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So apparently I spent Tuesday in South Africa

phoenix79

phoenix79

Golden Member
Went to the ATM last night to take out some cash for a small purchase at a local store. I don't like to use the plastic there because it costs him more to run my card than he makes off my purchase (less than $1). ATM wouldn't let me have any money. I go home and look at my account online and see that there was a $667.75 charge on there that I never made and the name of the place was illegible, and another for $6.66 from the same place. I know I never made it because we're about to close on a house next week and we're not making any big purchases. Whats more, I only keep in that account what I need in the immediate future, so the check we had written a couple days earlier to the home inspector had now bounced... At this point all money moves into savings because that card can't access savings. So, morning happens, i go to the bank to find out where the charges were from and the do their research and they were from SOUTH AFRICA!!!!!!!! Yeah, I went there Tuesday, thats my illegal black market diamond run day... FFS people!!!!!! So i filled out the paperwork to dispute the charges, and canceled the card. Hopefully everything will be set straight before we close on the new house Tuesday.....


Cliffs:
1. Buying a house next week
2. massive charges on debit card I didn't make
3. Bounced check to home inspector because of fraudulent charges
4. charges were to South Africa
5. Criminals Suck
 
It's hilarious that no matter how many times for the past few years people simply say do NOT use a debit card for ANYTHING you can use a credit card for (IE EVERYTHING but ATM withdrawls). It is absolutely vital that you understand in the interest of fraud your bank will drag it's ass and you will likely NOT recover lost funds from a lost/stolen/compromised debit card.

You ARE however covered by all major credit card companies, and they typically invest millions upon millions of dollars on ways to determine if a string of transactions appears fraudulent in efforts to stop it before it gets worse.

Every debit card I have owned for the past 10 years has stayed in my safe at home.
 
Originally posted by: Newbian
Originally posted by: phoenix79
Text


hehe
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Babe thread!!! 😉

So what's with the middle of the top story?

It looks like there should be a window there also and not just the wall.
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Lol, thats not even my wife in the interior shots 😀

thats where the Walk-in closets are for the 2nd and 3rd bedrooms are, it makes them just a bit bigger. We'll probably get some sort of decoration to put there.
 
Originally posted by: Saga
It's hilarious that no matter how many times for the past few years people simply say do NOT use a debit card for ANYTHING you can use a credit card for (IE EVERYTHING but ATM withdrawls). It is absolutely vital that you understand in the interest of fraud your bank will drag it's ass and you will likely NOT recover lost funds from a lost/stolen/compromised debit card.

You ARE however covered by all major credit card companies, and they typically invest millions upon millions of dollars on ways to determine if a string of transactions appears fraudulent in efforts to stop it before it gets worse.

Every debit card I have owned for the past 10 years has stayed in my safe at home.
Click to expand...

This is a Visa debit card, any protections put in by Visa for their credit cards apply to their Debit cards as well. If it has the logo, it has the protection.
 
Originally posted by: Saga
It's hilarious that no matter how many times for the past few years people simply say do NOT use a debit card for ANYTHING you can use a credit card for (IE EVERYTHING but ATM withdrawls). It is absolutely vital that you understand in the interest of fraud your bank will drag it's ass and you will likely NOT recover lost funds from a lost/stolen/compromised debit card.

You ARE however covered by all major credit card companies, and they typically invest millions upon millions of dollars on ways to determine if a string of transactions appears fraudulent in efforts to stop it before it gets worse.

Every debit card I have owned for the past 10 years has stayed in my safe at home.
Click to expand...

Not in my experience.. my bank promptly covered my ass and in fact left the funds there after I recovered them from the company myself, I didn't notice for a few months and had to tell them to take what they had deposited back.

edit: and I believe it is because of what the above poster said, MasterCard was the one insuring it
 
geez... if you have a credit card, you would have an easier time.....

except i guess during christmas, the overzealous fraud prevention dept. may lock your account due to "abnormal" purchase habit.....
 
Originally posted by: phoenix79
Originally posted by: Saga
It's hilarious that no matter how many times for the past few years people simply say do NOT use a debit card for ANYTHING you can use a credit card for (IE EVERYTHING but ATM withdrawls). It is absolutely vital that you understand in the interest of fraud your bank will drag it's ass and you will likely NOT recover lost funds from a lost/stolen/compromised debit card.

You ARE however covered by all major credit card companies, and they typically invest millions upon millions of dollars on ways to determine if a string of transactions appears fraudulent in efforts to stop it before it gets worse.

Every debit card I have owned for the past 10 years has stayed in my safe at home.
Click to expand...

This is a Visa debit card, any protections put in by Visa for their credit cards apply to their Debit cards as well. If it has the logo, it has the protection.
Click to expand...

this is true
 
Originally posted by: phoenix79
Originally posted by: Saga
It's hilarious that no matter how many times for the past few years people simply say do NOT use a debit card for ANYTHING you can use a credit card for (IE EVERYTHING but ATM withdrawls). It is absolutely vital that you understand in the interest of fraud your bank will drag it's ass and you will likely NOT recover lost funds from a lost/stolen/compromised debit card.

You ARE however covered by all major credit card companies, and they typically invest millions upon millions of dollars on ways to determine if a string of transactions appears fraudulent in efforts to stop it before it gets worse.

Every debit card I have owned for the past 10 years has stayed in my safe at home.
Click to expand...

This is a Visa debit card, any protections put in by Visa for their credit cards apply to their Debit cards as well. If it has the logo, it has the protection.
Click to expand...
Really? Why are you dealing with your bank then? Shouldnt u just be able to call VISA and dispute the charge? In my experience any time you have to deal with a bank they will go as slowly as possible...
 
Originally posted by: phoenix79
Originally posted by: Saga
It's hilarious that no matter how many times for the past few years people simply say do NOT use a debit card for ANYTHING you can use a credit card for (IE EVERYTHING but ATM withdrawls). It is absolutely vital that you understand in the interest of fraud your bank will drag it's ass and you will likely NOT recover lost funds from a lost/stolen/compromised debit card.

You ARE however covered by all major credit card companies, and they typically invest millions upon millions of dollars on ways to determine if a string of transactions appears fraudulent in efforts to stop it before it gets worse.

Every debit card I have owned for the past 10 years has stayed in my safe at home.
Click to expand...

This is a Visa debit card, any protections put in by Visa for their credit cards apply to their Debit cards as well. If it has the logo, it has the protection.
Click to expand...

Are you sure about that? They claim that, but the reality is that "backed by Visa" does not mean anything from a fraud prevention perspective in my personal experience.

I've read my credit card contracts. I know what they will and will not do to protect me. I also own a Visa Debit card through Wells Fargo. I know from personal experience that in the event of a fraudulent charge claim they will be extremely helpful and resolve the issue and get a new card if needed.

What I think you are failing to understand is the differences between a Visa Debit card and a Major Bank Visa/Mastercard is this. Someone steals your credit card number and buys $500 of electronics. You notice, contact your credit card company, and they dispute the charge. Typically the funds are immediately returned or there is an interest hold on the amount while they followup on their claim process. Now lets take the bank debit card. The same fraud happens and you call your bank. Your bank puts a hold on purchases from additional sources and (oftentimes, though not always) changes your debit card number and re-issues you a card. During the duration of your claim, which can be anywhere from 7 business days to two full months, the bank keeps that $500 locked for the duration of the claim. Since your bank account is NOT a line of credit, and is in fact a limited pool of funds, you are effectively $500 poorer until the claim is resolved and the money is released.

What were to happen if it was $2,000 instead of $500? $10,000? How would you get by if your bank locked up your entire savings due to an automatic savings withdrawl to checking to cover negative funds expenses on the debit card and then locked the money for the duration of the transaction if you had an emergency and needed to make a big purchase, pay medical bills, or cover a large repair/replacement of something for your home or auto?

In my personal experience and experience from those I know and have worked with, "Backed by Visa" and "Backed by MasterCard" simply means you can use the debit card anywhere Visa or MasterCard are accepted, and little more. You're still dealing with the banks fraud department and the specific financial institutions whims, rules, and terms/policy for the dispute.

Don't kid yourself otherwise. =/
 
Originally posted by: glenn beck
Originally posted by: phoenix79
Originally posted by: Saga
It's hilarious that no matter how many times for the past few years people simply say do NOT use a debit card for ANYTHING you can use a credit card for (IE EVERYTHING but ATM withdrawls). It is absolutely vital that you understand in the interest of fraud your bank will drag it's ass and you will likely NOT recover lost funds from a lost/stolen/compromised debit card.

You ARE however covered by all major credit card companies, and they typically invest millions upon millions of dollars on ways to determine if a string of transactions appears fraudulent in efforts to stop it before it gets worse.

Every debit card I have owned for the past 10 years has stayed in my safe at home.
Click to expand...

This is a Visa debit card, any protections put in by Visa for their credit cards apply to their Debit cards as well. If it has the logo, it has the protection.
Click to expand...

this is true
Click to expand...

No, it's not. See above before making blanket statements about things you do not properly understand.
 
I use a small CU and already have a new DC and should have the money back in a few days. I just hope its before the closing...
 
Originally posted by: phoenix79
I use a small CU and already have a new DC and should have the money back in a few days. I just hope its before the closing...
Click to expand...

Excellent! You are definately the exception. Credit Unions are always two thumbs up in my book - my last few vehicles for both myself and others have always been through (and referred to) Credit Unions.

Plus, in the current economy CU's seem to be far more safe from the problems in the real estate market.

Nice to hear you had a good experience getting the money back, very few stories end up that way. :thumbsup:
 
Originally posted by: Saga
Originally posted by: phoenix79
I use a small CU and already have a new DC and should have the money back in a few days. I just hope its before the closing...
Click to expand...

Excellent! You are definately the exception. Credit Unions are always two thumbs up in my book - my last few vehicles for both myself and others have always been through (and referred to) Credit Unions.

Plus, in the current economy CU's seem to be far more safe from the problems in the real estate market.

Nice to hear you had a good experience getting the money back, very few stories end up that way. :thumbsup:
Click to expand...

"Most" banks secure their debit cards with fairly good service. Between the pool of individuals I know and the dozen or so banks we have dealt with, most banks won't take more than 7 days to refund fraudulent debits. Worst case, some banks will hold you liable for ~$50 minimum.
 
Originally posted by: Saga
It's hilarious that no matter how many times for the past few years people simply say do NOT use a debit card for ANYTHING you can use a credit card for (IE EVERYTHING but ATM withdrawls). It is absolutely vital that you understand in the interest of fraud your bank will drag it's ass and you will likely NOT recover lost funds from a lost/stolen/compromised debit card.

You ARE however covered by all major credit card companies, and they typically invest millions upon millions of dollars on ways to determine if a string of transactions appears fraudulent in efforts to stop it before it gets worse.

Every debit card I have owned for the past 10 years has stayed in my safe at home.
Click to expand...

BS. I had my debit card copied. I called the bank, they froze my account right away and cancelled my debit card. I went in that afternoon to sign the fraud statement, they unfroze my account, gave me a new online banking number to immediately access my depleted account, and got a new debit card sent to me in 2 days. I got a call the next mornings saying my lost money was going to be deposited back into my account within minutes.

However, the advice still stands that you should use your credit card as much as possible because if fraud is detected on your bank account, it's automatically frozen by the fraud detection software. From that point on your rent cheques, bill payments, car payments, etc will all bounce and you might incur late charges with them. It'll likely be easy to sort out, but it's more of a pain than just using your credit card.
 
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