MGD
Premium,MVM
join:2002-07-31
Fort Lauderdale, FL
| reply to MikeVx
Re: Ok
Those policies do substantially reduce your exposure to fraud. However, it is worth noting that ideally the debit account should be at an institution that you do not have other deposit accounts with. That will preempt the option of attaching those accounts for overage recovery, or having them "on hold" until a fraudulent dispute is resolved.
MGD |
MikeVx
join:2005-04-02
Southgate, MI
| reply to cdru
said by cdru  :With a debit card, all the person has to do is wait until a Friday when the majority of the country gets paid, then go on a spending spree. By the time it is realized, it's too late and the damage is already done. Sure you MIGHT be able to get your money back, but depending on what the bank's policy is, it could be a while. Which is why I class it as suicidal stupidity to have a debit card against a "live" checking account. I have a debit card, but the account is used for the card almost exclusively (the occasional small check also, but rare). If someone scams my card, the bank would guarantee the losses directly, but the hundreds to thousands I could lose in penalties and increased rates from bounced checks and other payment failures would NOT be covered. The dedicated account eliminates that problem, and all my repeating payments via the card are with companies that agree to behave nicely if I have to change card numbers due to scamming.
My regular account and other special-purpose accounts are all ATM-card only. |
