O/T: RE: Credit Card v Debit Card

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And how is it a con? Who is cheating whom? As an end user, I get many benefits.
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"Maxwell Lol" wrote

Been carrying two debit cards, both business and personal, for 15 years, by preference and in lieu of writing checks/carrying cash, and neither has ever cost me a red cent ... if that's a "con", it's my kinda "con" - CONvenience.
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So you have said, but not explained why.
FoggyTown
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FoggyTown wrote:

With a debit card I can get money out of my checking or savings account 2000 miles from home at 3 AM. Try that with a check.
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My Credit card ( Chase business) pays 3% on gas,dinning,,home improvements,office supplies, So its a no brainer to use it and pay in full each month. However I use my debit card each day because my checking account pays 5.12% interest ( 6% this summer) the catch is electronic statements, on line bill pay, and use your debit card 12 times per month( I get $250 interest per month) I used to have to use my ATM/debit card to get cash from ATM machines but now get cash back when using the debit card, an added perk. Both my credit and debit cards have there advantages.
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henry wrote:

Can you name the bank or credit union?
I'd like to open an account. I'm serious! <G>
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https://www.florencesavings.com Rewards checking
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wrote:

Thanks! I'll check it out.
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wrote:

413 area code, Sweeeet... I'm in CT! <G>
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wrote:

My bank checking account pays 0% interest, but no monthly/yearly fees, no minimum balance, and free (standard) checks. I can switch to an interest account that pays 0.45% interest if I keep a $2500 balance.
I write checks off my prime money market account (Vanguard) with 5.25% interest (currently) but there is minimum of $250 per check, a $3000 minimum balance, and no FDIC.
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"FoggyTown" wrote:
So you have said, but not explained why.
Perhaps you missed this earlier post:

In the event your card # is stolen and used:
Debit card fraud must be reported within 48 hours to stay with in the $50 liability.
Credit card fraud must be reported within 60 days to stay with in the $50 liability.
There are other differences, but the above is enough for me not to have a debit card.

Sounds like a pretty good con to me.
Again, SFWIW:
If you paper checking account # is stolen and your account is drained, the bank has 3 days to open a new account and replace your money.
I had this happen, trust me it is a total PITA.
I said it once, I'll say it again, a debit card is a method by which the bank limits it's liability by transferring liability to the card holder under the guise of convenience.
I don't know what you call it, but where I come from, that's a con job at work.
Lew
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Nonsense.
If my wallet was lost/stolen, and it contained a thousand dollars in cash, I'd lose every penny.
With my debit card, I only lose $50. Yet I still have access to my money.
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In theory, that is certainly true.
I hear and read lots of stories where banks were not easy to deal with, on consumer radio shows like "The Clark Howard Show", and in consumer help newspaper columns.
Even when the fees are completely refunded, there's still the embarrassment of bounced checks, and the time and hassle of getting the bank to cover the payee's NSF fees.
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On Sat, 17 Nov 2007 02:47:03 -0800, "Lew Hodgett"

That's my point. My money isn't involved while the details are sorted out.
"It" did happen to me... *Twice* in 2007, $7500 and $1400 worth.
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How did they get the information to steal your money? Maybe I'm lucky, and maybe I'm more careful with my debit card.
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I don't know. Capital One simply issued me a new card number. From what I understand, they barely chase these things. Card issuers don't share their findings with customers. It could have even been an inside job at the credit card company.
This particular card, which isn't my rewards card, was only used on ITunes, the local DeWalt repair depot (once - $9), and Kohl's (once - $22), in the previous year. Both non-ITunes transactions were in-person. I've used Quicken since 1994, so it's really easy for me to look this stuff up. My wife's matching card from that issuer has a different number.
This card is used so infrequently that I was surprised to get a statement. Once I opened it' I saw (2) $3750 charges for a law office in Chicago, but I'm in Connecticut and haven't been to Chicago in over 12 years. Of course, the bill arrived at 4:30 PM on a Saturday, so I left a message on the lawyer's voice mail, and got to stew about it 'till Monday. I also immediately called Capitol One and put the charges in dispute.
On Monday, the law office called me back, and I got the story. A clerk in the office had sold some items on eBay, to be shipped out of North America. She thought it was weird that the buyer wanted to buy everything she had, including stuff not listed for auction, but she completed the transaction anyway, through her _BOSS'S_ merchant account for the legal practice. Oddly, she thought it was up to me to chase the thief! <G>
Capitol One agreed the charges were not mine, and I never had to pay a dime. Apparently, the law clerk is now out $7500, as the money was charged back to the law office merchant account.
The second instance, with my rewards card, was my favorite seafood restaurant in Provincetown, MA. Due to a computer glitch, their POS merchant system ran every transaction _15_ times! <G> They did this to 750+ customers. It was all made good, and I paid only for the meal I ate. It did take two weeks to straighten out, but it got done.

Tell me where either of the above examples could have been my fault. Back in June, my credit union sent me a new debit card out of the blue, because I used it at a TJX owned store that was the subject of a highly publicized database compromise.
FWIW, a few years back, I was in this very forum touting your point of view. I'll bet Google still has it. ;^)
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Maxwell Lol wrote:

Had written the monthly checks, then put them in the mail box.
Thieves broke open the mail box, stole the mail, the rest is history.
Tried to talk to the bank fraud unit, was told is was against bank policy.
Lew
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So the problem was with your checking account, and had nothing to do with the debit card?
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"Maxwell Lol" wrote:

Since I don't have a debit card, would seem to be a statement of the obvious that totally misses the point of the post.
Lew
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On Sat, 17 Nov 2007 17:43:52 -0800, "Lew Hodgett"

I have a co-worker who had his identity stolen this way. He lives in a rather upscale town (Madison, CT), where thieves were doing daily cruises looking for mailbox flags. Many people had identities stolen, no criminal was ever caught.
It made me a quick convert to my credit union's "Bill Pay" service and street corner mailboxes.
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