Your Debit Card Is Much More Dangerous Than You Think (payment, dispute)
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Our bank didn't even need to be notified. They just replaced it as a matter of course.
Our credit card company was also very helpful in issuing new cards when our credit was stolen. What they could not/would not do was compensate me for the several hours I then had to spend on the phone and computer updating our auto-pays. When our information was skimmed four times in one year, I was ready to pull my hair out! It seemed just when I had finally gotten everything up to date, I was back at square one, waiting for yet another new card to arrive. I finally gave up and started using cash for everyday expenses.
My bank tried to get me to replace my old style "ATM card" with one of the newer "debit" cards.............I said no way. My
old-style ATM card will not work unless it is swiped and my PIN number is entered.
I almost exclusively use my credit card for purchases. I get alerts immediately, via email, any time there is ANY activity on any of my accounts.
My boyfriend. It actually really opened my eyes to how little he knew about finances (aged out of the foster care system and never had anyone to learn from). He left his debit card at a laundromat and someone used it to buy a club a round of drinks. And then another. And then another. He had his checking account linked to his savings, and they got EVERYTHING. My boyfriend had a few big upcoming, planned expenses that he had money in the bank for as well as a little savings and money in his checking account for all of his normal expenses. Funny thing is, he's not once set foot in a club.
The bank took almost a full month to return half the money. At that point, all of his bills had bounced (incurring hundreds of dollars in fees) and a whole series of unfortunate events caused by not having any money whatsoever. He did not have a credit card at the time because of credit problems in the past. The bank has yet to refund the rest of the money because he did not report it stolen until a few days after it went missing. It's unclear if he will ever get the rest, and certainly will not get any kind of compensation for the financial hell this has put him through for the last 6 months (I tell him it's his stupid tax :P). He's only now gotten himself out of the red for the first time, and that's by taking a 2nd job and working 70 hour weeks. Our relationship has taken a huge hit.
On paper, he looked like a financial mess. I can see a bank, looking at his < 3K savings account and spotty credit history, not taking his story seriously. By the time he reported it, they were no longer obligated to pay in full.
Meanwhile, I use a credit card for everything and pay it off weekly. Even when I first opened my account, I refused to get a debit card. Mine functions as an ATM card only.
Wow, that sucks! I did start after that incident, using a cash back credit card instead of a debit for most transactions, but I do still us it occasionally to get cash back, if it's a place I feel comfortable at and have shopped at before. That is scary, though. Hope it works out for you both.
I keep any ID and cards in my back pocket, my cash in my bra, any loose change in my front pocket and I dare anyone besides my husband to try and steal the cash out of my bra.
I can picture the smile on the face of the guy behind you as you are checking out at the store. The cashier says " That will be....", and you reach in to get your money.
Location: Chapel Hill, NC, formerly NoVA and Phila
9,767 posts, read 15,739,138 times
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Quote:
Originally Posted by 124c41
I can picture the smile on the face of the guy behind you as you are checking out at the store. The cashier says " That will be....", and you reach in to get your money.
Okay, that reminds me of a story. I went to a used book sale a couple of years ago. And I went to the checkout table to pay for my books. I hand the older woman a $20 and she reaches into her bra and hands me the change. Yikes! I was like, "thanks?" I thought that was so bizarre!
I use a debit card because its easier than using cash but has the same advantage as using cash i.e. you don't spend more then you need, and don't start forgetting how much you have. I check my bank record each day - it takes about 40 secs or with the app on my phone. Its also linked to my kids' college savings 529 account to accumulate upromise points. Plus my bank always calls me to confirm any large charges.
Nothing is ever a problem, that is until its a problem.
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