Many of you who have one of the many Chase credit cards probably received a letter in the mail stating that as of November 1, 2013 ID Theft Coverage will be cancelled. While any additional coverage/benefit that comes along with the card is great, note that ID theft coverage is not the same as fraud protection. So this is not as bad as it appears if you assumed that fraud protection is being canceled.
With all credit cards, your maximum liability for fraudulent charges is $50. You are covered by the Truth in Lending Act (TILA) of 1968. It states, “…if a credit card is lost or stolen, the cardholder must not be held liable for more than $50 for the unauthorized use of the card.”
In my experience though, Chase has never made me liable for the $50. They have always taken off the fraudulent charge from my account and have taken care of the issue. Just want to ensure you are all aware of this change.