Debit Card Safety
Author: milavant
Posted: Mon Sep 12, 2005 3:48 pm
Post subject: Debit Card Safety
Is it safe to carry a debit card with a $1000 daily spending limit (I reduced it from $3000) around in your wallet if you are VERY careful about guarding it? Aren't the fraud departments of the majot issuers making it safer to carry the debit cards these days?
Author: Ira
Posted: Mon Sep 12, 2005 9:34 pm
Post subject: Debit Card Safety
If you report a card - debit or credit - stolen within a reasonable period of time you will have zero liability. In spite of the fact that the banks reserve the right to charge the first $50.00 to the card holder, I haven't heard of a single bank that does so.
Author: Polonius
Posted: Mon Sep 12, 2005 11:36 pm
Post subject: Debit Card Safety
No--that's not correct unless the rules/laws changed very recently.
Quote:
Be aware that ATM and debit cards do not allow the same protections as credit cards. If you fail to report unauthorized charges within a timely manner, you could be held liable for the charges.
1. If you report an ATM or debit card missing before it is used without your permission, your financial institution cannot hold you responsible for any unauthorized withdrawals.
2. If you report your ATM or debit card lost or stolen within two business days of discovering the loss or theft, your liability is limited to $50.
3. If you report your ATM or debit card lost or stolen after the two business days, but within 60 days after a statement showing an unauthorized withdrawal, you can be liable for up to $500 of what a thief withdraws.
4. If you wait more than 60 days, you could lose all the money that was taken from your account after the end of the 60 days and before you report the card missing.
Source:
http://www.chicago.bbb.org/idtheft/liability.html
Some states have separate protective laws for unauthorized use of debit cards.
Author: maddybeagle
Posted: Tue Sep 13, 2005 12:51 pm
Post subject: Debit Card Safety
I dont have a debit card. If I cant use my credit card, I pay cash or check, which is just a couple of places. The articles that I read indicate that one of the issues is if your bank account is drained, you could have to pay "bad check fee" from payments that bounce. The bank wont reimburse you for those, I dont think and if you dont find out immediately that is stolen, that could be a problem. Imagine. Also, if you have bills that have to be paid and the money isnt returned quickly, that could be a hassle.
Author: nixuzer
Posted: Fri Sep 16, 2005 10:48 pm
Post subject: Debit Card Safety
Polonius wrote:
No--that's not correct unless the rules/laws changed very recently.
Actually Polonius I'm not sure that information is accurate with all banks/credit unions. It may also be that my state, Texas, has different laws than Illinois (where the above link is referring to) Below is the email I got back from my credit union concerning using a debit card (I specifically emailed my credit union to make sure I had a 'paper' trail) since I'm looking at completely doing away with using my credit card for monthly purchases in the next 3-6 months.
Names/numbers removed to protect the guilty
Mr. [nixuzer]:
Thank you for your email request. I will answer your questions in the
order that you've presented them to me.
- The turnaround on reimbursements on fraudulent debit purchases is
between 2-10 business days.
- You have 120 days from the day of the purchase to those purchases as
fraudulent.
- You will not responsible for any fees that were assessed due to
fraudulent activity on your account as long as you complete a debit
dispute and the dispute is legitimate.
- You can limit the maximum daily amount on your debit card.
- You can either accept or waive the overdraft protection service which
will automatically try to use funds available in savings account if a
check or debit purchase is presented for payment and the funds are not
available.
Author: CreditCardGuru
Posted: Wed Oct 12, 2005 7:01 pm
Post subject: Debit Card Safety
Maybe you should switch to a bank that is well known, LOL. I've had problems with some of those small banks that anyone can open because they don't pull ChexSystems.
Posted: Mon Sep 12, 2005 3:48 pm
Post subject: Debit Card Safety
Is it safe to carry a debit card with a $1000 daily spending limit (I reduced it from $3000) around in your wallet if you are VERY careful about guarding it? Aren't the fraud departments of the majot issuers making it safer to carry the debit cards these days?
Author: Ira
Posted: Mon Sep 12, 2005 9:34 pm
Post subject: Debit Card Safety
If you report a card - debit or credit - stolen within a reasonable period of time you will have zero liability. In spite of the fact that the banks reserve the right to charge the first $50.00 to the card holder, I haven't heard of a single bank that does so.
Author: Polonius
Posted: Mon Sep 12, 2005 11:36 pm
Post subject: Debit Card Safety
No--that's not correct unless the rules/laws changed very recently.
Quote:
Be aware that ATM and debit cards do not allow the same protections as credit cards. If you fail to report unauthorized charges within a timely manner, you could be held liable for the charges.
1. If you report an ATM or debit card missing before it is used without your permission, your financial institution cannot hold you responsible for any unauthorized withdrawals.
2. If you report your ATM or debit card lost or stolen within two business days of discovering the loss or theft, your liability is limited to $50.
3. If you report your ATM or debit card lost or stolen after the two business days, but within 60 days after a statement showing an unauthorized withdrawal, you can be liable for up to $500 of what a thief withdraws.
4. If you wait more than 60 days, you could lose all the money that was taken from your account after the end of the 60 days and before you report the card missing.
Source:
http://www.chicago.bbb.org/idtheft/liability.html
Some states have separate protective laws for unauthorized use of debit cards.
Author: maddybeagle
Posted: Tue Sep 13, 2005 12:51 pm
Post subject: Debit Card Safety
I dont have a debit card. If I cant use my credit card, I pay cash or check, which is just a couple of places. The articles that I read indicate that one of the issues is if your bank account is drained, you could have to pay "bad check fee" from payments that bounce. The bank wont reimburse you for those, I dont think and if you dont find out immediately that is stolen, that could be a problem. Imagine. Also, if you have bills that have to be paid and the money isnt returned quickly, that could be a hassle.
Author: nixuzer
Posted: Fri Sep 16, 2005 10:48 pm
Post subject: Debit Card Safety
Polonius wrote:
No--that's not correct unless the rules/laws changed very recently.
Actually Polonius I'm not sure that information is accurate with all banks/credit unions. It may also be that my state, Texas, has different laws than Illinois (where the above link is referring to) Below is the email I got back from my credit union concerning using a debit card (I specifically emailed my credit union to make sure I had a 'paper' trail) since I'm looking at completely doing away with using my credit card for monthly purchases in the next 3-6 months.
Names/numbers removed to protect the guilty
Mr. [nixuzer]:
Thank you for your email request. I will answer your questions in the
order that you've presented them to me.
- The turnaround on reimbursements on fraudulent debit purchases is
between 2-10 business days.
- You have 120 days from the day of the purchase to those purchases as
fraudulent.
- You will not responsible for any fees that were assessed due to
fraudulent activity on your account as long as you complete a debit
dispute and the dispute is legitimate.
- You can limit the maximum daily amount on your debit card.
- You can either accept or waive the overdraft protection service which
will automatically try to use funds available in savings account if a
check or debit purchase is presented for payment and the funds are not
available.
Author: CreditCardGuru
Posted: Wed Oct 12, 2005 7:01 pm
Post subject: Debit Card Safety
Maybe you should switch to a bank that is well known, LOL. I've had problems with some of those small banks that anyone can open because they don't pull ChexSystems.
posted by CardRatings.com at 11:03 AM
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