raindancer
Pearl Clutcher
Posts: 3,095
Jun 26, 2014 20:10:29 GMT
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Post by raindancer on Jul 24, 2016 2:10:56 GMT
I use my check card for everything. It was hacked once. One phone call and I got the money back immediately. I wasn't out anything in the meantime. Not sure how anything could have been any easier to clear up. I didn't even have to go to the bank in person. I think this is old advice. Now that so many bank cards have a VISA logo, you get the protection of a VISA credit card whenever you use it. Maybe it's still true with small banks or credit unions that don't have branded cards. It is not old advice and it is prudent advice. Different banks have different policies, and those policies can vary depending on the size/scope of the fraud. Federal banking regs don't require banks to issue immediate provisional credit when fraud is reported; they have up to 10 days. Many banks *do* issue provisional credit within 24-48 hours, but they don't have to. And if fraudsters drained your account today, your mortgage is due tomorrow, and you don't get provisional credit for 10 days, you could be in a world of hurt. Yes, I know peas are financially perfect and they would all just transfer funds from their fully funded 6 months of living expenses emergency fund, but speaking as someone in the banking industry - that's not the reality for most people. I've seen way too many people have horrible outcomes as a result of debit card fraud to even consider using one on a daily basis. The VISA branding on a check card does not change how it is governed by banking regulations. It's a debit card and subject to the provisional credit rules for a debit card, not a credit card. I should have just kept reading. And my bank missed the fraud and didn't alert me. Twice. And they transferred money from my savings account so they could keep spending.
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trollie
Pearl Clutcher
Posts: 3,580
Jul 2, 2014 22:14:02 GMT
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Post by trollie on Jul 24, 2016 2:15:38 GMT
He immdiately called the bank, shut the card down and updated our recurring payments. Major pita.
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