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MovieLover76

join:2009-09-11
kudos:1
reply to Morac

Re: Care Not I Do

Not true at all, at least not in practice.
I made the mistake of giving a debit card to a cab driver and he stole my debit card information, he ran up $1000 in ski shop purchases. When I saw it happening, I contacted the bank and put in a fraudulent activity report and the money was returned to my account the next day.

Worked exactly the same as if my credit card was stolen. You may have to check with your individual bank but TD Bank covers the fraudulent activity.

Most banks give out Visa or Mastercard check cards, which operate like a credit card.



Morac
Cat god

join:2001-08-30
Riverside, NJ
kudos:1
Reviews:
·Comcast

If you catch it quickly enough it can be stopped yes, but the law only gives you a 2 day window. If you hadn't caught it, you would have been out of the money.

From the link I posted:
1. If you report the card stolen, you owe nothing on future charges.
2. If you don't and someone makes a debit (not credit) charge.

a) If you catch it within 2 days, you owe at most $50 just like a credit card.
b) If you catch it after 2 days, but within 60 days you owe at most $500
c) After that you are SOL. You are up to the mercy of the bank (some are more lenient than others).
I believe you are correct in that if the debit card is used as a credit card then you are protected, but since it is also a debit card, all someone needs is the pin and those protections vanish.

Again, it's much safer to use a credit card as they are a lot safer.

»lifehacker.com/5734973/how-to-av···bit-card
--
The Comcast Disney Avatar has been retired.


AVD
Respice, Adspice, Prospice
Premium
join:2003-02-06
Onion, NJ
kudos:1

said by Morac:

If you catch it quickly enough it can be stopped yes, but the law only gives you a 2 day window. If you hadn't caught it, you would have been out of the money.

From the link I posted:
1. If you report the card stolen, you owe nothing on future charges.
2. If you don't and someone makes a debit (not credit) charge.
a) If you catch it within 2 days, you owe at most $50 just like a credit card.
b) If you catch it after 2 days, but within 60 days you owe at most $500
c) After that you are SOL. You are up to the mercy of the bank (some are more lenient than others).

I believe you are correct in that if the debit card is used as a credit card then you are protected, but since it is also a debit card, all someone needs is the pin and those protections vanish.

Again, it's much safer to use a credit card as they are a lot safer.

»lifehacker.com/5734973/how-to-av···bit-card

most banks give you better protection than the law requires. YMMV
--
--Standard disclaimers apply.--

Skippy25

join:2000-09-13
Hazelwood, MO
reply to Morac

If you can't use it as a debit card with the pin then it is ran as a credit card and you have credit card protection. It is that plain and simple for every debit/credit card.

1 - Some banks provide more/less coverage but there are regulations that cover the basics.
2 - Depending on person they may or may not be able to get any charges waived.
3 - Timing is everything. If you have money coming out of your bank account in large sums and you dont notice it pretty quick, then you probably have enough cash and wont mind any fees to begin with. This person would also qualify for #2 above as they are probably a responsible and good customer so fees dont matter either way. It is pay check to pay check people that will get hit with fees and will probably know pretty dang quick that they are out of money.



techguyga
Premium
join:2003-12-31
Cumming, GA
Reviews:
·AT&T U-Verse

As long as the transaction is processed through the Visa or MasterCard systems (AKA, don't use a PIN for the transaction), the transaction is protected by Visa or MasterCard, just like any other "real" credit card. If you use your PIN during the transaction, is doesn't go through the CC system and it's up to what the government/bank covers.



MovieLover76

join:2009-09-11
kudos:1

And these payment system process the transactions as credit card transactions so your protected, I don't think I ever use my debit card as a debit card with the pin number, unless I go to the ATM.

So the protection is just as good as credit cards in the vast majority of cases. A thief is going to try to use it as a credit card instead of trying to guess my pin, and I've never told anyone my pin number.


Skippy25

join:2000-09-13
Hazelwood, MO
reply to techguyga

Didnt I just say that?