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If you shop at two local Michael's stores, the chain is reporting that your debit card information could have been stolen.
Michaels reported that the PIN pads at some of its stores had been tampered with, including the stores in Knightdale's Shoppes at Midway and in Raleigh at 5240 Capital Blvd. There was also one store in Matthews and four in Charlotte that were affected.
Keep a close eye on your accounts for any suspicious activity.
I stopped using my DEBIT card years ago when the grocery store kept charging me twice for the same purchase. I'd put in my pin and the cashier would say it didn't work and I'd do it again and get charged twice. The grocery store was always very good about crediting me back but it was annoying.
Now, I use my card as a CREDIT so I have to sign. I use it for everything.
In the last few months, I have gotten a couple of letters, stating that numbers have been "compromised", etc. Maybe we'll all have to go back to just using cash!
I stopped using my DEBIT card years ago when the grocery store kept charging me twice for the same purchase. I'd put in my pin and the cashier would say it didn't work and I'd do it again and get charged twice. The grocery store was always very good about crediting me back but it was annoying.
Now, I use my card as a CREDIT so I have to sign. I use it for everything.
In the last few months, I have gotten a couple of letters, stating that numbers have been "compromised", etc. Maybe we'll all have to go back to just using cash!
Vicki
Yep, that's smart. Anytime I do use my debit card I run it through as a credit transaction and sign for it. (When it asks for your PIN, just hit cancel and it runs like a credit transaction).
Well, I agree that credit cards have more protections than debit cards. But many stores are now waiving the signature requirement for purchases under a certain dollar amount. Not really new ground as "on line" and "over the phone" credit purchases have been made sans signature for many years.
Always look at any slot that you insert a debit, etc card for what looks like an added on device. Scammers now place devices there that read your card info and store it for their use later. ATMs are a particular target for this activity.
I think there is some confusion on that...people think that because the card came with their checking account that it can only be used as a debit card. If it has a Visa or MC logo on it...which almost all do...it can be used as both debit & credit!! Always use it as a credit card!!! Even though signatures don't really mean much anymore, you get the fraud protections that Visa or MC offer...which mean you are covered if someone uses your number fraudulently. Since these cards link directly to your bank account, this is extremely important and a free protection for you!! The only time you should enter a PIN number is at an ATM.
I think there is some confusion on that...people think that because the card came with their checking account that it can only be used as a debit card. If it has a Visa or MC logo on it...which almost all do...it can be used as both debit & credit!!
No. This is wrong. A debit card can be PROCESSED using a PIN or using a signature, but using a signature does not turn it into a credit card. It's still a debit card, and the funds for the transaction are still debited from your bank account, not credited to you as a loan. Don't confuse how the transaction is processed with what kind of transaction it is. And by the way, using signature instead of PIN does not get you the fraud and dispute protections that a true credit card does.
Last edited by CHTransplant; 05-12-2011 at 11:40 AM..
If a debit card is used as a credit card, the only difference is that the funds take longer to be removed from your account - meaning a day or so as opposed to instantly. From a merchant standpoint, it is cheaper to process a credit card transaction, especially for a small amount. Putting in a pin number adds an additional level of encryption so it's a higher charge for the merchant. Obviously if someone steals your card AND knows the pin number that's bad when it comes to the ATM. But as far as in-person sales go, they would only need the card itself (or only the CC number and your address if it's a phone sale). So I'm really not sure how not using your pin keeps you safer.
ETA - I'm all for going back to cash - it's better for the consumer and for the merchant.
IFrom a merchant standpoint, it is cheaper to process a credit card transaction, especially for a small amount. Putting in a pin number adds an additional level of encryption so it's a higher charge for the merchant.
Actually, PIN based transactions usually cost the merchant less. The banks take a bigger cut when you use signature. This is why they offer rewards and incentives to use signature instead of PIN. For example, with Wachovia, you get reward points for signature transactions, but not PIN transactions. But all of this is subject to much debate in Washington D.C. (and therefore subject to change) as the card issuers are lobbying heavily against recently enacted rules that reduce the fees they earn on card transactions.
Actually, PIN based transactions usually cost the merchant less. The banks take a bigger cut when you use signature. This is why they offer rewards and incentives to use signature instead of PIN. For example, with Wachovia, you get reward points for signature transactions, but not PIN transactions. But all of this is subject to much debate in Washington D.C. (and therefore subject to change) as the card issuers are lobbying heavily against recently enacted rules that reduce the fees they earn on card transactions.
Yes, you're right when it comes to reward based cards (and business cards) - but not for regular cards. The merchant services companies have different rates depending on what kind of credit card is used. The transaction fee for a debit card however is always higher then a straight swipe as a credit card, but debit cards have no percentage charge associated with them. So the merchant has to figure out the break even point when it becomes more cost effective to run a card as debit vs. credit card. Confusing, yes.
Well, if you don't use your PIN number then it is much harder to steal it so that's a huge security advantage right there. And the fact that it takes longer for the money to come out, well that's just fine with me also.
Now if somebody uses your card fraudulently? Yes, a credit card may be better but you will still more than likely get reimbursed with a debit card. Personally, I never have enough money in my checking account to be too worried!
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