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If your debit card has a Visa or Mastercard logo, it has chargeback protection on it. All you have to do is make sure that you run it as a credit transaction..
and hope the bad guys don't use a pin . there was a recent discussion on the subject from a woman who was denied when her pin was used .
There were two withdrawals made from my checking account in two days. One for $400 and one for $380. The withdrawals were made an hour from where I live in a city that I've never visited. The bank then gave me a temporary credit for these amounts. After performing an "investigation" they claimed that these withdrawals were not fraudulent for the following reasons:
-The card was in my possession the entire time
-There was no balance inquiry done
-The card was not used after it was deactivated
I've asked them to reinvestigate but I'm sure I'll get the same answer.
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it is kind of silly to expose yourself to these types of horrors . there are case after case of stories like the above .
when it is so easy to avoid any conflict why even introduce something that has the potential to be .
it makes little sense to let anyone get access to your funds if you have a choice of card types .
you can argue the point all you want and i still say the prudent person should avoid using a debit card for daily transactions .
If your debit card has a Visa or Mastercard logo, it has chargeback protection on it. All you have to do is make sure that you run it as a credit transaction.
Jim, you can dispute any transaction using Credit, Debit or Checks, in which you feel the transaction was ran as fraud. With Credit Cards the process is much more smooth and you don't have to worry about your checking account being drained in the process, waiting for the Bank/Credit Union to complete its investigation to return your funds.
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By law, banks are required to investigate and restore your funds within 10 days. Visa and Mastercard require their partner banks to work more quickly, and if you have a decent bank or credit union there's a good chance that they'll restore the funds as soon as you call them. My wife's debit card was cloned a year or so ago, and they called her when the cloned card was used in another state. As soon as she said that it wasn't an authorized transaction, they put the money back in her account and started their investigation. Total time from unauthorized charge to refund was about 35 minutes.
Sometimes it could take 60 to 90 days to get all of your money restored depending on the situation. Usually flat out fraud is resolved much faster, but if you are having a dispute with a Merchant/Vendor, that might take a lot longer to resolve and while you are waiting, the money is GONE until it comes back after the dispute is over.
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Quite frankly, the majority of my transactions are done in cash.
Just know you are losing out on just about every form of protection available with Cash, Cash is the least protected form of payment. Someone steals money out of your wallet, someone robs you, etc., all you can do is file a Police Report and sue the person. Suing them might get you a judgment, but try to collect on that judgment? And again, during this entire time, your money is GONE until somehow you get it back.
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I will say that it is interesting to see the number of people who have been convinced that debit cards are terrible and that credit cards are some sort of talisman against evildoers. At the end of the day, I'm quite secure in my financial security and will continue to use my debit card for any transactions which don't facilitate the transfer of cash.
The facts are what they are Jim. Credit Cards offer the most efficient, timely and secure protection. Like I said Jim, why not just get you a Credit Card, pay it off before the grace period, and make sure there's no annual fees associated with it? You will have a lot more protections.
You walking around carrying Cash in your wallet is a risky situation, if Lil Ray Ray from Chicago decides he wants to "hit you up homie" for your wallet, you can pretty much kiss that Cash goodbye.
If Lil Ray Ray from Chicago decides to "hit up Tucker99 for his wallet" all he's going to get is a wallet full of Credit Cards that he KNOWS he can't do anything with because even swiping them allows for the Police to track where he's been. Plus anything he "swipes" is taken off of me as a dispute/stolen card situation to where I don't have to pay anything for those transactions.
I saved up a lot of money when I was working so that I could go to school and live off savings for 2 years. I'm going through them pretty quick. Apparently I'm really bad at budgeting, especially when I have no paycheck coming in, so it's not like I can say I can only spend this much until I get my next paycheck. I think I spend the most on food and alcohol and entertainment. I am close to cutting up my credit cards so I can stop using them and only pull some cash from my checking every now and then. It is tempting not to use cash because I get cashback on my credit cards. Any advice? I only have ten more months to suffer. The only sources of income I can think of for this year will be when tax time comes (last year I received about $2200 but I was working for half the year at the time) and when I see my mom . I'm going to start using Mint to be more in my face when I spend.
Spending habits have not changed for you is part of the problem. That is actually the BIG problem you have.
Stop the alcohol and entertainment. Stop eating out or ordering in for food. get on the school's food plan if it helps, or limit the amount you spend on groceries.
You are in school.
I know people who ate ONE MEATBALL A WEEK while in school! About Nothing else!
I myself went to college full time while working (2) full time jobs to pay for college, and to live. Perhaps you can work at least part time???
Or is college all about "partying all the time" for you?
Freeze your credit cards in a zip-lock bag so you have to actually thaw them out and you can think about the purchase you want to make BEFORE you make it. IF you have an emergency, you can thaw, if you cut up you are in trouble.
Who cares about "cash back"? I used that excuse once and spent WAY more than I was budgeted for for awhile! So be wary. it WILL come the time to pay the piper! Its a myth you will gain more than enough back than you spend so to speak.
IF you are in school, is it paid for in cash or will you have loans? If you have loans, you will ALSO have credit cards to pay back too when you graduate.
Also take what you have left, divide it by the months you have left in school, PLUS 3 months to live on at least while finding a job {hopefully}, and then you will have the amount you can spend monthly,until you get out of school and for 3 months afterward.
.MAKE IT WORK. YOU HAVE TO!
ALso, for food check out Catholic Charities, or Other Food banks {mostly at churches} in your area. There should also be a phone number you can use like "2-1-1" that will connect you to local "first call for help" type system. 2-1-1 is for local Help info here where I live, NOT to be confused with 9-1-1, for EMERGENCIES. Check it out in your area. They can direct you to food banks. Since you have no income then you should qualify as long as you don' have an enormous obscene amount in the bank, IF they even ask for it.
Lastly, KEEP yourself on an austerity {reduced} budget until then and even then. {"Austerity" is usually used for gov't entities, but means: "Austerity policies may include spending cuts, tax increases, or a mixture of both."} SINCE YOU cannot "increase taxes", you need to look at increasing income and cutting costs!
There were two withdrawals made from my checking account in two days. One for $400 and one for $380. The withdrawals were made an hour from where I live in a city that I've never visited. The bank then gave me a temporary credit for these amounts. After performing an "investigation" they claimed that these withdrawals were not fraudulent for the following reasons:
-The card was in my possession the entire time
-There was no balance inquiry done
-The card was not used after it was deactivated
I've asked them to reinvestigate but I'm sure I'll get the same answer.
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it is kind of silly to expose yourself to these types of horrors . there are case after case of stories like the above .
when it is so easy to avoid any conflict why even introduce something that has the potential to be .
it makes little sense to let anyone get access to your funds if you have a choice of card types .
you can argue the point all you want and i still say the prudent person should avoid using a debit card for daily transactions .
as you see what you think will happen in your head with zero liability debit cards vs the banks having a legal out and you no written recourse is what you risk with debit cards .
just look at those reasons she was denied .
the bank found an out since these things are UP TO THE WHIM OF THE ISSUING BANK and they zoomed right in on it .
sorry , but running that risk just because it has not happened to you or happened yet makes little sense.
It is obvious there are advantages of a credit card over a debit card yet there are always debit card defenders that say that debit cards are just as good and it ends up devolving into debit cards are almost as good if (this condition) or if (that condition). But, really, there are no advantages of a debit card. I hear from young kids that they like that the money comes out of their account immediately and that helps them manage their money but I think after they grow up and manage their money a little better they realize how silly that is.
I prefer the debit card. I see the advantage of the credit when it is compromised. I just like to keep things simple.
I have had my debit card compromised and the bank called me about the transactions before i even knew it happened. They cancelled my card refunded my money and sent new cards overnight. Therefore for me I don't feel I need the added security.
Yes, I have been spoiled and was able to "live large" for a while. I didn't have any undergrad debt and I lived with my parents for a few years after I graduated while I was working so I could buy anything I wanted. I never learned how to save that money properly so now it's all gone out the window.
I'm in grad school now so I only get loans. I had a part time internship last semester and a summer job this summer. I could have saved some money but having money only made me spend more.
I prefer the debit card. I see the advantage of the credit when it is compromised. I just like to keep things simple.
I have had my debit card compromised and the bank called me about the transactions before i even knew it happened. They cancelled my card refunded my money and sent new cards overnight. Therefore for me I don't feel I need the added security.
no one ever needs to take the extra precautions in most scenario's as nothing is ever a problem until it becomes a problem.
We always use our credit card for the cashback as well, but if your using it excessively then its not doing any good. Maybe switching to cash is best for this time and only take out weekly what you NEED. I would cut out alcohol, its so expensive. You need food, unless your eating out a lot or expensive restaurants. Need to set a strict entertainment budget also monthly.
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. I'm going to start using Mint to be more in my face when I spend.
