Thread: Why Your Debit Card Isn't Safe For Any Purchase

Originally Posted by debitcard guru

I use my debit card all the time. I think it is because I have a decent bank that helps their customers.

It's hard to disagree with that. There are some small banks though that have been selling their credit card businesses to GE and others. This has lead to a deterioration of their quality. What should be judged is who manages the credit cards and not necessarily the size of the bank.

Originally Posted by debitcard guru

Credit, ATM and Debit Cards: What to do if They're Lost or Stolen

I just wanted to thank you for providing that link.

I have been looking for something authoritative on what bank's responsibilities are under the law. It doesn't get much more official than the FTC.

I certainly prefer credit cards to debit cards, primarily because of the additional protections credit cards offer.

Last year, I got caught by a card skimmer at an ARCO station. I was using my ARCO debit card linked to my BofA checking account.

The thieves withdrew $500 from an ATM. BofA didn't replace the funds for over three weeks, well beyond the limit stipulated in Regulation E.

Being without the $500 wasn't a hardship for me but it certainly could have been for those living paycheck-to-paycheck.

When fraud occurs, I would much rather have the bank be out the money than me.

Jeff

I use my debit card a lot since my salary goes straightly to my debit card but then again, I only buy from large, well-established businesses that I trust like Amazon, Netflix and among others which I trust. Rule of the thumb don't go around ordering things from random websites, whether you are using a debit or credit card. Research the site you're buying from first. I use Paypal if I'm not sure about the website.

I have debit cards and I only use them online to transfer money. If I need cash out I always go to the branch, I hate and avoid using ATM's no matter what - I have even gone without things just because I cannot use a credit card. When I am using a credit card I always sign for the transaction - even if its for a $2AUD bottle of milk.

And to think that with all of this technology that problems are still occurring, earlier on this week there was a problem with the Commonwealth Bank of Australia's ATM network. You would go to the ATM and ask for $50 in cash and you would get hundreds if not thousands of dollars dispensed at you.

I'd been using my Paypal debit card for some time now. There is a delay (about two days) between a charge and then a withdrawl from my bank account.

I don't use my direct bank/ATM for purchases.

I had also set my Paypal to email me on EVERY purchase I make with the card.

Those two options combined have saved me twice over the years. I immediately see the charge "Huh? What's this?" and call in to tell them its fraud.

And the time buffer of course prevents any money from going out at that moment.

The Paypal debit card people have always been very responsive, great service. The 1.5% cash back on every purchase was only "ok" at best.


Now that I have my AMEX again though everything is going on there. Rewards, purchase protection, etc