Immediately report it to the financial institution File a re

Immediately report it to the financial institution. File a report with the police. If a checkbook is stolen and then reported, financial institutions generally do not hold the account holder liable for any fraudulent charges. If the ATM/debit card is reported within 2 business days, the cardholder is only liable for $50.00. If the cardholder waits longer, he/she could be liable for up to $500.00. This can vary depending upon the institution because some may not charge the account holder anything if the correct reporting steps were taken.

Solution

Answer: The given instructions in case or loss/theft of Checkbook, ATM card or Debit card are correct and needs to

be followed as per the steps/instructions given to avoid the loss of money to minimum level.