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Location: 23.7 million to 162 million miles North of Venus
23,563 posts, read 12,535,636 times
Reputation: 10476
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Quote:
Originally Posted by Themanwithnoname
Too bad it's not true... Because debit cards have daily limits!!!!
Quote:
Originally Posted by Themanwithnoname
So your trying to tell me they RAISED their daily limit to $10k or more?!
I'm sorry, I have a hard time believing that!
(I've tried as an experiment and several banks wouldnt let me... They don't like the liability)
Have you considered that your experiment failure because of the "liability" issue stems from the amount you keep in your bank account? Do you actually believe your hero (DR) has a piddly $500 or $1000 debit card limit? Since DR uses a debit card for not only daily purchases but for travel as well then those piddly amounts would make a debit card useless to him, as it would for anyone who has a good cushion in their bank account and may also spend more than $1000, or so, on any given day.
Obviously you failed to read the last line, that I'd bolded, in the quote you posted from the Visa site regarding raising debit card limits.
Quote:
Many Visa Debit cards have daily cash withdrawal limits of up to $1,000. Daily spending limits may be higher. These limits are meant to protect you in case your card is lost or stolen. Your card may be declined if you make daily purchases that exceed your daily withdrawal limit, even if you know you have plenty of funds in your checking account. You can always ask the bank to lower or raise your purchase or withdrawal limits to suit your spending habits.
Quote:
Here's some more fun facts that address some of the LIES told here about debit cards:
Quote:
Does my Visa Debit card have security protections?
Yes, when you sign for your purchases, Visa Debit card’s security protections help prevent, detect and resolve fraud in various ways:
Visa's Zero Liability Policy*, which protects you from unauthorized charges. Any funds taken from your account due to fraudulent use will be returned to you.
Continuous fraud monitoring to detect suspicious activity on your debit card
Access to Identity Theft Assistance to help you recover your identity and prevent further problems
A 3-digit security code to verify your identity for Internet and phone purchases
Quote:
What happens if someone steals my Visa Debit card and uses it fraudulently? If your Visa Debit card is lost or stolen and fraudulent activity occurs, you are protected by Visa's Zero Liability policy.* That means 100 percent protection for you. Whether purchases occur online or off, you pay nothing for fraudulent activity.
If you notice fraudulent activity on your Visa Debit card, promptly contact your financial institution to report it. It is important to continually monitor your monthly statement to identify any unauthorized transactions.
Why did you fail to post the disclaimer to the starred parts that you'd quoted from the Visa site? Because it would have backed up what mathjak107 and stan4 had posted?
"Visa's Zero Liability Policy*"
"you are protected by Visa's Zero Liability policy.*"
Quote:
* Covers U.S.-issued cards only. Does not apply to ATM transactions, certain commercial card transactions, PIN or other transactions not processed by Visa. You must notify your financial institution immediately of any unauthorized use. For specific restrictions, limitations and other details, please consult your issuer.
Location: 23.7 million to 162 million miles North of Venus
23,563 posts, read 12,535,636 times
Reputation: 10476
Quote:
Originally Posted by fumbling
I see two benefits to using a debit card. The first is you cannot spend more than you have, which is a very good discipline to have. The second is simplicity in that you do not have to remember to make a payment from your bank account to the credit card. I use my credit card for all purchases to get the 1% reward and pay my credit card balance off in full every month so I am very careful to make that payment (by check in the old days, by electronic billpay these days). However I advise my kids to simply use their debit cards for all purchases and forget about the 1% reward because they are "forgetful" and missing one payment means a $35 late fee and 19% interest which wipes out years of getting 1% in rewards. I advise my wife should I pass before her, to simply use the debit card for all her purchases to simplify her life and not worry about making a separate payment every month to the credit card.
If you kids and your wife are not financially literate, to where using a credit would/could create hardships for them, then they should be taught about finances. Understanding how to get and/or use a credit card is much simpler than other types of financial products, such as car loans, mortgages, etc. If they aren't financial wise enough to handle something as simple as a credit card then they will probably end up in trouble when/if they have to make major purchases.
Have you considered that your experiment failure because of the "liability" issue stems from the amount you keep in your bank account? Do you actually believe your hero (DR) has a piddly $500 or $1000 debit card limit? Since DR uses a debit card for not only daily purchases but for travel as well then those piddly amounts would make a debit card useless to him, as it would for anyone who has a good cushion in their bank account and may also spend more than $1000, or so, on any given day.
Obviously you failed to read the last line, that I'd bolded, in the quote you posted from the Visa site regarding raising debit card limits.
Why did you fail to post the disclaimer to the starred parts that you'd quoted from the Visa site? Because it would have backed up what mathjak107 and stan4 had posted?
"Visa's Zero Liability Policy*"
"you are protected by Visa's Zero Liability policy.*"
Never let the facts get in the way of a good story. Of course the foot notes don't count ,that is where the truth is .
You try to bring this up, I bring up my bank and my credit union's policy (AND what's happened when my card info has been stolen) and you talk about how that could change.... I say it hasn't, and I trust USAA more than I do visa or MasterCard and you proceed to get angry (I MUST SAY, you did it early this time!)
So let's skip all that and I'll let you go on your merry way of debit card hatred, and I'll sit back, knowing from experience that your wrong...
Have a happy thanksgiving!
Oh yes, USAA is the best of the best. I have them as my bank also. I have had my DEBIT card stolen and used a few times. USAA refunded me every time within a few minutes. I have never had a problem getting my money back from fraudulent charges on my debit card. Never!
I can understand that a credit card can be more rewarding but that doesn't mean debit cards are bad. Some people rather have debit cards for various reasons.
Have you considered that your experiment failure because of the "liability" issue stems from the amount you keep in your bank account? Do you actually believe your hero (DR) has a piddly $500 or $1000 debit card limit? Since DR uses a debit card for not only daily purchases but for travel as well then those piddly amounts would make a debit card useless to him, as it would for anyone who has a good cushion in their bank account and may also spend more than $1000, or so, on any given day.
Obviously you failed to read the last line, that I'd bolded, in the quote you posted from the Visa site regarding raising debit card limits.
Why did you fail to post the disclaimer to the starred parts that you'd quoted from the Visa site? Because it would have backed up what mathjak107 and stan4 had posted?
"Visa's Zero Liability Policy*"
"you are protected by Visa's Zero Liability policy.*"
1. Doubt it's the amount.
I've got just under $30k in one of my checking accounts (I have 4) right now.
I often go quite some time not spending money... But then spend thousands in days/per day when a contract starts.
2. Yes, I addressed the raising the daily limits.
2.A.Try it and see what happens... They limit their liability
2.B. your telling me they (even in the HIGHLY UNLIKELY event the bank let them) first that they had a $10k daily limit or something and second that the BANK didn't see the unusual activity... Sorry if I laugh at the absurdity!
3. You'll note the disclamer makes no difirentiatin between debit cards and credit cards!
It's their policy!
So, if it's THE SAME.... Where's the advantage/disadvantage?
How are they not? I pay no fee on my cash back card and no interest because I pay in full each month.
My cash back card also allows me to get cash back, up to $50, at the supermarket I go to.
My mother, who is in her 80's, uses her debit card as she cannot qualify for credit anymore. The Visa logo allows her to buy things from catalogs, drug stores, etc. So they do serve a purpose.
So all you "do it for the cash back" people:
Show me... What's the BEST "return" I can get?
I'm curious...
Location: 23.7 million to 162 million miles North of Venus
23,563 posts, read 12,535,636 times
Reputation: 10476
Quote:
Originally Posted by AmFest
Frauds rarely happen. Most people have never had payment card frauds, whether they use credit cards or debit cards. Doesn't mean it won't happen.
You claim that "frauds rarely happen". How much research had you actually done before you typed that comment? (if I had to take a guess but I would say - probably none)
Card fraud in the US alone is a multi-billion dollar business for thieves. Card fraud in the US accounts for almost 50% of the card fraud world-wide. Card fraud in the US is increasing faster than it had in the past. The reason why it's increasing faster is because many other countries have switched their cards from the magnetic strip to the more secure chip and pin cards, and have updated the ATM's to accept the chip and pin cards, while the banks in the US are (mainly) sticking with the magnetic strip cards. Since the information on the chip and pin cards is almost impossible to use or clone, the thieves are going to where the pickings are easier - the countries who still use magnetic strips, like the US.
Because the chip and pin cards are more secure, the banks in the countries that have switched over from the magnetic strip had also shifted the fraud liability to the customer. In the US the banks can't shift the liability to the customer because of the EFTA. At this time, upgrading the cards to chip and pin and upgrading the ATM's to accept the new cards, would be far more expensive then eating the loss from fraud. If the government changes the law to where the banks, and merchants, can shift the liability to the customer if the banks agree to update to chip and pin, then the banks may finally do that.
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