Debit Card Theft - Need Advice

[MelissaWV]

Having a debit card, mistake #1.
Using a debit card, mistake #2.

Broad brush, much?

You have a computer How "private" do you think you are at this very instant?

Debit cards just need to be used carefully, rather than for each and every thing (they are the new credit card, of course). People who buy their morning coffee with debit, and have almost a page of transactions every day, always confuse me. That doesn't mean there isn't a reason to have them.

There are some transactions that want a "credit card," and rather than have a pain in the ass credit card, I have a debit card. Problem easily solved.

 

[pa33]

Hmm if the police won't help maybe you can try on your own. You say the charges occured in a Lowes...your bank should be able to tell you the date/time of the transaction. Maybe Lowes has security cameras and would be willing to show you the tape from that day/time ? It doesn't hurt to ask.

 

[LibForestPaul]

Broad brush, much?

You have a computer How "private" do you think you are at this very instant?

Debit cards just need to be used carefully, rather than for each and every thing (they are the new credit card, of course). People who buy their morning coffee with debit, and have almost a page of transactions every day, always confuse me. That doesn't mean there isn't a reason to have them.

There are some transactions that want a "credit card," and rather than have a pain in the ass credit card, I have a debit card. Problem easily solved.

Increase risks without a corresponding reward; not privacy; are my reasons for deciding debit cards are a mistake.

Please list why I should choose to use debit card over a credit card.
Please list which transactions should I choose to use a debit card over a credit card.

 

[MelissaWV]

Increase risks without a corresponding reward; not privacy; are my reasons for deciding debit cards are a mistake.

Please list why I should choose to use debit card over a credit card.
Please list which transactions should I choose to use a debit card over a credit card.

That *you* should use? Isn't that up to *you*?

I'm not increasing any risks when I use my debit card. If it's compromised, I get my money back (I've had to go through that process in the distant past) as long as I've reported the problem and frozen the card. A credit card offers similar "protection" but with higher tolerance. I don't need it.

I get some reward from my debit card, and it's simply linked to the account I use for direct deposits. This is infinitely more convenient than having to have the bank account anyways, but transfer the money over to an interest-bearing credit card that I won't use enough to garner rewards.

I'm not the one assuming you're doing something wrong by doing things how you're doing them. You are the one who posted that using a debit card was a "mistake." For me, and many others, it isn't.

 

[LibForestPaul]

Credit card companies are held to strict liability laws; the law limits consumer liability for credit card fraud to $50. For example, if you notice suspicious charges on your credit card statement such as double billing or an incorrect charge, the credit card company is obligated to investigate if you send in a written request within 60 days.

For debit card fraud, your liability is $50 if you notify the bank within two days of noticing the fraudulent charges. After two days, your liability increases to $500, and up to your entire account balance after 60 days. So, if you report the theft after two days, you can be held responsible for paying for purchases or charges that you didn't make. Although many banks have started to implement voluntary plans to limit customer liability to $50, there is no federal law regarding this issue.

n addition to stricter liability laws, credit cards offer more consumer protection on purchases made. Use credit cards for very large or fragile purchases and for objects that will be delivered to your home after the purchase. This gives you added insurance in case the purchase is damaged in route.

One final advantage of credit cards is that they are helpful for consumers seeking to establish or reestablish an attractive credit history. Responsible credit card usage can improve one's credit rating, which will improve your chances of obtaining favorable credit terms (low interest rates, low fees, etc.) for automobile loans, mortgages and personal loans.

I stand by my opinion, debit cards offer nothing over credit cards and are a mistake if one is able to obtain a credit card.

 

[heavenlyboy34]

just in case the OP hasn't heard it enough: it is incredibly stupid to use a debit card on the webbernet. Always use a credit card.

 

[heavenlyboy34]

That *you* should use? Isn't that up to *you*?

I'm not increasing any risks when I use my debit card. If it's compromised, I get my money back (I've had to go through that process in the distant past) as long as I've reported the problem and frozen the card. A credit card offers similar "protection" but with higher tolerance. I don't need it.

I get some reward from my debit card, and it's simply linked to the account I use for direct deposits. This is infinitely more convenient than having to have the bank account anyways, but transfer the money over to an interest-bearing credit card that I won't use enough to garner rewards.

I'm not the one assuming you're doing something wrong by doing things how you're doing them. You are the one who posted that using a debit card was a "mistake." For me, and many others, it isn't.

What debit card do you use? I've never heard of one that has so few risks.

 

[jclay2]

UPDATE: I talked with my bank and Lowes. The fraudulent transactions were for two lowes gift cards. Both charges have been taken off and my account is back to the pre-theft level. I am currently trying to decide the best approach for the future. From what everyone says, it might be good to get a credit card. I have never had one and have always been mistrusting of them due to the debt/slavery that they cause so many people. However, for just my online purchases, I think it could be appropriate.
As far as my everyday purchases, I think I am going to start the cash system.

 

[Cowlesy]

I only use Gold and Silver.

 

[heavenlyboy34]

UPDATE: I talked with my bank and Lowes. The fraudulent transactions were for two lowes gift cards. Both charges have been taken off and my account is back to the pre-theft level. I am currently trying to decide the best approach for the future. From what everyone says, it might be good to get a credit card. I have never had one and have always been mistrusting of them due to the debt/slavery that they cause so many people. However, for just my online purchases, I think it could be appropriate.
As far as my everyday purchases, I think I am going to start the cash system.

Credit cards are only bad if you abuse them. Read the fine print in the papers you sign when applying. Live within your means and pay bills on time. Avoid "floating" debt, because this will incur penalties which add up pretty quickly. Another good thing about credit cards is that, unlike debit, it builds your credit record/score. This will be useful if you want a loan in the future. Having no credit record usually means that you will pay higher interest because you are a high risk borrower.

 

[heavenlyboy34]

I only use Gold and Silver.

Retailers accept PMs? Srsly?

 

[Jordan]

I only use Gold and Silver.

This.

You have to consider all sides of the dynamic as Cowlesy has done. Not only has he opted for anonymity, and tradition (6000 years and going strong!), but he's also protected himself from the risk of theft by inflation, a clear problem with both debit and credit cards.

+fakerep

 

[heavenlyboy34]

This.

You have to consider all sides of the dynamic as Cowlesy has done. Not only has he opted for anonymity, and tradition (6000 years and going strong!), but he's also protected himself from the risk of theft by inflation, a clear problem with both debit and credit cards.

+fakerep

lolz

 

[Cowlesy]

Retailers accept PMs? Srsly?

Only the good ones.

This.

You have to consider all sides of the dynamic as Cowlesy has done. Not only has he opted for anonymity, and tradition (6000 years and going strong!), but he's also protected himself from the risk of theft by inflation, a clear problem with both debit and credit cards.

+fakerep

Glad you respect my ability to think things through. Sound and articulate analysis right there.