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.
I once called my lawyer, fit to be tied, madder than a wet hen, with murder in my heart, and with the full intention of suing a bank and taking it all the way to the Supreme Court ... yeah, right.
I had deposited a check in excess of $10,000 and it was 17 days before the funds were available to me, although I had proof from the issuer that the check had cleared, was debited from their account in favor of the culprit bank, all within 24 hours.
The lawyer simply said that in law school, if there a question on a test regarding the outcome of a trial with a bank as one of the litigants, the answer was _always_ "the bank wins".
Short of politician House and Senate lawyers, there are few more despicable institutions in this country ... particularly those also in the credit card business.
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!
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! 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. ;^)
I feel safer with my debit card than walking away from an ATM with a handful of cash. In Europe (and some places here) I carry a decoy wallet in my back pocket and another elsewhere.
I hear paypal also offers a one-time-use accoutn number as well.
Paypal now offers a cryptographic token called a SecureID, which we also use at work. It's a keyfob that has a 6-digit number that changes every 30 seconds. When you log in, it asks for the number on your fob at that time.
It only costs $5 (they sell it below cost - they normally go for $30). You can buy one and then decide not to use it.
You can use to gain extra protection for your paypal account.
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.
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.
Phisherman re above I pay no monthly or yearly fees and have no miniumn balance to keep and can write a check for any amount.
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