I've often heard that if you lose your credit card, you are only liable for $50 someone else charges on it, and for nothing if you report it soon enough (Although no one has said what soon enough is. if you're over that it's only $50.)
But what are the risks if you lose your userid and password to your online bank account and they transfer 1000's of dollars out. Yes, they can see where it was transferred to, but I have the feeling that's not enough.
This is a bigger problem now that people "access" their accounts from their phones, which are a lot easier to lose or get stolen then the computer at their home.
The US government is now choosing the candidates who will be allowed to run in the 2024 election. If you are looking for a law to protect you, you may no longer find it.
Contact that bank. This probably happens many times daily. They're sure to have a procedure to verify your identity and restore your access to your now $0 on-line account.
One reason NOT to deal withan "online only" bank. If I lose an unsecured phone (who the 7734 doesn't secure their phone today??????) or suspect my account number and passwords have been compromizwd I walk into my local branch and change the password - and possibly close the account and open a new one. I also do NOT use debit for transactions. Easy to limit debit transactions to something you can live with losing - like $50 or $100 - or even $0 so if someone gets your debit card or info they can't rob you blind.
We were forced to escalate our complaint up-the-ladder from our branch to head office and upwards at head office before we got a resolution .. it took 6 months. .. even then we were forced to sign a "keep quiet" agreement .. all over a mistake that was 100 % the bank's fault .. as lifelong customers, we sure felt like specks of dust ! .. our subsequent banking experiences with the Credit Union have been A-1 in every respect. John T.
Libro? Have heard nothing but good about them - also Kindred. I've been with TD Canada Trust since about 1960 when it was Waterloo Trust.Company account and some investments with CIBC and some investments with Libro. No complaints with either. Did have my access card compromized at TD but THEY caught it and fixed it painlessly before I even knew anything had happened.
We sure are fortunate with our banking system up here in Canada. MUCH better regulated and much more secure than the US banking system - and in fact better than pretty much anywhere else in the world.
CIBC branch manager was covering-ass it seems .. .. to the tune of about $ 3500. of _our_ dollars. When it went to head office - lower level just wanted to support the branch - higher level just wanted it to go away. Kindred - nothing but good to say. John T.
Here in the U.S., I've had nothing but superlative service and great rates from the largest credit union in our country both by number of branches and by total deposits on hand. Been with them for 47 years. Whether with savings accounts, checking accounts, credit cards, debit cards, or lines of credit, I'm a big fan. Commercial banks here are another story entirely.
I know a few people who have had nothing good to say about RBC. As far as CIBC is concerned I didn't do much actual banking with them. Never had a card with them. They just handled my business deposits and cheques - not much they could really screw up.
You can do that online with any online bank too without having to go to a branch. And unless you have no lock on your phone, it should either be locked if you haven't been using it or lock within a minute or two of leaving it with no activity. The window of vulnerability should be very small You can also Google erase it online if anyone tries to get it working and has a cloud connection.
I don't lock my phone but I also don't save any bank login information in it. I suppose it still exists somewhere in unallocated RAM, until it gets written over, but I'm thinking no one who finds or steals my phone will know how to find it. I did have a phone stolen in Greece and there were no ramifications, other than a missing phone.
He also stole my wallet (from the car), including one debit and one credit card. One bank, not a famous one, was so stupid I couldn't cancel the card for 36 hours (all day Saturday until 5PM Sunday Greek time), because when I called on the phone several times it said the system was down, and when I found a PC I could use, again, several times over hours, and also a second person called for me or let me use his phone, it said that system was down too. I wanted to write them about this but other than snail mail(or maybe chat that I didnt' think of) there is no way to write them. So I told the woman on the phone and she repeated everything back to me, and said she would relay it, but I have no way afaict to tell if they've fixed things.
Still, I watched all the alerts and then reviewed the statement for both cards and nothing was charged to them. And I had brought two other cards, credit and debit, so my vacation was not damaged.
That would work well when not travelling, but I didn't have my laptop with me and couldn't but another phone for 3 days.
There is something to that, probably good advice, but iirc, though the money may be out of the account at first, unlike with a credit card, you can get it back and the same rules about limiting loss to $50 if reported (within 2 days**) still apply.
Yes, I think that's correct: "How much money can you lose if your debit card is stolen? Let's say you lost your debit card or it was stolen. If you notify your bank or credit union within two business days of discovering the loss or theft of the card, the bank or credit union can't hold you responsible for more than the amount of any unauthorized transactions or $50, whichever is less. Aug 28, 2023"
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page covers several situations.
Also,
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your credit, ATM, or debit card is lost or stolen, federal law limits your liability for charges made without your permission, but your protection depends on the type of card and when you report the loss.
---This says, maybe, something different from the first link: You report your cards loss after someone uses it Credit card: The maximum you might be responsible for is $50 Debit card: What youre responsible for depends on how quickly you reported it. [!!] If someone uses your ATM or debit card before you report it lost or stolen, what you owe depends on how quickly you report it: If you report your ATM or debit card lost or stolen within 2 business days after you learn about the loss or theft, $50 more than 2 business days after you learn about the loss or theft, but within 60 calendar days after your statement is sent to you $500
So it's no worse than I thought plus there is a limit of $500 if reported within 60 days of receiving the next statement, or maybe the statement that shows the invalid charges. I did not know about that.
more than 60 calendar days after your statement is sent to you: All the money taken from your ATM/debit card account, and possibly more for example, money in accounts linked to your debit account. Yikes!
I urge you to read the whole link -- it's not very long -- from the FTC and dated only 13 months ago. Because I didn't quote everything, especially where it was silent. If I read it correctly, you actually have more protection for an ATM or debit card than for a credit card. I never heard or read that before. I had thought it was the same or less.
**In my story at the top there was a night before I was able to even try to report it, and i finally reached them about 47 hours after it was stolen. I see that I was just in time. I'm surprised the cards were not used. Maybe it's harder to use a stolen card in another country, or at least in Greece. I suppose the stolen phone was used as a phone, etc. but not for banking.
I had parked after dark in an entertainment area known to locals as a place where cars are broken into. That's when the car was broken into. I went back 2 afternoons later to talk to someone and parked on a block without stores or the fronts or windows of houses three blocks farther from that entertainment district in Athens, I was suprised there was on-street parking so close, and I asked someone walking down the street who spoke English, and he told me not to park there. Then I looked down and in the crack between the curb and the sidewalk I saw a row of broken glass at least 40 feet long, from all the broken car windows. I left.
https://www.google.com/maps/search/synagogue/@37.9791004,23.7186497,45m/data=!3m1!1e3?hl=en&entry=ttuThere are cars parked there in the picture. Maybe the police cleaned things up. Imagery c 2024 -- but is that the real date?
Street view otoh shows it almost empty and note the graffiti, Image Capture sep 2022. https://www.google.com/maps/@37.9791609,23.7186491,3a,75y,143.71h,90t/data=!3m6!1e1!3m4!1sHnoWZq4VOca5CQ86ZtQlZw!2e0!7i16384!8i8192?hl=en&entry=ttu
After bar closing someone (part of an organized ring) wants to put their contact information on someones phone (must have been some reason to do that - don't understand). They them steal the phone, which is unlocked.
As part of a carjacking a phone is stolen and owner is forced to unlock it.
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