If you lose your ATM, debit or credit card, don't panic. Federal laws and bank policies limit your liability for unauthorized charges, as long as you quickly notify the bank or card issuer of the loss or theft. Read below to learn about your notification duties and maximum liability for each type of card.

Credit Cards

If your credit card is lost or stolen, it means a hassle -- but that you probably won't be out much money. That's because a federal law limits your liability for unauthorized charges to $50. Most credit card issuers waive even that charge.

ATM and Debit Cards

Not so with ATM or debit cards, which combine the functions of ATM cards and checks. When you pay for something with a debit card, issued by a bank, the money is automatically deducted from your checking account. And, if you don't report a missing ATM or debit card promptly, you could end up liable for all the unauthorized transactions made with your card. Under the federal Electronic Fund Transfer Act, your liability is:

• $0 -- after you report the card missing

• up to $50 -- if you notify the bank within two business days after you realize the card is missing, unless you were on extended travel or in the hospital

• up to $500 -- if you fail to notify the bank within two business days after you realize the card is missing, unless you were on extended travel or in the hospital, but do notify the bank within 60 days after your bank statement is mailed to you listing the unauthorized withdrawals

• unlimited -- if you fail to notify the bank within 60 days after your bank statement is mailed to you listing the unauthorized withdrawals.

The moral: If your ATM or debit card is lost or stolen, call your bank immediately, and follow up with a confirming letter.