WARNING: us bank automatically replacing all ATM cards with VISA check cards

[c627627]

WARNING:

us bank, one of the largest banks in the US is automatically replacing all ATM Cards with VISA check cards.

If anyone gets a hold of your VISA check card, they can clean out your checking account without knowing your PIN number

EDIT: Thank you OneStepsAhead for summing it all up:

"When a credit card is used fraudulently, the only consequence is that you get a bill and you dispute it.

When a VISA or MC Check Card is used fraudulently, the money is GONE from your account... and gone WHILE you convince the bank to put it back."

Warn your friends and relatives, as replacements are automatic and are done so that us bank can make money from merchants paying VISA transaction fees.

They can still call the Bank and switch back to regular ATM cards without the VISA (or Master Card) logos.
Tell them not to fall for any story the Bank will tell them in order to prevent them from going back to regular ATM cards.


EDIT 2: I was hoping someone would post what "No Liability guarantee" really means when already withdrawn cash money is involved, and they did:

Originally posted by: Tpware: "...we were told that money was ours again after about 6 months. A *real* pain."

EDIT 3: If you're with other banks, it's even worse: The bank itself will start charging you over the limit fees after you notify them of card loss. (That's in addition to people you wrote checks to that bounced):

"reminded me that I also owe them a lot in overlimit fees. To get my money back, I had to make a statement and have it notarized - guess what - they only would accept cash at notary, isn't that ironic. Took a week to get the money credited, another week to have fees reversed, and all that time I felt like I had to beg for my money..."

 

[larciel]

i like my visa check card..

i think this is, as usual, plus or minus

sure you have risk of losing your checking account balance, but that is AFTER you lose your card, and that's big IF, that someone will try to scrape all of your balance, rather i've seen those burglars just using the card for gas, food, and other small purchases.

on the plus side, having visa check card can be very convinient. i personally don't carry credit cards because i really spend ALOT. , but just in case i really need to buy a product, i can use my visa check card to buy that. w/out carrying credit card

so it all varies.... just my take.

and i don't think neither of our posts belong here, but thanks for the warning.

 

[Rab]

But if anyone gets a hold of your VISA check card, all the payments you have made that have not cleared will bounce and you will have to spend hours and days on the phone trying to explain why your checks bounced and why you shouldn't be charged late fees, not to mention the fact that you will be left with no emergency money by the time you realize your VISA check card is not "here, somewhere" but in someone else's hands.

Warn your friends and relatives, as replacements are automatic and are done so that us bank can make mind boggling amounts of money from merchants paying VISA transaction fees.

Welcome to the new millennium.

Most banks have already switched to an ATM/check card, and as a side benefit for that switch, they're covered under Visa/Mastercard's No Liability guarantee.

 

[hallf]

My Credit Union's been using a Visa check/ATM card for years now...

 

[Tpware]

actually, I had $3000+ in 2 weeks drafted from my bank account with a check card. Both my wife's and my card were used, although our cards never left our person. We never used them online or outside of the city.

We got our money back *conditionally* in about a month.. we were told that money was ours again after about 6 months. A *real* pain.

I would definately oppose ATM = Checkcard.. but not much you can do about it.. most banks are doing this

 

[djchemistry]

I loved my Visa check card when I first got to college. No need to write checks and keep people behind me waiting. However, that all ended when some dude in Belorussia stole my check card number and started making insane purchases online. Needless to say my checking account was drained and I had no money to pay rent.

I didn't think anyone would be able to jack your number especially from secure online transactions, but boy was I wrong. Sophisticated database attacks not only revealed my cc number but hundreds of others as well. I absolutely hate merchants who want to hold onto your damn cc number. Anyway long story short, I was refunded the money without question, but had to put up with a lot of waiting.

Beware, a check card is much easier to steal than physical money. It's like giving away a key to your safe.

 

[ObiDon]

Aww, crap!

The only thing I would even use my US Bank card for is the grocery store. I forgot my pin 6+ years ago and the ATM card is in my closet somewhere. I was just planning on getting a new ATM card.

My grocery store takes US Bank ATM cards but doesn't accept credit cards...will this new check card still work there?

 

[sxr7171]

Originally posted by: ObiDon
Aww, crap! The only thing I would even use my US Bank card for is the grocery store. I forgot my pin 6+ years ago and the ATM card is in my closet somewhere. I was just planning on getting a new ATM card. My grocery store takes US Bank ATM cards but doesn't accept credit cards...will this new check card still work there?

It is still an ATM card only with additional features.

 

[c627627]

"I would definately oppose ATM = Checkcard.. but not much you can do about it.. most banks are doing this..."
Yes there is.
This whole thing is about calling your Bank and switching back to regular ATM card without the VISA (or Master Card) logo.

Originally posted by: Rab: "... as a side benefit for that switch, they're covered under Visa/Mastercard's No Liability guarantee."

Originally posted by: Tpware: "...we were told that money was ours again after about 6 months. A *real* pain."

'nough said about the "No Liability guarantee" that, again, refers to your *cash* money that was already withdrawn.

 

[Y23KC]

I use Wells Fargo and would die without my Visa check card since I rarely carry cash with me. I searched all banks for the the most trouble free hassle if my card was stolen or used illegally and I found US Bank's policies a little slow when it came to such a thing.

BTW, how is this considered a Hot Deal?

 

[larciel]

couple years ago when i first opened account w/ BofA , they gave me versatel check visa card.

i've used it little.. online, offline,

one day there's $300 charge on my account, i called BofA , and found out it's charged by an online casino company in Europe... jeeez

what does BofA do? .. immediately put $300 back to my account, and said they'll investigate, until they prove that i authorized the transaction, they wouldn't take the $300 away from me. so downtime for me was about 30 minute at most...

i thought all banks had that good service, but later i found out it's hassle w/ some other banks.. *cough*shitty wells fargo*cough*

i pay shiltloads of fees to BofA, but service i received from them is worth every penny .

 

[GrandVizor]

OMG..........
THIS IS A GOOD DEAL...........GOTTA BUY THIS ONE.........

 

[Y23KC]

Originally posted by: GrandVizor
OMG..........
THIS IS A GOOD DEAL...........GOTTA BUY THIS ONE.........

LMAO

 

[Scyber]

Most banks use check cards as standard now. All you have to do is call them up and request a plain old ATM card and they will send it to you. I did it with First Union.

 

[alyosha]

Originally posted by: larciel
couple years ago when i first opened account w/ BofA , they gave me versatel check visa card.

i've used it little.. online, offline,

one day there's $300 charge on my account, i called BofA , and found out it's charged by an online casino company in Europe... jeeez

what does BofA do? .. immediately put $300 back to my account, and said they'll investigate, until they prove that i authorized the transaction, they wouldn't take the $300 away from me. so downtime for me was about 30 minute at most...

i thought all banks had that good service, but later i found out it's hassle w/ some other banks.. *cough*shitty wells fargo*cough*

i pay shiltloads of fees to BofA, but service i received from them is worth every penny .

Bank Of America has exceptional 100% No liability garantee for their check cards (they also usually make you to get a photo on your card) which garantees refund of all unauthorized charges same business day. I would not have any other check card, but on BoA conditions i guess its ok. Myself, I use check card, only if I cant use anything else. Credit cards have cash back and miles, check card program always cost money (exception USAA bank).
My story with check card theft was that I when I lost it I reported it next day, and there were no charges on it, however they started to popup couple days later - bank said sometimes there is a delay between the use and transaction being posted. Anyway, I learned about all those charges from the bank, when checks bounced, and they nicely reminded me that I also owe them a lot in overlimit fees. To get my money back, I had to make a statement and have it notarized - guess what - they only would accept cash at notary, isn't that ironic. Took a week to get the money credited, another week to have fees reversed, and all that time I felt like I had to beg fro my money. This taught me - NO CHECK CARDS - credit - wrong charge - dispute, no payments until dispute resolved.

 

[azoomee]

My bank did this to me and it really made me mad. Said I didn't have an option. I wrote void all over it and on the back. Plus never activated the credit card part of it.

 

[Tainer]

dunno about other banks. but my bank, busey bank. treats the check card just like a credit card in terms of liability. so if i lose mine and i get cleaned out. all i would have to pay is the fee. i specifically asked the bank person about this when i opened my account so i'm not just guessing.

 

[Boomer2]

Originally posted by: Tpware
I would definately oppose ATM = Checkcard.. but not much you can do about it.. most banks are doing this

Wells Fargo tried to pull that crap. Called 'em up and made them send me a plain ol' ATM card. They want my money...they do what I say.

 

[KrayzyAzn]

false, they won't just send you a check card if you only have a savings account w/ atm card. Savings ATM is not "checkable," so applies to only those with checking accounts (probably everyone =)

 

[OneStepsAhead]

"100% Guarantee" can mean different things to different people.

When a credit card is used fraudulently, the only consequence is that you get a bill and you dispute it.

When a VISA or MC Check Card is used fraudulently, the money is GONE from your account, unless you can convince the bank to put it back in. And gone WHILE you convince the bank to put it back. And, policy be damned, they don't HAVE to give it back if they don't want to! They can make you sue them, or force you to "kangaroo court" arbitration.

Besides, if you use a credit card, you can get the 1% rewards back, plus get the other "gold card" protections, and pay NOTHING for the privilege (if you pay your balance in full each month). I charge everything I buy, and write one check each month to pay the balance in full.

 

[lo5750ul]

A security measure one can use is to write on the signature strip: ASK FOR ID instead of signing it.

 

[c627627]

hehehe * write on the signature strip: ASK FOR ID *
How many times did merchants even ask to see your card in the past week?

It's good advice for people who really need to use the Check card though but keep in mind what other people posted in this thread: they didn't even loose their Check Cards or use them online and they still lost all their cash...

 

[Tates]

No need to panic.

FDIC Federal Regulation E (Electronic Funds Transfer) provides consumer protection and set guidelines for financial institutions.

You need to give written notice within 10 days of oral notice to the bank. Generally, banks will provisionally credit your account the amount of the disputed transaction(s) and will complete an investigation within 10 business days.

If in doubt, ask your banker.

 

[c627627]

What do you do for food in those 10 business days while you have no money to your name because you thought losing your wallet is something that can't happen to you.

 

[olouie]

Originally posted by: Tates
No need to panic.

FDIC Federal Regulation E (Electronic Funds Transfer) provides consumer protection and set guidelines for financial institutions.

You need to give written notice within 10 days of oral notice to the bank. Generally, banks will provisionally credit your account the amount of the disputed transaction(s) and will complete an investigation within 10 business days.

If in doubt, ask your banker.

I have had my Card number stolen twice..... after i got my card replaced with different number no less.

Let me tell you its a pain in the As5 to get the bank to pay up :disgust: