My Debit Card has the same protection as a Credit Card. My bank US Bank
OK, but if the debit card was compromised and your bank account emptied, how long are you willing to wait to get the money back? Do you have a backup account if needed to tide you over? A compromised credit card doesn’t affect your bank account.
Agree completely. I asked my bank for an ATM only card-- I don’t trust debit cards, and use credit cards separately from my bank account.
I know how to budget. Use Credit cards and pay them off in full.
Your question was
Inane to me.
Try looking up US Bank.
Aw c’mon Patty! You are welcome to love your bank. That’s fine.
The debate, as you have stated, is about protection for a debit card “same as” for credit card.
Now if you think it is, go find and post the verbiage from your bank saying that a charge on your Fake Mastercard (as Clark fondly calls them) does NOT come out of your bank account. We don’t think you can find that; indeed it DOES come out of your bank account.
Now we hope it does not happen to you, but if someone should get your card or your card number and zero out your bank account, what do you have to go thru to recover your money? That is where the difference is: With a regular credit card, you simply notify bank that charge was bogus. They take it off and you don’t even see the bill, let alone pay it. An empty bank account is a whole different monkey.,
This is my broad opinion. Go search out support for my broad assertion if you want. Anyone who asks for clarification with me is attacking me.
–OP, probably (hard to tell when posts are deleted)
From US Bank website:
" Zero fraud liability – U.S. Bank provides zero fraud liability for unauthorized transactions. Cardholder must notify U.S. Bank promptly of any unauthorized use. Certain conditions and limitations may apply. See the Electronic Banking Agreement section in the Your Deposit Account Agreement for details.
From agreement document:
Zero Liability for Transactions. Except as provided in the next paragraph, you are generally protected from all liability for unauthorized use of any of your U.S. Bank Debit Cards, the associated account numbers printed on them (including purchases made over the phone, online or in the U.S. Bank Mobile App) and your ATM card or its associated personal identification number (PIN). You still need to report the loss or theft of these cards, PINs, and any unauthorized transactions to us as soon as you can. This is necessary so you can get any unauthorized transactions reversed, prevent further unauthorized transactions, and avoid liability for subsequent purchases we could have prevented had you given us notice. This policy also protects you from liability for other types of electronic fund transfers. Please follow the section entitled Error Resolution Notice to report any unauthorized activity on your account.
I still wouldn’t use a debit card linked to my main checking account… but that language isn’t terrible.
Not liable is one thing. Having to wait some totally non specified length of time to have the money restored to your account is a whole different thing. Your account gets emptied on Monday and the mortgage is set to pay on Tuesday, you just might have a problem.
Yes, only use a debit card on a separate little checking account, not your main account.
Earlier this year my bill fold was stolen and the thief ran up more than $ 1,000.00 on both my credit card and debit card.
The money was replaced the same day for both.
US Bank is my bank.
Oh wow, some debates go on forever.
My comment is the same one I made on the old forum. If I lost my wallet, the bad guys can rack up $xxxxxxx on my credit cards because they have all the info.
However, the debit card is useless without the six digit PIN.
A six digit numerical PIN can be hacked in seconds using compueterized brute force methods, or maybe they got it from a mini camera installed alongside the ATM or gas pump skimmer.
Just Don’t Do It!
We just have to disagree. My debit card is disabled after X number of bad attempts. My CC has a $20,000 limit, and if lost, I could face major problems, including hours on the phone disputing the charges.
In comparison, my debit / checking account has just enough to cover my checks. I xfer funds from savings as needed, and I NEVER have overdraft enbabled.
Ok if you manage your checking account that closely, you won’t get into trouble. But wow that’s a lot of work. All of my consumer spend is on no-annual-fee rewards cards and I get 2% cash back, hundreds of Dollars per year. I have had some fraudulent charges over the last fourty years never really had a problem disputing them. I just don’t see the upside for debit cards.
I also get cash back from my CC’s and use them a lot. That’s why the bank keeps upping my limit. I’ve never asked for it. But my CC’s never leave the house. Only my debit card travels in my wallet,
I’m not sure why it would take hours. One call should do it, and in my experience, calls of this nature to my credit card companies take less than 15 minutes (and that’s assuming it can’t be done online). I currently have four cards in my wallet, so that would be an hour max. In the 2-3 days it takes fedex to deliver the replacement cards, I could grab a different card from the sock drawer, or grab my ATM card and get whatever cash I need from the bank.
That is my experience as well. Also to add to this, if somebody got one of my credit cards and started charging willy-nilly, the card company would most likely contact me to ask if the charges are mine, and maybe put a hold on the purchase until I confirmed so. That happened a few times with both legitimate charges and fraudulent ones.
At the end of the day I have never been held responsible for any fraudulent charges made on one of my credit cards. PenFed, however, did allow me to keep the rewards that I received as a result of about $1500 in fraudulent charges in fuel purchases that I did not make.
As I first noted, this debate goes back years. I have LOTS of credit cards and use them all the time. [probably too much] But I never carry them.
I’d rather lose or have stolen my low limit debit card than my high value CC’s.
And one phone call can also disable a debit card.