I think CY was referring to himself as a consumer, not as a bank.
That article doesn't state any different. There isn't a bank or credit union anywhere that forces consumers to absorb all the losses.
All banks that issue Visa DCs have to give provisional credit within 5 days. Many if not most banks/credit unions have fraud policies that go farther than the $50 federal libility amount and reduce libility to zero on their own. You likely will have to file an affidavit of fraud, but you will be reimbursed.
They are correct about disputing a charge however. DCs are quaranteed funds to the merchant. If the card is approved, you can't stop pay. Never, never, never pay for goods on the Internet with a DC.
I don't agree really. I use my debit card for almost everything so if I'm limited to a $500 max transaction, that hurts me big time as the few credit cards I do have are low limit. However, every bank I've used has had a $400 max cash withdraw per day, which I'm ok with.
No work at half pay. I wish I could get a deal like that.
Oh yeah...It's fun till you have to pay the bills.
And if they can arbitrarily decide to limit purchases to only $50 or $100, because it suits them, I guess they can arbitrarily change their rules on fraud charges too. Can't they?
The ONLY limit they have is what they are limited to by law.
Over the years, I have had an American Express card and my debit cards fraudulently used on four separate occasions. In all two of these instances [one was about $7,000 and the other roughly $700] the credit card company picked up the fraud via their software system and called me asking if I made the charges. On the third instance [two $500 phone calls originating from Aruba] I caught the fraud charges when I reviewed my statement and they refunded my account. On the final one I was at Greer's Ferry Lake in Arkansas and my bank cancelled my card when all the Arkansas charges started showing up. Lucky for me I had a couple of other cards to use.
folks ... I stand corrected, was not aware of federal regs ...
still would stay away from debit cards... too many horror stories from debit card holders whose checks bounced while the bank conducted a fraud investigation. "The resolution of the problem is so much harder with a debit card.
still would stay away from debit cards... too many horror stories from debit card holders whose checks bounced while the bank conducted a fraud investigation. "The resolution of the problem is so much harder with a debit card.
Of course. But by law they can't do it without disclosure, so you'll know well in advance. Problem is, competition will likely never let them do that. They're not likely to run off DC customers by raising liability limits.
Personally I never use them, but not because of the liability. I use a CC for nearly everything I buy except for occasional small purchases.
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