I just got off the phone with my bank today which is a large regional east coast bank. After I got done with my issue, I got a pitch from the girl, stating because of the type of account I had, I was entitled to $25,000 Identity Theft Protection. I questioned her about it, asking her what do you mean $25,000. I was under the impression that if someone stole my identity, I may be the responsible party for clearing my name, but not the amount stolen.
She informed me this was not correct. She transferred me to someone else who wanted to sign me up for the "Free Service". I questioned her. She proceeded to tell me that if someone stole my identity and transferred funds, wrote checks on my account via a debit card number, I would be the responsible party. I argued with her about this, and she insisted I was wrong. She then proceeded to tell me that she knows of a person who's identity was stolen to purchase homes, and cars, and that they are the ones who will be responsible.
I declined, feeling she was not a person to be trusted, and said I wanted to do some research first. I went on line and Googled it. I found one article stating the following. That the protection offered by some banks (depending on state) was a "promise" not a law, and therefore, if they chose not to honor that promise, you could be held accountable.
Other articles I read, said that if your example you lost your credit card, and did not report it within 2 days, you would be liable for $50. If you reported it after 2 days, you could be liable for $500. Also, if you did not report erroneous charges to your credit card within 60 days of your statement, you could be responsible for the entire amount.
Anyone have any experience with what is the truth in this matter. It seemed every article I pulled up stated something a little different.
My son had his bank account compromised this past year. But in this case I got a notice from my bank to call them. Sure enough, there were charges made on his "debit" card totaling about $600 all made within a couple of days, before they froze his account. We had no idea how this happened, as our debit cards are never used on line, nor given out to sales people. We would only use them on a machine when checking out of a store. We were asked where the last two places were that it was used.
One place was a grocery store, and the other a gas station.
The bank told us that it most likely occurred at the gas station, with hidden cameras placed to take pictures of the card. We no longer use the debit card at stations anymore.
Anyway. Anyone know any factual information on all of this? I heard on the news last night there was a new potentially dangerous bug out there that is getting on people's computers and is able to steal all of their passwords. Unfortunately, they did not elaborate.
She informed me this was not correct. She transferred me to someone else who wanted to sign me up for the "Free Service". I questioned her. She proceeded to tell me that if someone stole my identity and transferred funds, wrote checks on my account via a debit card number, I would be the responsible party. I argued with her about this, and she insisted I was wrong. She then proceeded to tell me that she knows of a person who's identity was stolen to purchase homes, and cars, and that they are the ones who will be responsible.
I declined, feeling she was not a person to be trusted, and said I wanted to do some research first. I went on line and Googled it. I found one article stating the following. That the protection offered by some banks (depending on state) was a "promise" not a law, and therefore, if they chose not to honor that promise, you could be held accountable.
Other articles I read, said that if your example you lost your credit card, and did not report it within 2 days, you would be liable for $50. If you reported it after 2 days, you could be liable for $500. Also, if you did not report erroneous charges to your credit card within 60 days of your statement, you could be responsible for the entire amount.
Anyone have any experience with what is the truth in this matter. It seemed every article I pulled up stated something a little different.
My son had his bank account compromised this past year. But in this case I got a notice from my bank to call them. Sure enough, there were charges made on his "debit" card totaling about $600 all made within a couple of days, before they froze his account. We had no idea how this happened, as our debit cards are never used on line, nor given out to sales people. We would only use them on a machine when checking out of a store. We were asked where the last two places were that it was used.
One place was a grocery store, and the other a gas station.
The bank told us that it most likely occurred at the gas station, with hidden cameras placed to take pictures of the card. We no longer use the debit card at stations anymore.
Anyway. Anyone know any factual information on all of this? I heard on the news last night there was a new potentially dangerous bug out there that is getting on people's computers and is able to steal all of their passwords. Unfortunately, they did not elaborate.
Guess I'm giving away my age. Well, sometimes I need to use checks. Like to pay the handyman who comes to do all my remodeling projects, etc. I use on line banking, and sometimes they are electronic transfers like to utility companies, but sometimes they must mail out a check. Also, there are times you need to pay people, where only a check will do. Think the housekeeper, the plumber etc. I have rentals, so it is important I can keep track of what I am paying - to who - for tax purposes. Then there's the occasional screw up, where you have to send someone a copy of the front and back of the actual check they say they never got and cashed. I send in a check for my Federal Taxes and Pre-Payments, cause I want a record of it, and don't like the idea of giving the IRS my credit card. So there are still a few uses.
