Quote:
Originally Posted by RKDinOKC
The Visa Debit card from my bank has the same lost or stolen coverage as a Credit Card.
I do not have any credit cards.
|
I would review your banks coverage just to make sure you are getting exactly what you believe you are getting.
While the Fed does require banks to offer protection for debit cards there are differences in your monetary exposure that’s tied to reporting time.
Personal liability with a credit card is capped at $50.00
Personal liability with a debit card is also capped at $50.00, IF reported within 2 days. After that and up to day 60 your exposure is $500.00. After 60 days there is zero mandated protection.
Yes, some banks may be more generous than what the Fed mandates, just suggesting, make sure.
Oh, and, if someone swipes your debit card it can be run as a credit card option.
I’m sure you’ve seen this, the terminal offers you the option to run as debit or credit.
When run as debit it’s a direct deduction.
When run as credit it processes differently, meaning their could be a up to a two day drag on you even being aware and they could charge more than is available in the account.