i'm about to get one. don't have a credit card, but theres some stuff i'd like to buy. are these things safe for online use? i believe its a Visa btw...
is it safe to use a debit card online?
- Thread starter tokamak
- Start date
I always have, never had a problem.
I think it's generally frowned upon, cause if anyone does get ahold of your info.. it's your bank account.
I think it's generally frowned upon, cause if anyone does get ahold of your info.. it's your bank account.
<Dr Evil> How 'bout NO, Scotty? </Dr Evil>
A debit card is directly tied into your bank account. Bad idea.
A credit card at least has a limit and a coverage policy.
Hell, I don't think I've ever seen an option to use debit online.
Edit - Must be because I'm a Canadian, and therefore 98% of online stores hate me.
- M4H
A debit card is directly tied into your bank account. Bad idea.
A credit card at least has a limit and a coverage policy.
Hell, I don't think I've ever seen an option to use debit online.
Edit - Must be because I'm a Canadian, and therefore 98% of online stores hate me.
- M4H
just make sure the company you are ordering from is a reputable company... shouldnt have a problem.
as far as the merchant is concerned, a check card with a credit card logo IS a credit card. if the card is authorized for the amount, it's the same deal for them. the only difference is how the charge is authorized. i think one will check your balance and the credit card will check your credit limit.
I was under the impression that while they were legal limits to what you would be responsible for covering in the case of credit card fraud, with debit cards it was at the discretion of the bank so they could clean you and you'd have no recourse, while with a credit card it would be limited to $50 or whatever. Certainly not something I've ever investigated, but worth looking into. (or maybe ross knows
)Originally posted by: Soybomb
I was under the impression that while they were legal limits to what you would be responsible for covering in the case of credit card fraud, with debit cards it was at the discretion of the bank so they could clean you and you'd have no recourse, while with a credit card it would be limited to $50 or whatever. Certainly not something I've ever investigated, but worth looking into. (or maybe ross knows
well i think with debit cards, once you're cleaned out, you have no recourse, because the perp has your money in his hand in cold hard cash.
so basically i will be held liable for any fraudulent charges on my debit card? thats a bum deal, seems like i'd really be taking my chances. its not coming from bank of america, its coming from my local credit union....
I've used one for years...have no credit cards...and won't be getting any for at least another 3-4 yrs.
RossMAN
Grand Nagus
- Feb 24, 2000
- 78,794
- 264
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Wrong
At most you will be responsible for up to $50, nothing more.
BUT while your credit union investigates the matter you're out the $ which was stolen out of your account.
With a credit card it's THEIR money, not yours which is in limbo.
So what if you only have $500 in your checking account, $500 gets taken out, you have checks, ATM and debit card transactions posting ... your account is overdrawn/NSF, and the fees start building it's usually around $20 per NSF item plus whatever the merchant charges you.
Debit cards are SAFE but not recommended.
Depends on the bank. I have Wells Fargo and some German asshats got ahold of my number somehow. I lost the money upfront, but I got it all back in a month or so, no problems. But I got a credit card now simply because I feel safer knowing that the money doesn't actually leave my account until I say so.
thanks, rossman. i think i understand now. so lets say i have $500 in my checking account. somehow i lose my card or the number gets compromised, and someone cleans me out. i find out and tell my bank. basically what youre saying is that either visa or my bank (i dont really care whom ) will replace the $500 in my account (or at least $450)? and the only problem i might have is if i tried to write a check or something before i found out that i had been cleaned out?
) will replace the $500 in my account (or at least $450)? and the only problem i might have is if i tried to write a check or something before i found out that i had been cleaned out?Just to prove I wasn't totally wrong
"Under the Electronic Funds Transfer Act, your losses are limited to $50 if you report your ATM card lost or stolen within two business days of discovering the loss. If you wait between two and 60 days of discovering the loss, you can be liable for up to $500 of what a thief withdraws. If you wait more than 60 days after receiving a bank statement that includes an unauthorized transfer, the law doesn?t require your bank to reimburse you for any losses. You?re not responsible, however, for any funds withdrawn after you notify your bank that the ATM card is lost or stolen."
BUT
" VISA and MasterCard have voluntarily limited debit card liability to the same $50 limit that exists for credit cards."
So I wasn't completely crazy! http://www.fdic.gov/consumers/consumer/news/cnsprg98/crook.html (bit dated hopefully still accurate)
Of course since most debit cards are visa or mastercard that helps. I'd still just get a cc to play it safe!
"Under the Electronic Funds Transfer Act, your losses are limited to $50 if you report your ATM card lost or stolen within two business days of discovering the loss. If you wait between two and 60 days of discovering the loss, you can be liable for up to $500 of what a thief withdraws. If you wait more than 60 days after receiving a bank statement that includes an unauthorized transfer, the law doesn?t require your bank to reimburse you for any losses. You?re not responsible, however, for any funds withdrawn after you notify your bank that the ATM card is lost or stolen."
BUT
" VISA and MasterCard have voluntarily limited debit card liability to the same $50 limit that exists for credit cards."
So I wasn't completely crazy! http://www.fdic.gov/consumers/consumer/news/cnsprg98/crook.html (bit dated hopefully still accurate)
Of course since most debit cards are visa or mastercard that helps. I'd still just get a cc to play it safe!
Same here. Been using mine for a year and no prob's "touch wood". But like RossMAN said only use BoA card cause it has protection.:beer:
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