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Go look at both MasterCard and Visas websites.
They both offer the EXACT SAME protection to both their debit and credit cards.
I have debit card info stolen about 1x every 2 years, I just switch to a different account and only 1x has it taken longer than 24 hours to get my money back.
...but then I haven't even gone to town in over 3 months. I live on <1/2 my pension and I'm one of those crazy prepper/homesteader people and I've been throughly enjoying working in my garden, orchard, and offgrid homestead.
I hadn't listened to DR in probably 20 years till a couple days ago he popped up on my youtube. Listened to a couple and heard one applicable to another comment:
"I meet lots of millionaires and I've never met one who told me it was from credit card points"
not true ........read the fine print ..
there is fine print in debit card protection .... they make it sound the same as as credit cards but it is not once you read the foot notes to their zero liability terms . . .
Debit cards issued by Visa or MasterCard may be covered under their zero fraud liability policies, but only when the transactions are processed on their networks. When you complete your transaction as “credit,” it will likely be processed on a Visa or MasterCard network, based on the logo on your debit card. However, when a PIN is used to complete the transaction, it's more likely that it will be processed on a different network and therefore isn't covered under Visa's or MasterCard's zero liability policy.
how the bank handles it is up to the whim of the bank NOT LAW .
With debit cards, the Electronic Funds Transfer Act limits liability to $50 if you notify the bank within two days of discovering the fraud on your account. However, if you wait longer than two days, you could be liable for up to $500. If it takes you more than 60 days to report fraud on your debit card, you could be liable for the entire amount.
The Fair Credit Billing Act (FCBA) caps the liability of credit card users at $50. Most credit card issuers take this a step further and don’t charge cardholders anything for fraudulent charges. But even if your card issuer doesn’t offer that protection, the FCBA says you’re not responsible for any unauthorized charges if you report the card lost before it’s used.
This limited liability is one of the main reasons i recommend using credit cards — especially for online purchases.
Debit card fraud protection, on the other hand, is covered by the Electronic Funds Transfer Act (EFTA) — and protection varies.
a few months ago our local news channel 7 on your side had to intervening in a case where the bank was not refunding the debit card fraud .... they only did so when the station pushed them in to doing so .
when pins are obtained you are at the mercy of your bank ... i had a pin stolen through the banking system .... in my case that card never saw the light of day anywhere except to take out money from a capital one atm in the bank , from a direct deposit ...
it was easy to see that pin could not have been taken anywhere else so i had no questions asked ...others are not so lucky.
with debit cards nothing is a problem , ever---until it's a problem .
Last edited by mathjak107; 05-23-2020 at 03:18 AM..
People keep pushing the debit is as safe a credit card. And you've spelled out why it's not.
For me, in addition to all of that..... there's the inconvenience -- and potential negative ripple effect consequences of not having that money -- MY money -- in MY account during the time the bank is supposedly working on giving my my money back....which can be two weeks or more.
That's a lot of time for someone to NOT have their mortgage/rent money, or car payment money. Heck, even vacation or credit card payment money. Even IF you ultimately get your money back...if you've paid $100 in various late fees for payments you missed, you still aren't really made whole....the breach still cost you $100.
You could still use a debit card with some protections built into it. Open a separate checking account with only $400 or whatever you're comfortable and a separate debit card. Only use that card and not your main checking account debit card for purchases. Replenish your separate checking account when the funds get low.
You could still use a debit card with some protections built into it. Open a separate checking account with only $400 or whatever you're comfortable and a separate debit card. Only use that card and not your main checking account debit card for purchases. Replenish your separate checking account when the funds get low.
there may be some with poor credit , or they can't handle credit who need to use a debit card but where someone has a choice there is no reason to buy anything with a debit card. plus the debit card does nothing to help build your credit score .
You could still use a debit card with some protections built into it. Open a separate checking account with only $400 or whatever you're comfortable and a separate debit card. Only use that card and not your main checking account debit card for purchases. Replenish your separate checking account when the funds get low.
Uh, I'm going to go through all that. Set up separate account ....just not to use a credit card.
So let's see...I can just use a credit card and pay it off as soon as I get home, or every month, whatever.
OR I can set up an additional "low balance" account for purchases because I don't want to use the credit card I already have, and I also don't want my usual day-to-day bill paying higher balance account to be vulnerable?
If you have the money available to you anyway....just use the frigging credit card, and pay off the purchase. Geez.
I've noticed that a lot of stores and pharmacies in my area won't accept cash right now. For all of those Dave Ramsey followers who eschew credit cards, what are they doing during the this time? The envelope system maybe doesn't work quite as well during a pandemic.
I've noticed that a lot of stores and pharmacies in my area won't accept cash right now. For all of those Dave Ramsey followers who eschew credit cards, what are they doing during the this time? The envelope system maybe doesn't work quite as well during a pandemic.
I have not encountered that in my area.
With additional thought, the large Amish population here would tend to discourage that.
Last edited by mshultz; 05-23-2020 at 06:39 AM..
Reason: Another thought
You could still use a debit card with some protections built into it. Open a separate checking account with only $400 or whatever you're comfortable and a separate debit card. Only use that card and not your main checking account debit card for purchases. Replenish your separate checking account when the funds get low.
That is exactly what I do. I got the second account initially so I would have 2 debit cards to use for international travel. In case anything happens I have a backup debit card I can use. I started using my secondary account for all purchases when my primary account was compromised - the bank spotted the fraud as soon as it happened and notified me. It is easy to replenish the funds online with a transfer from my primary to my secondary.
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