Rethinking Debit Cards

[cinlee3]

I am beginning to think that having a debit card may not be such a good idea.

Since my DH's was stolen and they racked up over $400 worth of stuff on the card before the bank put the halt on it. It will take several days before we can get the money back in our account. It's not like a charge card where you can dispute charges and they don't go through. These charges are already posted to our account.

DH has the police report and has complete the forgery documents, but this is so frustrating. On top of being very emotional right now with everything that is going on, I am just sick about this. I am trying not to think about it and we have money in the bank but I just want to cry.

I just may go back to using checks.

 

[snoopy]

That just stinks!

I am so sorry this happened to you. I can imagine it is VERY stressful to deal with.

I hope the bank is able to return that money to you pronto, and you have no more repercussions from this.

 

[caitycaity]

It will take several days before we can get the money back in our account.

good luck! when i had my wallet stolen, i had to jump through all kind of hoops to get back $600 from our debit card. i had to have all kinds of forms notarized, interview with the bank officer, and then after they approved it it took about 2 months until we had that money back.

since then, dh and i have considered switching to bank of america, as they are the only bank that has 0 liability for consumers on their debit cards. if your wallet is stolen, they just give you the money back as if it were a credit card.

while we are still with our current credit union (still considering BOA), neither of us carries our debit cards in our wallets anymore -- i keep mine separately in my pocket so it is less likely to be stolen.

 

[GoofieRuthie]

A year or two ago while my husband was on a business trip in Philly his debit card number was lifted by a cashier. After he was home and went to use the card it was declined. We have online banking and learned that over $400 had been charged to it at the exact same store. Lucky for us, the charge happened AFTER he was home, so we were able to prove that he didn't make the charge. We called our Credit Union to report it first then called the store and spoke to a manager. He was very kind and said he'd look into it and call us back. Needless to say, the signatures didn't match and it was proved that the cashier that waited on my husband did it. The Credit Union immediately returned our money to us and took matters into their own hands. I don't know what kind of sentence the cashier got but we have on 2 seperate occasions recieved checks for $25 in restitution. We also had money in savings to cover the loss thankfully. We only lost $4 in overdraft fees. I'm not sure about your banking institution, but you should be able to get all of your money plus any fees that occur from this. I believe it will come down to them taking the perp to court themselves also. Good luck to you. I know that it is very frustrating.

 

[ChibiJones]

I never use my debit card unless it's an ATM machine or a POS terminal like at the grocery store. Several years ago I saw a news report regarding debit cards not have the same level of fraud protection as credit cards. Many cards now have $0 liability in case of stolen numbers, but even if it doesn't, your liability is limited, I think it's $50. Any restaurant or retail establishment where my card is handled by a cashier, I use my credit card. Plus, I get reward points for every dollar I charge.

 

[cinlee3]

CaityCaity - wow - two months. I hope it doesn't take that long to get our money back.

I keep my card in my pocket when I shop too. I know I shouldn't be angry at DH, but I kind of am. He should never have had his wallet and keys in his bag. That would be like me leaving my purse out in the open for anyone to take. I haven't told him I'm mad - I'm keeping that to myself.