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Old 12-10-2020, 12:06 PM   #61
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My Schwab Bank ATM card is the only one I have that is also a debit card. I have been able to use this card overseas when my credit card was not accepted. (Some places, fewer and fewer, still did not take foreign issued credit cards when I was traveling extensively.) I keep a relatively low amount of cash in this account so do not worry about it too much.
Right, it’s been a good backup for me overseas, although rarely needed nowadays.

I remember that the French train company SNCF would not accept US credit cards at their kiosks, and at times, the desk lines were just too long. But it accepted my debit card. And crazily didn’t even ask for a PIN! So I didn’t have to worry about my PIN being stolen, lol! There must have been some maximum purchase amount limit - these were cheap train tickets.
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Old 12-10-2020, 12:10 PM   #62
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You may be correct, but with a debit card, the money is gone from your account until the card company credits it back. With credit card, you simply dispute the charge. No money leaves your hands.
Exactly. It’s not such a big deal until the money is missing from the account, then it is.

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Right, it’s been a good backup for me overseas, although rarely needed nowadays.
Patience, audreyh1, soon enough y’all will be traveling again.
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Old 12-10-2020, 12:12 PM   #63
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We have a chipped debit card. It has to be used with a pin number.
I have notifications from the bank set on the lowest settings.

We have never had any problems with it.
I should add that we made sure our debit cards had chips to use them in overseas ATM machines.
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Old 12-10-2020, 12:13 PM   #64
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Patience, audreyh1, soon enough y’all will be traveling again.
Well, of course I meant the last couple of years when I did get to travel in Europe.
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Old 12-10-2020, 12:22 PM   #65
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ATM machines.
Is there an echo in here?
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Old 12-10-2020, 12:36 PM   #66
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You may be correct, but with a debit card, the money is gone from your account until the card company credits it back. With credit card, you simply dispute the charge. No money leaves your hands.

Several years ago a friend of ours had his checking account virtually cleaned out (to the tune of around $5,000) by fraudulent use of his debit card number. It took a week or two but the bank made it right, however, he only discovered the fraud when checks started bouncing, so he had that mess to deal with.
I just don't think that risk is high enough to worry about it. DW also has her own checking account at a different bank so she could cover me.

As far as how long it would take Schwab to credit the money back, I'll assert that neither you nor I know that answer. Worst case I guess I might transfer $$ from one of the investment accounts to the checking account but I do that every few months anyway.

I would be interested to see some numbers on the rate people experience debit card fraud.
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Old 12-10-2020, 01:12 PM   #67
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I have never used my debit card for purchases of any kind. Security and transaction protection being the prime reasons. I have always paid off CC's monthly.

I only use it at an ATM for cash.
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Old 12-10-2020, 01:36 PM   #68
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There must be millions of Dave Ramsey folks using them everyday I don't but I respect that. Dave carries two on him and cash.
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Old 12-10-2020, 01:46 PM   #69
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There must be millions of Dave Ramsey folks using them everyday I don't but I respect that.
I know my DF uses his debit card rather than a credit card. He repeatedly got into trouble with credit cards.

Every now and then he notices some "good deal" on a credit card and asked me about it. It may have been a good deal, but not for him.
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Old 12-10-2020, 01:47 PM   #70
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Old 12-10-2020, 02:25 PM   #71
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As others have mentioned, I too only use the debit card to get $$$ overseas. My SOP has been to transfer however much I think I might need. *if* I make a withdrawal, I will then immediately cancel the card and request a new one.

However, in practice...we mainly use CCs overseas and bring more than enough cash so I can't recall the last time I used a debit card stateside -or- overseas.
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Old 12-10-2020, 04:13 PM   #72
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I bank at Wells Fargo and they use their issued debit cards and pin as the preferred identification method for in-person visits. Every teller station has a card reader keypad. I carry my debit card for the rare need to stop in the branch. I've never used it for purchase. I juggle 3 credit cards for daily spending based on rewards category.
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Old 12-10-2020, 04:41 PM   #73
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I've never had a debit card, only credit cards and an ATM card for when I want cash. The consumer protections on a cc are far and away better than a debit card.
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Old 12-10-2020, 04:42 PM   #74
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Upon request my back gave me an ATM card, rather than a debit card. Eliminated the worries of someone appropriating it. Purchases are on a cc card - better protection against phishing, false charges.
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Old 12-10-2020, 04:46 PM   #75
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I use CC all the time to buy stuff, never a debit card.

Debit card is used overseas for fee free ATM withdrawals and here for deposit/withdrawal at ATMs.

Besides the better legal protection a CC offers, the main reason I use a CC instead of a debit card is over the past 4 yrs, I have on average cashed in my rewards for $1,650 per year. That's $6,610 in the last 4 years !

My debit card never paid me a penny.
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Old 12-10-2020, 07:04 PM   #76
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only purchases we make with our debit card are at Costco and for the rent at our storage place. otherwise we use it to retrieve walking around cash from the bank.
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Old 12-10-2020, 10:21 PM   #77
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My bank refused to give me an ATM only card so they agreed to set my debit charge limit at $1. It only goes in the ATM.
Dunno if we could get an ATM only card at BoA (someone else on thread indicated that they were able to), but we have done the same as you--$1 per day limit on purchases, with $1500 daily limit for ATM. (Extensive work to Hot Tub and Really big trees wind damaged in the part of our property that we treat as our yard recently necessitated a lot of withdrawals for "cash discounts.")

Joining the chorus here, we've never used the card to buy anything.
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Old 12-10-2020, 11:51 PM   #78
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only purchases we make with our debit card are at Costco and for the rent at our storage place. otherwise we use it to retrieve walking around cash from the bank.
Wouldn't a no fee Costco Visa card be ideal for shopping at Costco.
4% on gas, 3% on restaurants, 2% at Costco, extends warranty by 2 yrs.
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Old 12-11-2020, 12:18 AM   #79
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Wouldn't a no fee Costco Visa card be ideal for shopping at Costco.
4% on gas, 3% on restaurants, 2% at Costco, extends warranty by 2 yrs.
maybe, if we shopped at Costco more frequently but we don’t need another CC. if we’re near Costco and need gas and they’re about the same price as our regular place we’ll stop. beyond that we’re in the store maybe 2-3 times a year usually for specific items my wife likes.
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Old 12-11-2020, 02:41 AM   #80
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I only used a debit card briefly. Not a fan. Simpler to keep a checkbook without one and with online payments available now, I write very few checks each year. If I need cash, I usually cash a check at my local grocery store. I don't use an ATM. Never have. I do have a Discover card so I can get cash that way, too. I buy all my monthly necessities with a credit card and pay the total monthly balance in full at the end of each month. This, for me, makes budgeting easier too. It's one all-compassing bill that can be checked and it is usually within a certain range. The rewards points are just extra to the convenience of the credit card.
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