Comments on: Credit Cards vs Debit Cards: Liability for Fraudulent Charges

By: D

Mon, 18 Apr 2011 19:54:15 +0000

This doesn’t even begin to cover the differences between credit & debit cards.
One defining two days for notification is ambiguous.
Is it two days from date of fraudulent use?
Do weekends count as days?
Here’s a kick in the head, i noticed fraudulent charges on my debit card when looking at my account online.
I notified my bank about the activity, two charges were made & posted on 4/15/11.
Five other charges were pending dated from 4/14/11 to 4/17/11.
When talking to the bank they stated that i have to wait till the 5 fraudulent charges posted & then to call back to notify them of the fraudulent charges, by then the two day notfication system required by law has expired & you could be held liable for the charges.
Great system, i know after this is resolved i am looking for a more reasonable bank.
be careful & always check you accoung t least one a week

By: Calculate Credit Card Interest

Calculate Credit Card Interest — Tue, 30 Nov 2010 09:38:17 +0000

I completely agree that credit cards should be used over debit cards for the simple reason of higher protection. I'd rather have my credit card number floating around than my debit card, right? I want my cash on hand as often as possible, not tied up in a dispute over fraudulent charges. When you get a chance, please take a look over my article on why credit cards are better than debit cards

By: Scott @ Credit Innovations

Scott @ Credit Innovations — Mon, 14 Jun 2010 18:49:28 +0000

It used to be that debit cards weren’t protected against fraudulent charges but that has changed and the law is now exactly the same for both debit cards and credit cards. They both provide zero percent liability; which means you get a full refund of fraudulent charges as long as they have been reported and verified to be true.
However, dealing with unauthorized charges on debit card can wreak more havoc and negative impact on your finances than credit card frauds. In the case of credit card fraud, your money stays intact, even as the disputed charges are being investigated. Debit card fraud, on the other hand, can deplete your financial resources as the debit card is linked to your bank account, so payment for the fraudulent transaction has in effect come out of your pocket.

In effect you’re fighting to get your own money back. The sad thing is you cannot have access to the money while the investigation is going on.

Meanwhile your other checks could bounce; causing you expenses for bounced check fees, bad marks on your credit and other entailing headaches while you’re waiting for the issue to be straightened out and resolved.

By: Black Coffee: My Favorite Blogs, Money News & Opinions #45

Black Coffee: My Favorite Blogs, Money News & Opinions #45 — Sat, 08 May 2010 18:03:35 +0000

[...] Adam wrote a very short but sweet post on the differences between credit and debit cards and how to limit your liabilities for fraudulent [...]

By: MikeCherone

MikeCherone — Fri, 07 May 2010 13:44:53 +0000

I have a friend who had this happen to him. He left his ATM card at a restaurant and before he realized it was missing, someone got a hold of it and ran his debit charges through the roof. Luckily, he was able to keep his losses to a minimum, but the whole experience really shook him up.

By: Credit Card Chaser

Credit Card Chaser — Sat, 21 Nov 2009 07:48:20 +0000

I had a credit card stolen in college and the thief used it to buy a lot of stuff but I didn't have to pay for any of it. The card issuer even sent out a private detective who actually ended up catching the thief. .-= Credit Card Chaser´s lastest post ..Credit Cards & Bankruptcy: A Visual Tragedy =-.