Connections Stole $563 From My Bank Account!! Warning!!

[kdonnel]

Originally posted by GAIL HAYDEN
Debit cards vary from bank to bank. I am only liable for the first 50.00 with my bank's debit card with the MC logo.

Debit cards do NOT vary from bank to bank. They did initially but then VISA and MC stepped in and and said if you put our logo on the card you must all meet the same liability standards. This happened many years ago but the rumors still hang around.

You are liable only for $50 but most banks will waive that if you are a good customer.

Now you may be out your money for awhile while they investigate but you will get it back.

They only reason you should use a debit card is if you do not have the discipline to only charge what you can pay off each month on your credit card.

Disputing a charge is a much more pleasant experience when you are not having to pay the money up front.

 

[GAIL HAYDEN]

Originally posted by kdonnel
Debit cards do NOT vary from bank to bank. They did initially but then VISA and MC stepped in and and said if you put our logo on the card you must all meet the same liability standards. This happened many years ago but the rumors still hang around.

You are liable only for $50 but most banks will waive that if you are a good customer.

Now you may be out your money for awhile while they investigate but you will get it back.

They only reason you should use a debit card is if you do not have the discipline to only charge what you can pay off each month on your credit card.

Disputing a charge is a much more pleasant experience when you are not having to pay the money up front.

Thanks for the info, but, that is one of the "selling" points between banks here in CT. I am glad to hear, from you, that it is a consistant policy. I took the time to read my very LONG, small printed pamphlet from my bank when I did get my debit card. I have yet to have a problem with my card and I do not have the discipline to pay of my Credit Cards every month, so, this has been a wonderful thing for me.

 

[kdonnel]

Originally posted by GAIL HAYDEN
Thanks for the info, but, that is one of the "selling" points between banks here in CT.

Actually you are not responsible for anything.

The banks also have a maximum of 5 days to give you a provisional credit.

From Visa's page on debit cards:
Visa's Zero Liability policy took effect April 4, 2000, and is a great improvement on the previous policy. The former policy required that you report fraudulent activity within two business days of discovery. After this two-day period, you could be held responsible for up to $50 of the unauthorized charges. With the new Zero Liability policy, you're no longer required to report fraudulent activity within two days and you're not responsible for any fraudulent transactions made over the Visa network.

The whole story from Visa

 

[kessieann]

I have no credit card and have no interest in having one so I wondered if my "plan" might work?

I have an extra bank account that was opened so that we could get a fee airline ticket. It is not an account that I use much and I was planning on cancelling it soon anyways. I was thinking I could put just enough money into this account to pay for my Connections items. After it goes through I will cancel the bank account. Either way I am figuring there won't be any money in it for a double charge to go through and/or by the time they might try to put it through a second time the account would be cancelled.

 

[jjarman]

Originally posted by nasmith
I'm not sure if the law has changed recently or not- but as of last year ---if your Credit Card is stolen (whether your wallet is stolen, or someone gets the number and uses it online, etc.(some dishonest employee who takes the card in the back to ring it thru)) you are only liable for $50 of their strolen purchases.

If your Debit card is stolen (same scenario)- then you are liable for the ENTIRE amount of their stolen purchases. You can dispute the charges of course, but the automatic protections are not in place as they are with a CC -----This is the main reason I use a CC and don't even carry a debit card with me (yes, I pay the CC off every month). (If there are new protective laws out there- let me know).

I shop alot online (see my tag- LOL) and would never use a debit card that has access to my bank account. Even with paypal - I set up a secondary bank account with a minimal balance so that they would not have access to my primary accounts. I wish I could trust everybody- but unfortunately, there are crooks out there- and it's better to be safe than sorry!!

I truly Hope that you get your money back!!! Jill

Thankfully, my bank treats our debit card the same as a credit card. A coworker who uses the same bank and me had her debit card stolen and before she realized it they had charge about $3000 on it. The bank took care of everything for her. DH and I use our debit cards everyday and have never had a problem with double billing.