UGH Debit Card Fraudulent Activity

[Alexander]

It's great that they check with you before completing transactions but I, for one, wouldn't want to be interrupted all the time while on vacation (or any other time) with my bank calling to ask me if I really meant to make that purchase. I'll stick with my credit card.

Considering it is only once or twice while on vacation, I truly appreciate the calls.

Let me put out this scenario-Your debit card is compromised. Your real money is tied up until it is discovered and corrected. What if your mortgage is due the same day and your account is overdrawn? Or worse the payment does not go through because your account was cleaned out?

Now if it were a CC you would not have to worry about waiting for your cash to come back or bills getting paid on time.

My debit card was compromised and my credit union would not authorize those transactions until I confirmed them as mine, which they were not. Because they know my transaction history, the money was never withdrawn from my account. One phone call from me and they find in my favor. There is no investigation involving me and no tying up of my money. In fact when I went in to sign the fraudulent transaction statement, the new girl and I had a chat about DVC because she knew we were members because my dues are debited from my account each month. I am not kidding when I say they know my history of transactions (probably better than my DH)

 

[chicagodisneyfan]

Considering it is only once or twice while on vacation, I truly appreciate the calls.

My debit card was compromised and my credit union would not authorize those transactions until I confirmed them as mine, which they were not. Because they know my transaction history, the money was never withdrawn from my account. One phone call from me and they find in my favor. There is no investigation involving me and no tying up of my money. In fact when I went in to sign the fraudulent transaction statement, the new girl and I had a chat about DVC because she knew we were members because my dues are debited from my account each month. I am not kidding when I say they know my history of transactions (probably better than my DH)

That sounds terrible. I do not want that close a relationship with my bank - I am happy to never hear from them.

I am glad it works for you - but for the majority of people - a credit card or cash is the best way to purchase items for their protection.

 

[Sunnywho]

Let me put out this scenario-Your debit card is compromised. Your real money is tied up until it is discovered and corrected. What if your mortgage is due the same day and your account is overdrawn? Or worse the payment does not go through because your account was cleaned out?

We've found it helpful with budgetting to have three separate accounts. One is for the mortgage and one is for all the monthlies (electricity, satellite, etc) and our last one is for purchases, and that last one is the only one with the debit card. If the debit card is overdrawn, it goes on the credit card, not from the other accounts. So it's a compromise that at least keeps the mortgage and bill money safe if someone were to steal the debit card. But the main reason we do it is for budgeting.

 

[sissy_ib]

Considering it is only once or twice while on vacation, I truly appreciate the calls.

My debit card was compromised and my credit union would not authorize those transactions until I confirmed them as mine, which they were not. Because they know my transaction history, the money was never withdrawn from my account. One phone call from me and they find in my favor. There is no investigation involving me and no tying up of my money. In fact when I went in to sign the fraudulent transaction statement, the new girl and I had a chat about DVC because she knew we were members because my dues are debited from my account each month. I am not kidding when I say they know my history of transactions (probably better than my DH)

Most banks wont do that. My bank NEVER calls me. I have traveled all over and never had a problem using my card. If someone were to steal my card number my bank would not catch it just based on where the purchase was taking place.

We've found it helpful with budgetting to have three separate accounts. One is for the mortgage and one is for all the monthlies (electricity, satellite, etc) and our last one is for purchases, and that last one is the only one with the debit card. If the debit card is overdrawn, it goes on the credit card, not from the other accounts. So it's a compromise that at least keeps the mortgage and bill money safe if someone were to steal the debit card. But the main reason we do it is for budgeting.

That is a good plan. But my scenario was for people who have one account. Most people are going to have banks that don't call them for every purchase, one checking account and most of their money in that one account.

 

[creativeamanda]

People should have at least two checking accounts. One for direct deposit/bills. One for spending. They should not be linked so one could withdraw the other. The banker I dealt with this week stressed that to me.