective — ways to stop fraud in its tracks.
Why it matters
Fraudulent transactions can happen fast, and federal regulations limit how long your bank can recover those funds. Here’s what you need to know:
For Personal Accounts
Federal law (Regulation E) protects you from unauthorized electronic transactions, but timing matters:
- Report within 2 business days of discovering a lost or stolen card or suspicious activity — your liability is capped at $50.
- If you report longer than 2 business days, your liability can increase up to $500.
- After 60 days, you could be responsible for all unauthorized transactions that occur after that point.
For Business Accounts
Business accounts aren’t covered by Regulation E, so the rules are tighter. Under the Uniform Commercial Code (UCC 4A) and most commercial account agreements, businesses generally have 2 business days from discovery to report unauthorized activity. Failing to act quickly could mean the bank can’t recover the funds or may not be liable for later losses.
How to monitor effectively
Here are a few easy ways to stay on top of your accounts:
- Use mobile and online banking. Log in frequently — ideally take a quick daily glance because it can make a huge difference.
- Set up alerts. Use GCSB’s Card Control feature to get notified of purchases, large transactions, or unusual activity.
- Review statements monthly. Take a few minutes to match transactions with your records.
- Create a habit. Pick a consistent time each day to do a quick account check.
Make it part of your routine
Think of it like checking your locks before bed — a small habit that adds up to big protection. Regular account monitoring is the first line of defense against fraud, and it helps us take quick action to safeguard your money if something looks suspicious.
If you notice anything unusual, contact GCSB right away. We’re here to help protect what matters most.