Debit card fraud....

[KFC911]

You guys are clueless . Honestly....if you don't think you're paying through the nose (indirectly) for using CC verses a debit then do so and be happy...bankers love you....and so does my bank stock.

If all of us debit users switched to CC, how much fo you reckon prices would rise across the board...or business profits diminished?

There is NO free lunch boyz

[wdfifteen]

Originally Posted by KC911

It works great for me....I've never disputed a charge either, never had too . If you like paying Amex up to 4% of your purchases then do so....
.

Sounds like you're saying debit card users and credit card users pay different prices.
Why are you so defensive about this?

[Alan A]

Originally Posted by wdfifteen

Sounds like you're saying debit card users and credit card users pay different prices.
Why are you so defensive about this?

Angry because he was declined for one maybe?

[KFC911]

Originally Posted by Alan A

I'll ask again.
Does the merchant discount your purchase to reflect the use of your debit card over my credit card? Or do you pay the same as I do?

You drive up the costs 4% for everyone (for the most part)...going to the bankers. I prefer the merchants avoid the overhead and keep prices down. We both pay the same price...true dat. You pay the banks, I pay the merchants I use .
The cash back that Porsha loves is a "kick back"...

I'll get by without playing that....YMMV.

[motion]

Originally Posted by KC911

You guys are clueless . Honestly....if you don't think you're paying through the nose (indirectly) for using CC verses a debit then do so and be happy...bankers love you....and so does my bank stock.

If all of us debit users switched to CC, how much fo you reckon prices would rise across the board...or business profits diminished?

There is NO free lunch boyz

If, in fact, merchants add 4% to their costs to cover CC use (I doubt it), do you think they're going to remove that 4% if magically everyone started using a debit card?

No, they won't. They'll just keep charging debit card users like YOU the higher cost, and pocket the rest.

On a related note... I was shocked to see that Arco AM/PM has carried their $.35 fee into purchases made inside the store. If you buy a $.50 stick of gum and use your debit card, they tack on a $.35 fee. Kind of tells me something about the average IQ of the typical AM/PM shopper.

[Por_sha911]

Originally Posted by KC911

If all of us debit users switched to CC, how much fo you reckon prices would rise across the board...

That's the beauty of the system. All the debit users are not switching so they are paying my 2% profit.

You should also boycott all stocks because the company has to pay the stock holder a profit and that means they increase the cost of their product or service! God forbid you use a stock broker and they make a profit.

Ever been to the horse track or casino? The losers pay for the winners profits and the track or casino takes a cut. The difference is there is no losing on my credit card. I win every time. I feel so used and abused by the big bad bank.

[KFC911]

Originally Posted by wdfifteen

Sounds like you're saying debit card users and credit card users pay different prices.
Why are you so defensive about this?

I'm not defensive and no I'm not saying that...CC users drive up the costs of products and services for EVERYONE with the CC fees paid to banks/Amex, etc.

The reason for this thread is the oft repeated mantra that bankers repeat over and over. Follow the money guys....

I'm done here...I hijacked my own thread

If you've ever lost money using a debit card, please post your experience...thanks!

[Alan A]

Originally Posted by KC911

I'm not defensive and no I'm not saying that...CC users drive up the costs of products and services for EVERYONE with the CC fees paid to banks/Amex, etc.

The reason for this thread is the oft repeated mantra that bankers repeat over and over. Follow the money guys....

I'm done here...I hijacked my own thread

If you've ever lost money using a debit card, please post your experience...thanks!

Ok so let's just recap here.

People that use credit cards are - in your words:

1. Clueless.
2. Suckers.

People that use debit cards:

1. Pay the same as people that use credit cards.
2. Lose the purchase protection associated with credit cards.

I'm not sure sucker means the same to you as it does to me, but I'm glad you are happy.

[dad911]

You know there are vendor processing fees for Debit cards, right?

[stomachmonkey]

You seem to be under the (incorrect) impression that merchants don't pay fees on debit card transactions.

They do.

And I don't know how you are getting to 4%.

Anyone can open a low volume retail business and get 1.5% rates all day long.

Big box or chain retailers who process **** tons of transactions are maybe paying 1%

Hell, get yourself a Square and you are only paying 2.75% per swipe.

[KFC911]

Originally Posted by stomachmonkey

You seem to be under the (incorrect) impression that merchants don't pay fees on debit card transactions.

They do.

And I don't know how you are getting to 4%.

Last post...I want to hear about fraud losses. Yep, I'm a dinosaur...the 4% is obviously lower now than it used to be. Yes, I know a merchant pays a flat fee for each debit transaction (used to be .18 (as I recall) per debit verses 4% per CC. The card industry is a cash cow...

Sorry for getting off track...I stated in my original post I didn't want that

Please post your debit card losses and let the other debate pro/con go....I truly don't care what folks do ...but they should be aware of what goes on behind the curtain. Different strokes....

[red-beard]

Originally Posted by KC911

There is another thread on card skimmers where the pros & cons are discussed, and skimmers & scammers get plenty of news. No need to go into that here. If you have ever actually LOST money (not reinstated later), please post your experience. I think the fear mongering might be a bit overdone...

In the end, I did not lose money, but I had a debit card skimmed while I was on a trip and they emptied the bank account. I found out on the weekend, when the bank was mostly closed. Created a giant mess.

All worked out in the end...

[KFC911]

Originally Posted by red-beard

In the end, I did not lose money, but I had a debit card skimmed while I was on a trip and they emptied the bank account. I found out on the weekend, when the bank was mostly closed. Created a giant mess.

All worked out in the end...

Thanks James...was this fairly recent or years ago? It's probably been ten years back, but once I went to use my debit, and the card had been frozen due to someone in Indiana using it for gas or something...sent me a new card. A couple of years ago, someone in San Fran atempted a couple of $600 purchases over a weekend...I had an automated phone call on Monday where when prompted, I flagged them as unauthorized.....in both cases, my account was never touched. I saw your other thread...the fraud detection units are getting pretty good it seems...both debit and CC at detecting and rejecting them at the fraud attempt....a good thing .

[red-beard]

2008. Ever since, we do not use our debit cards for anything except bank transactions. And only at major institutions.

[Jrboulder]

In December 3 UPS transactions showed up on on my statement, 2 charges totaling about $160 and a credit back for about $40. I called UPS to figure out what they were and they said they didn't recognize the charges and to report it as fraud. I called Chase to report all 3 but they repeatedly didn't want to do anything about the $40 credit. So yeah, I'm up $40.

[Por_sha911]

I've never used a debit card so I can't say from personal experience but I have had friends that had a debit card hacked and it drained their account. The time lost getting it squared away with the bank and the folks who got bounced checks was more costly than the money taken.

Now your turn. Please post how much money you have made in cash back bonus or rewards from a debit card.

[KFC911]

Originally Posted by Por_sha911

I've never used a debit card so I can't say from personal experience but I have had friends that had a debit card hacked and it drained their account. The time lost getting it squared away with the bank and the folks who got bounced checks was more costly than the money taken.

Now your turn. Please post how much money you have made in cash back bonus or rewards from a debit card.

Respectfully Porsha, I'm done with that portion of this thread hijack. I'm not destitute, and don't give a damn about chump change...I don't clip coupons either .

You have no clue how I use my debit and the convenience it provides me....that a CC can't/doesn't...let it go man.

[KFC911]

Please continue with fraud experiences guys....the purpose of this thread

[Alan A]

Originally Posted by KC911

Respectfully Porsha, I'm done with that portion of this thread hijack. I'm not destitute, and don't give a damn about chump change...I don't clip coupons either .

You have no clue how I use my debit and the convenience it provides me....that a CC can't/doesn't...let it go man.

I'd love to know how it's more convenient.

I know you've already told me I'm clueless and stupid for cleaving to my plastic of choice, so why not show me the error of my ways and lead me to the one true path.

[RKDinOKC]

Everywhere I use my Debit Card it is treated just like a credit card, except for ATM cash out. Sometimes there is an option to charge it like a debit card and enter my PIN, but never do that.

Have had a couple of problems and were taken care of same as a credit card. The only difference is the debit card account is a checking account and not a credit account. Both have limits. My checking has overdraft protection, but that does not include debit card charges. They are rejected just like a credit card when there is no money in the account. Maintain the balance of my checking with only what is budgeted to spend that month. I have a separate checking account that my bills are paid with as well. Never use that account to pay anything except bills and budget it the same as my cash expenses/debit card account.