By changing the specified purpose of accounts they limit the liability risk of those firms.

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Federal laws protect consumers' deposit accounts and bank-issued credit cards from liability for unauthorized electronic funds transfers, as long as they are reported in a timely fashion, according to the Federal Reserve.

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Nonetheless, Spilkevitz inherited these accounts after the initial transactions occurred and had no liability whatsoever for those recommendations.

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He did not make any payments to the IRS to reduce his tax liability and continued to deal in cash to avoid having creditors attach his bank accounts.

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