debit card danger

[doghouse]

Put a 500 dollar limit per day, and set it up where you get a text message every time the card is used.

[Landrover]

I have 3 DEBIT CARDS if any problems occur they reimburse the funds. Does her debit card have a Visa, MasterCard emblem on them??????

[BBReezen]

Love the good old miss-information!



So will Chase and EECU.

This happened twice on our EECU account. They figured the card number/info was fished on a gas pump. Just wish I knew which one so I could avoid that one altogether. It's the day and age we live in. Criminals are getting smarter and work harder. You just have to watch your accounts and act fast. The bank will work with you if you catch it quick. Other than a few days being without the money, it was all returned within four business days.

It's actually not mis-information. Credit card companies have more resources and watch your cards more closely than banks can. Yes most banks will have protection, but the card will be used a few times before they pick up on it. Credit card companies will stop a fishy transaction or red flag it before its used anymore. You will more than likely be the one who has to catch the abuse on a debit card when a credit card company will be the one to catch it. Banks just don't have the man power to watch everyone's stuff. Ya the banks will reimburse you but it sucks waiting 3 days for a few grand to come back into your possession.

[BBReezen]

Put a 500 dollar limit per day, and set it up where you get a text message every time the card is used.

This happened to me, good thing I had a $750 limit on my card or I would have bought $800s worth of tickets from Saudi Arabia to here.

[dbaio1]

From what I have been told by Chase bank is the debit card issued by Visa or MC have the same protection as a CC and hold $50 max out of pocket expense. The bank usually will cover that portion so your not out of pocket anything.

Hope the resolution is smooth for you, sucks when it happens, we have had it happen a few times and it always was resolved quickly by the bank. In fact each time it happened it was the bank that notified us that they detected fraud.

[gusman]

Ok guys she just got home and said the bank was apply it back to her acct , hope those thieves get caught one day...

[BBReezen]

Ok guys she just got home and said the bank was apply it back to her acct , hope those thieves get caught one day...

Good news to hear.

[BigL]

when paying at the pump choose credit card instead of debit card. I do the same at HEB and Walmart. I've been told it's harder to get your info that way and you get better protection. Don't know if it's true or not but as others mentioned, cc usually have better protection and easier to get your $ back.

[Larry]

It's actually not mis-information.

It absolutely is mis-information. He said "Banks have NO consumer protection for debit card abuse." That's false. He even capitalized the NO! LOL Both Chase and EECU (and numerous other banks listed above) have plans in place for this type of thing that is more or less commonplace now. You don't have to have a major credit card to be protected. The customer support I've received from my banks in the case of fraudulent charges was above and beyond what I expected and very much appreciated. They worked quickly, and I even had some funds back within a few hours with EECU with the rest coming in two business days. And...wait for it...EECU even called US to let us know they had picked up on some fraudulent activity on our debit card. Hard to complain there.

[Landrover]

Ok guys she just got home and said the bank was apply it back to her acct , hope those thieves get caught one day...

See..........not a tragedy after all!!! I have total faith in our debit card usage and expect to have an issue one day as that is the world we live in!

It absolutely is mis-information. He said "Banks have NO consumer protection for debit card abuse." That's false. He even capitalized the NO! LOL Both Chase and EECU (and numerous other banks listed above) have plans in place for this type of thing that is more or less commonplace now. You don't have to have a major credit card to be protected. The customer support I've received from my banks in the case of fraudulent charges was above and beyond what I expected and very much appreciated. They worked quickly, and I even had some funds back within a few hours with EECU with the rest coming in two business days. And...wait for it...EECU even called US to let us know they had picked up on some fraudulent activity on our debit card. Hard to complain there.

Bingo!!!!!!!!!!!!!!!!!!!!!!!!!!!! Dave Ramsey has preached for years how the coverage is just as good for the consumer in the mass majority of banking institutions.

[BWDean]

It's actually not mis-information. Credit card companies have more resources and watch your cards more closely than banks can. Yes most banks will have protection, but the card will be used a few times before they pick up on it. Credit card companies will stop a fishy transaction or red flag it before its used anymore. You will more than likely be the one who has to catch the abuse on a debit card when a credit card company will be the one to catch it. Banks just don't have the man power to watch everyone's stuff. Ya the banks will reimburse you but it sucks waiting 3 days for a few grand to come back into your possession.

Yeah still not true. Credit cards are issued by banks. Those banks will have the same fraud monitoring on their debit cards as they have on their credit cards. Even small banks will have some form of protection. If they dont they are taking a huge risk. In most of these cases a fraudulent card was made and used at a different location, like for example the card usage earlier from Houston to Victoria. If a fraudulent card is used and that Fraudulent card was present for the transaction, the bank loses that money. Neither the thief who actually received the products or services nor the merchant that accepted the fraudulent card is responsible in this case. Online charges can be different. Banks will want to limit their exposure to fraud by transaction monitoring and daily limits.

BTW all banks are required to give provisional credit pending investigation per Reg E, the $50 Visa rule has to do with the customer notifying the bank in a certain time and that customer liability can go up if they dont report a lost or stolen card promptly. It can be very confusing.