Just had my CC details stolen

[Lsbcal]

Same here. Probably a debit card wouldn't work all that well for me if I used it a lot. I always pay in cash at restaurants and so on.

I should have mentioned that the reason I ever use a debit card is that our credit union will give us reward checking interest rates if I rack up 12 debits a month. Currently 2% on up to $10k. Has been more generous in the past.

 

[Texas Proud]

There are many debates about CC and debit cards.... and as W2R points out, most of the time the bank handles it quickly...

The problem is... they do not HAVE to... there have been enough stories where some big numbers have occured and the bank 'balked' at fixing the problem right away...

With a CC, there are laws to protect you... not with the debit.... I, for one, will not put my trust in the debit card company or bank....


Pssst... I used to work at banks...

 

[Lsbcal]

...(snip)...
The problem is... they do not HAVE to... there have been enough stories where some big numbers have occured and the bank 'balked' at fixing the problem right away...

How big does the number have to be before you might be in trouble? Is it maybe $2k, $10k, $30k? I'd really like to know as I mentioned the rewards checking account above and the concern about the debit card having access to this.

I called my credit union and they said
1) the card has a max withdrawal per day of $500 (our typical is < $500 for the whole month)
2) they watch for unusual activity all the time
3) VISA guarantees I will be made whole in 3 to 5 business days
My observation, my credit union seems to be even more security conscious then our big bank accounts (Chase, BOA).

 

[W2R]

There are many debates about CC and debit cards.... and as W2R points out, most of the time the bank handles it quickly...

The problem is... they do not HAVE to...

I'd suggest that anyone concerned about this should read the paperwork that covers their debit Mastercard (NOT an ATM card). That will give you all the information about what the bank is and isn't required to do according to the agreement between the bank, the customer, and Mastercard. It's pretty clear. .

I used to work at banks...

Yes, but not at MY bank.

 

[Alan]

Still trying to sort out the last kink in getting this thing put right. Having reversed the charges from Amazon, Penfed need to send me an affidavit to sign and return within 30 days otherwise they will re-apply the charges. I won't be home until August and don't have an address long enough that they can send it to. Yesterday they did say they can send me a pdf version for me to print out somewhere and mail it in.

Hopefully that will work. Just thought I'd share this little problem and solution.

 

[TromboneAl]

I'd suggest that anyone concerned about this should read the paperwork that covers their debit Mastercard (NOT an ATM card). That will give you all the information about what the bank is and isn't required to do according to the agreement between the bank, the customer, and Mastercard. It's pretty clear. .

I'm not clear on the distinction between a debit card and an ATM card. We just have one that works both at the ATM and Costco.

 

[W2R]

I'm not clear on the distinction between a debit card and an ATM card. We just have one that works both at the ATM and Costco.

Back in the Dark Ages, banks used to issue ATM cards that were mainly for use at the ATMs. They weren't debit Mastercards or debit VISA's, but just ATM cards. There were lots of places where you could use a Mastercard or VISA, but not the ATM card. However, the debit Mastercards and VISAs have a lot wider purpose. Check your card and card agreement to see which kind you have.

http://www.mastercard.us/debit-card.html

 

[Texas Proud]

I'm not clear on the distinction between a debit card and an ATM card. We just have one that works both at the ATM and Costco.

A debit card is a ATM card on steroids.... where an ATM card could be used at ATMs and a very few other locations, a debit card can be used anywhere the version of CC can be used... (ie, Mastercard, Visa)...

I do not get where some say an ATM card is worse than a debit card... with an ATM card, they have to have your pin to get at your money... and if someone accesses your account and steals money, you can get it back (as long as you report it in time etc. etc.).... just like they say with a debit.... there is a daily limit on the amount of money you can take out with an ATM card...

A debit card just takes out your money.... I remember someone said $500... but I have heard of others having a lot more taken out... so if it is true, then it is a bank thing... (thinking about it, maybe it is for cash withdrawals and not purchases)....

 

[Lsbcal]

...(snip)...
A debit card just takes out your money.... I remember someone said $500... but I have heard of others having a lot more taken out... so if it is true, then it is a bank thing... (thinking about it, maybe it is for cash withdrawals and not purchases)....

For my credit union $500 is the default limit. I can have this set to a lower amount if I want to.

 

[obgyn65]

Sorry, catching up late with this thread. To Alan - Like you I have a card stolen in the past, and I know it's not fun. I hope this issue has been solved for you.

 

[BigNick]

Just had the money reimbursed for the second billing period of my debit card ripoff. 1800 Euros, to add to the 2400 Euros in the first month.

I may have made a small profit on the deal. One of the fraudulent transactions was for 300 Euros with an online car parts dealer. I just noticed that - presumably because some part was unavailable - there was a 40 Euro refund made on that transaction. I won't report this, not so much because I feel entitled to the money, as because I suspect that there is no procedure to handle it.

 

[tapper]

I logged on to my bank account this morning to check that my mortgage was paid (and it was) and just because I read this thread I decided to check my credit cards charges as well since they were just a click away. Sadly I had a $500 charge to Disneyland a couple days back which neither my wife nor I had any knowledge about.

I seem to be getting fraudulent charges a couple times a year now and it is getting really annoying.