I think CY was referring to himself as a consumer, not as a bank.That's the federal law, which is not what I was referring to. I was referring to the policies of VISA and MasterCard to offer debit card services to banks.
I think CY was referring to himself as a consumer, not as a bank.That's the federal law, which is not what I was referring to. I was referring to the policies of VISA and MasterCard to offer debit card services to banks.
an excellent idea and long pass needed. but limits should be slightly higher... say $500.
currently any debit card has a gaping hole exposure wise.
if someone rips off your credit card and runs up say $5k ... like what was done to me last year.
what happened was my credit card company called me and asked about the $2k charge out of London? I reply not me... didn't charge anything in London. ... credit card company immediately refunded all the fraudulent charges against my account totally up $5k and changed my credit card numbers.
then credit card company immediately attempt to reeled back all charges from merchants. ALL charges not reversible are absorbed by the credit card company as a cost of doing business. this policy also entices folks to not be scared of using credit cards for any type transaction.
from what I could tell, someone got my credit card numbers electronically somewhere. probably during one of those times Sam's CC users numbers got hijacked.
had that happened to a Debit Card ... you are **** of out luck.... YOU absorb ALL of the loss. your bank is not responsible for theft of your legit information.
this is why setting a hard limit on Debit Card is an excellent idea that past needed!
No work at half pay. I wish I could get a deal like that.
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?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.
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.
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