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Old 12-16-2020, 02:50 PM   #141
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Originally Posted by Amethyst View Post
Probably I already was doing that to get free checking.

The only real issue I had with sexism in banking, was when I bought my first house. I applied for my loan through the real estate agent instead of going into a bank, and since I was an ideal customer, with a down payment, sufficient salary, savings, no debt, excellent credit and a unisex name that could easily have been male, there were no hiccups getting that 13.75% loan (groan).

But when I called the bank, about 3 weeks in, to find out the closing date, and they heard a young woman's voice, the next thing was a call back saying I needed a co-signer. The bank suggested "your father," which was not only sexist but futile. My dad wouldn't have cosigned a loan for Jesus himself.
This happened to my mother when she bought a duplex in Chicago just after WW2. She had to get a man (male lawyer) to represent her in the purchase. I saw the legal paperwork, and it described her as "spinster." She was 30 years old.

Obviously your transaction occurred perhaps 35 years later (I'm guessing).
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Old 12-16-2020, 03:06 PM   #142
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Originally Posted by pacergal View Post
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.


+1. Weíve found debit cards very convenient to use for years and years and havenít had any issues. Ours, too, have security chips.
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Old 12-16-2020, 09:20 PM   #143
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My only debit card is a Target debit card which I get 5% back on every Target purchase. My credit cards give me rebates of 1%, 2%, 3% using a Citibank at Costco. I get 5% rebate at Amazon.com using my Amazon credit card. I have been so spoiled that I refused to use a credit card or a debit card from a bank without a rebate.


I do not pay cash for most things because I do not get a rebate.

I never knew you could have a debit card for a specific store. I have the Target RedCard Credit Card. It pays 5% I originally chose credit vs debit for the free float. Canít stand having money tied up in a checking account @0%. Never had a problem with overspending even though Iím sure using CC means as I spend more but now the cashback cards seal the deal for me. Free float plus cashback means credit is cheaper than cash.
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Old 12-16-2020, 09:51 PM   #144
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I've never used a debit card. I was issued one once, but never bothered to set up a pin number. I just never saw a need for one. It was one more thing to keep up with...
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Old 12-19-2020, 04:24 PM   #145
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Originally Posted by albireo13 View Post
I am considering stopping using debit cards, for reasons of security mostly.

Anyone else do this? ... thoughts or opinions

Thx
Never stopped using them as I never started. Makes absolutely no sense to use a debit card unless you have absolutely zero self control when it comes to money.

Besides the lack of protection, why give the banks your money immediately when they are willing to lend it to you for 30 days for free? Add on all the bennies such as cash back or points, buyer protection (one of my cards gives me the same as apple care for 5 phones for free!).
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Old 12-19-2020, 04:31 PM   #146
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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 wonder about lost opportunity costs. What is 2%-5% of your monthly purchases? I pay for a pretty nice Christmas just from cash back over the year.

I read stories like this and wish I had my own business to take it to the next step! https://www.businessinsider.com/pers...usiness-2019-7
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Old 12-19-2020, 04:41 PM   #147
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For grins, I just ran a Google search for "debit card fraud" and five pages of hits produced no evidence, zero, that debit card fraud is an issue. I got page after page of the usual simpleminded "be careful" advice from banks and credit unions, a couple of fraud anecdotes including one in England, and a smattering of pages by people whose income derives from stoking fears about debit cards. One link was to a story about a software glitch at Santander bank that allowed holders of a specific kind of debit card to commit fraud but all of that just cost the bank. No ordinary customers were harmed.
Wow! I ran the same search and found page after page of ordinary people who had issues. Here is just one of them:

Better run that search again!
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Old 12-19-2020, 09:33 PM   #148
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I keep & use debit cards for
- HSA eligible purchases
- Buying groceries at stores that are debit-card-only
- Buying gas, saving 5 cents per gallon
- Getting cash back at Krogers/Target
You are brave to use a debit card at a gas station unless you always go inside to pay. Too many skimmers out there!
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Old 12-20-2020, 05:36 AM   #149
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You are brave to use a debit card at a gas station unless you always go inside to pay. Too many skimmers out there!
Agree. The gas station is a hot spot for card fraud. One can get a 5 cent discount using a Shell only card (not a Shell credit card) in conjunction with your regular credit card.
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Old 12-20-2020, 05:39 AM   #150
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2 credit cards of mine just got hacked in the last week.
On the first one, BOA promptly gave me a credit. I believe I have a good idea on where the fraud was initiated, but BOA would not tell me.
On the second one, BOA declined a charge and sent me a text, so that card also has to be replaced.
Just another reason why I won't use a debit card except BOA ATM transactions.
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Old 12-20-2020, 12:50 PM   #151
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...Makes absolutely no sense to use a debit card unless you have absolutely zero self control when it comes to money.
...
Not true. Many banks issue debit cards to be used at ATM's. You don't want to use your credit card for an ATM withdrawal.
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Old 12-20-2020, 01:17 PM   #152
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put me in the "never had a debit card" camp. I charge everything. I bought a 79 cent item and charged it. I only use cash at my local donut shop and my barber.
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Old 12-20-2020, 02:17 PM   #153
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put me in the "never had a debit card" camp. I charge everything. I bought a 79 cent item and charged it. I only use cash at my local donut shop and my barber.
i don't charge those types of things. i pay cash, generally, for items $5 or less or at places where CCs aren't accepted, my barber for one. and we always tip in cash. but lately i've also been paying cash at locally owned small businesses.

our weekly pizza place recently asked that we pay cash and offered a discount. the CC processing fees must've been eating (no pun intended) them alive. the owner confessed that he's been paying bills and the few employees still working out of savings. i declined the discount, paid cash and included a very healthy cash tip. over the years it's just become second nature to pull out the CC.

so i now pay cash at locally owned small businesses and will continue to until normal times return. many of the big box stores here have signs at the checkout notifying shoppers that CCs or debit cards are prefered so we still use our CC at those places.
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Old 12-20-2020, 02:20 PM   #154
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.. Better run that search again!
I look for data, not anecdotes.

An anecdote from 3 years ago telling only one side of the story is really not useful in assessing the real risk, even without considering that the victim didn't detect or report the problem for months.

Did you find any actual data? Like frequency of debit card fraud? Like frequency of customers not being made whole by their banks?
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Old 12-20-2020, 02:38 PM   #155
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Originally Posted by Amethyst View Post
Probably I already was doing that to get free checking.

The only real issue I had with sexism in banking, was when I bought my first house. I applied for my loan through the real estate agent instead of going into a bank, and since I was an ideal customer, with a down payment, sufficient salary, savings, no debt, excellent credit and a unisex name that could easily have been male, there were no hiccups getting that 13.75% loan (groan).

But when I called the bank, about 3 weeks in, to find out the closing date, and they heard a young woman's voice, the next thing was a call back saying I needed a co-signer. The bank suggested "your father," which was not only sexist but futile. My dad wouldn't have cosigned a loan for Jesus himself.

Back in 1972 I just got a credit card from Boa in Ca with a student id from Caltech.
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Old 12-20-2020, 02:52 PM   #156
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You can stop using your debit card, but donít get rid of it. I primarily use one credit card and have kept two in the drawer for 10-15 years as back ups. My credit history is perfect and nothing changed with my financial situation, but this year the banks behind my two back up cards suddenly decided to cancel them with no notice to me, thereby reducing my available credit by $150k. The point is, even if you do everything right, youíre at the whim of the banks with credit cards, but I suspect this kind of surprise wouldnít happen with a debit card since itís not extending credit to you and therefore wouldnít be a liability on a bankís balance sheet.
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Old 12-20-2020, 02:57 PM   #157
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I keep & use debit cards for
- HSA eligible purchases
- Buying groceries at stores that are debit-card-only
- Buying gas, saving 5 cents per gallon
- Getting cash back at Krogers/Target

Interesting, but I do not have these issues come up in my life...


Except for gas... and I get 5% back with my Sam's club CC... so get more back for any gas priced over $1...
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Old 12-20-2020, 06:00 PM   #158
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You can stop using your debit card, but donít get rid of it. I primarily use one credit card and have kept two in the drawer for 10-15 years as back ups. My credit history is perfect and nothing changed with my financial situation, but this year the banks behind my two back up cards suddenly decided to cancel them with no notice to me, thereby reducing my available credit by $150k. The point is, even if you do everything right, youíre at the whim of the banks with credit cards, but I suspect this kind of surprise wouldnít happen with a debit card since itís not extending credit to you and therefore wouldnít be a liability on a bankís balance sheet.
You bring up a good point that I had not heard of before.
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Old 12-20-2020, 06:31 PM   #159
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I look for data, not anecdotes.

An anecdote from 3 years ago telling only one side of the story is really not useful in assessing the real risk, even without considering that the victim didn't detect or report the problem for months.

Did you find any actual data? Like frequency of debit card fraud? Like frequency of customers not being made whole by their banks?
I am not Paulz, but I have run several searches. It seems that there is little data that separates CC fraud from DC fraud. And, there are so many numbers out there on frequency, I am not going to quote any.

That said, if my CC gets compromised I dispute it, never pay it, get a new card, and all is done in 3 days (including the time to Fedex the new card).

If your DC is compromised, the effort and time you will go through are probably greater. Will you get your money back? Probably. But it is gone until you do.

You are right. The risk is very low. Do you feel Lucky? Well do you?
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Old 12-20-2020, 06:44 PM   #160
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... You are right. The risk is very low. Do you feel Lucky? Well do you?
IMHO if I worried about all the negative events with this low level of risk I would never leave the house. So, yes. I feel that I am lucky enough that I don't worry in the least about carrying or using a debit card with a fraud protection guarantee.
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