Originally Posted by Want2retire
Really? WOW - - I'm glad I don't have YOUR bank. My bank replaces all of any fraudulent usage (that is reported within a reasonable time), instantly and fully, without the $50 charge that credit card users are charged. It's in the debit card agreement that they will do this.
Once I had a top of the line Dell Inspiron laptop charged to my card and shipped to somebody I never heard of in San Jose - - I think a hacker got the card number off my hard drive. Anyway, I got the money back instantly, the Friday afternoon I reported it to my bank and before I even left the bank, conditional upon their investigations confirming what I said. Within two months I was informed that I could keep it. My bank told me it was against (this, that, and the other) laws that they cited, for anyone to use my debit card without my permission. At other times when I have lost it, my bank has changed the number and replaced it on the spot as I waited, before the old card was ever used. Then they would cancel the old card. No problem.
I remember 20 years ago when debit cards were essentially ATM cards with no guarantees against fraud. But at my bank, times have changed.
The pre-paid vacation VISA card is a sensible move when you think of it. Debit cards use is not with out risk. Sure, now a days you can do a lot of the same things with a debit card that you can do with a credit card however they have direct access
to a persons bank account which is why they are so convenient. Pay as you go, no carrying a balance. With the risk of identity theft, the last thing I would want is a person getting that close to my finances. For those who do not need or want a Credit card a pre-paid card limits that access to the amount you put on it and closes off the possibility of someone gaining access to your banking information. There is a lot of information contained on those magnetic strips on the back all of that plastic we carry and I have no doubt that there a thieves smart enough and persistent enough to look for ways to unlock that information.