I don't understand why anyone would use their debit card for anything. No fraud protection.
Debit card compromised
- Thread starter Bipolarcy
- Start date
I have a $500 limit per day on how much I can draw out of an ATM machine. A $500 limit for purchases (non-ATM) seems very ... restrictive. My limit for purchases used to be $1,200, but they increased it to $2,500 a couple of years ago. Inflation, I guess.
I would agree, but when I asked about increasing the limit and they refused, Stated if I needed it raised for a day or two, then give them a call and they can increase it, but for everyone their limit is $500 a day.
I don’t understand why people have a debit card. I haven’t had one for almost 20 years. In that time I have had to go to a bank branch a couple, maybe 3 times to get cash instead of an ATM but that is probably where I would have gone to hit an ATM.
I wouldn't ordinarily, but if I use it 10 times per month they boost my interest rate on my bank balance. Not a whole lot. Ends up earning like $20 per month.
They do typically have some fraud protection, but unlike a credit card where those charges are just reversed (pending investigation) and you're never out any real money, with a debit card you are actually out money until they put it back into your account, which has the potential to put one in a real bind when you need to make important payments depending on how much someone had and how much was taken.
The only people who should be regularly using a debit card are people who know themselves enough to know they won't have self control if they have a credit card. Otherwise you're just making things more of a potential hassle for yourself and missing out on benefits.
As others have mentioned, never use a debit card online. I don't even carry my debit card anymore, it just sits in my safe at home. Have it in my Google Wallet if I need it but that's essentially never.
Glad the bank blocked it for you to save anymore hastle.
Glad the bank blocked it for you to save anymore hastle.
This happened with the wife's debit card. I took the info to the bank and they issued a whole new card, number and everything and then contacted the company where the card had been used at and the money was back in our account before we got home.
A month later we got another refund for the same amount directly from the company into our account and I said the heck with it, I'm not going to say anything.
Just prior to this happening I had two credit cards from two different banks hacked but the banks flagged the fraudulent charges and denied them. One charge was for over $4000. I had a lot of automatic payments set up on those cards and those all had to be changed along with all of the passwords also. They issued new cards with new numbers and everything. They were cash rewards cards so I used them a lot for ordinary expenses.
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People have it covered. Don’t ever use your debit card other than for getting money out of ATMs and even then I’d be a little selective on which ATMs to use.
I use my debit card maybe once or twice a year and even that way I still have my card info stolen a few years back. Pretty sure I know which ATM was the culprit too…
I use my debit card maybe once or twice a year and even that way I still have my card info stolen a few years back. Pretty sure I know which ATM was the culprit too…
I don't understand how people get along without one. I use nothing else but. Maybe I'm just old fashioned, if you can call a relatively new invention like debit cards an anachronism. Don't even have checks. This is the first time I've ever had trouble with it, in over 20 years. I don't have credit cards. Would never have a credit card. I think it's more ridiculous to pay with your phone, where someone just passing by too close can steal your money.
Same here. Our bank just converted our account into a new program where if you use the debit card for 15 POS purchases per month then you get free checking and an APR of 3% on the daily balance up to $15,000. No minimum balance requirement in the account. I do it just for the free checking and maintain just enough in the account to cover expenses.
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Credit cards are free money if you use them correctly
If you're using the chip, tap to be extra safe, you have basically nothing to worry about, it's a one time token. Basically the only way the info could be stolen is physically stealing the card or getting a picture of the number/name/cvv/expiration. If you swipe, yeah you risk the info being copied.
.....what? Google/Apple Pay are the best and I'm not sure it's close when it comes to security. No one ever actually gets your real card info and I believe both require security.
Damn, I just got mine compromised today also. Bastards charged $976 to Best Buy. I got a text from "Shazam Fraud department" with a phone number to call. Instead, I looked up their website and called the number listed there. Got the charge labeled fraud, card shut down, etc. I am pretty certain the text was from the scammers trying to get pin number, etc. to really go to town.
In the past year I've started using privacy.com (operated by Lithic, which is a legit CC processor) when I find myself in situations where I need to give a card number over the phone or by mail. You can create a temporary debit card number and link it to your bank account or debit card, and then you can set a spend limit, lock it to a merchant, make it single-use or only valid for a set amount of time. The free tier allows for creating I think 5 new cards per month. I also use it when I sign up for random free trials of something in case I forget to cancel, because it will pass the pre-authorization but then fail to actually charge as I'll set the spend limit lower than what the cost of the service is. Pretty sweet life hack. It's awesome
Not having credit cards is literally giving away money. I get 2% on everything, 3% on gas and groceries, 5% on Amazon. Not to mention I got buy one get one free plane tickets for Maui in 2018 via Alaska Airlines and have saved a bunch on other travel items with the perks.
Your last sentence, you don't understand how that works. They can't, it's layered behind logging into your phone and logging into you Apple/Google Wallet and the second you use it the token changes. They can steal it from your card if your wallet doesn't have RFID blocking materials but again they'd only be able to use it once and it would have to be before you use it again.
