The credit union (CU) is owned by the members. I had a call from the CU one day. Used the card in Vegas and then Florida on the same day. Just a call on the phone made me appreciate the CU.
One can also request that a ONE time debt amount is limited to say $300. The CU will call and verify the transactions.
I have a Mio prepaid MasterCard which I use for online purchases from people I've never dealt with before. The money is in the account right after I go to a vendor who can load the card. I put in just enough to cover the purchase. I had someone try to make a car payment with my card number soon after I bought some stuff on the web from a company in California. My business Visa debit card is never used to buy from anyone I don't know well.
Interesting story a couple days ago on the news. Seems as though there are readers that can be put on gas pumps and ATMs that look like the real thing but grab the information before passing it on through. I always pull at the card reader on the gas pumps and only use bank attached ATMs (since I figure they will be more likely to make things good instead of having me be interviewed on the TV about my experiences--Grin)?
"Master Betty" wrote in news:hitk69$rei$ snipped-for-privacy@news.eternal-september.org:
My point was to punt the whole thing and tell the CC/debit card company to make good. I would NOT want to pay money and wait for a refund.
If it would be necessary to get credit watch, I would insist the CC/debit card company pay for it on penalty of me leaving their institution immediately. Let them sort things out.
Hmm, that's $96 a year. If you just used a credit card the most you could ever lose would be $50. I have never understood why people use debit cards, there is zero benefit from using them. If you used a dividend credit card you could limit your losses to the $50 limit and make between 1 and 3 % rebate on all purchases. I get hundreds of dollars a year back in rebates from my CCard.
Yeah there is that...and then there is reality.
Ashton Crusher wrote in news: snipped-for-privacy@4ax.com:
I don't use credit cards. I don't want any. I don't need any. If I were younger, maybe I would. Just don't need them anymore. I pay cash or do without.
I use a debit card and don't need any special protection. The laws vary in each state so maybe the other person needs the special protection for the debit card.
When up to the ass in alligators - always remember to drain the pond.
"Master Betty" wrote in news:hitr71$6hd$ snipped-for-privacy@news.eternal-september.org:
Yes. I bought something a couple of years ago at a Kmart. Less than $10. Used a Sears credit card I never use. A few months later I get a call about a $9K charge for a couple of items charged to my card, and whether I had indeed made those charges. I said no, and bytheway, please cancel the card - I don't want it if Kmart/Sears personnel can steal the number that easily. Yes I did identify the store where I had bought that les than $10 item.
I was a firm believer in the "no credit card" policy but I'm going to make an exception and get a credit limited card for internet use. I don't want to credit limit my debit because it gets annoying at Price Club when the bill gets too high.
I used debit cards exclusively for over 15 years with no problem until now.
$9k? Somebody had a good time.
My 1st card was a Sears card. I paid for a power hand saw for about 5 years until figured out the minimum payment was less than the interest.
Just because it's a credit card doesn't mean you can't just pay the bill every month and forget the credit part. Why would you bother paying cash and getting no benefit when you could charge it on a CC and get hundreds of dollars a year back as a rebate? Plus many of them will double (up to one additional year) the manufacturers warranty.
If you lose that card you entire account can be drained and the bank has no obligation to correct it. If you lose a credit card the most you can be out is $50. Plus with a CC purchase, if you wind up in a dispute with the merchant you can request your money back. I have done that three times and every time I've gotten my purchase credited back to me. I would never have gotten my money back if I'd paid cash or used a debit card.
If you have a dispute with the merchant the credit card company (or your bank with a debit card) may ask you to first try to resolve the issue with the merchant.
But if you're not the one who used the card, if it was used by a thief, and you have no business relationship with the merchant, I don't think they can ask you to deal with the merchant. I mean, in this case the merchant was in India.
Even if it's the company across the street, if you didn't order anything then it's the bank's problem.
But I strongly prefer a credit card-- if there's a problem they gotta get money from me. With a debit card they drain your account and you've gotta fight the bank to get your money back.
Shaun, I had someone try to use my prepaid debit card to make a car payment to some finance company in Texas, I got nowhere contacting them to find out who the perp was. There was not enough money loaded on the card to make the payment and Mio didn't charge me any fee to deny payment so I let it go. I have a sneaking suspicion of who let my card number out and I won't be doing business with that California company again. I did have an old well known local supplier make a mistake with my debit card from my business account. I was picking up some data networking parts that cost around $50.00 and when my buddy at the supplier ran my card, it was declined. I knew I had a good bit of money in my account so I called the bank and was informed that a purchase for $5,000.00 was just declined. It seems that my buddy got distracted and had suffered an attack of digital dyslexia. When he corrected the invoice there was no problem. The lucky part was that a few weeks earlier, the five grand charge would have cleared.
TDD
So far I've been able to get 2 of the 4 charges reversed by contacting the merchants.
But you shouldn't have to, that's the bank's job. What if there were
100 unauthorized charges?
They are. And there is a point to just letting the bank do it. I guess I'm playing super hero and trying to keep the bad guy from getting a computer.
The bank has already given me back all the $$. They did a good job.
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