I'm out $220 (for now) thanks to my stupid debit card

[CargoJon]

So, check the online statement at my bank on Monday - noticed the balance wasn't right. Not close.

 

Mystery $220 charge at a CVS in a town 3 hours away from where I live. Uh-oh.

 

Go to the bank Monday night, apparently it was my card...get a new card, file fraud report.

 

My debit card has a visa logo on it.

 

If this were a "real" visa, that amount would be immediately deducted from my balance until the fraud investigation was completed.

 

Why does my bank get to keep my money for the 5-10 days they say it will take to complete?

 

Got off the phone with CVS corporate - it was used to by 2 - $100 visa gift cards, and a couple other little things. Screams fraud.

 

This is the seond time in a month I've gotten screwed. We were at a restaurant several weeks back, and they ran the $60 dinner check through SIX TIMES. At least that was a local place I got it fixed that day.

 

I'm really tempted to go back to using my Amex Green exlusively. This is enough already.

[GEORGE]

So, check the online statement at my bank on Monday - noticed the balance wasn't right. Not close.

 

Mystery $220 charge at a CVS in a town 3 hours away from where I live. Uh-oh.

 

Go to the bank Monday night, apparently it was my card...get a new card, file fraud report.

 

My debit card has a visa logo on it.

 

If this were a "real" visa, that amount would be immediately deducted from my balance until the fraud investigation was completed.

 

Why does my bank get to keep my money for the 5-10 days they say it will take to complete?

 

Got off the phone with CVS corporate - it was used to by 2 - $100 visa gift cards, and a couple other little things. Screams fraud.

 

This is the seond time in a month I've gotten screwed. We were at a restaurant several weeks back, and they ran the $60 dinner check through SIX TIMES. At least that was a local place I got it fixed that day.

 

I'm really tempted to go back to using my Amex Green exlusively. This is enough already.

WHY ARE YOU USING A DANGEROUS DEBIT CARD???

[CargoJon]

I didn't use the debit card....at least this time. Somebody esle did....

 

I'm going to try to find a way to make a graceful switch to an all-credit card. Amex sliced me up in their last credit-line-axe project, so I'm hesitant to show them any love, even with my green card.

 

This is the last time this happens to me. Twice in a month isn't cool at all.

Edited December 18, 2008 by CargoJon

[persevering]

CargoJon:

 

If you're still in a transition between using a debit card some of the time and a credit card some of the time, maybe getting an ATM card and canceling your debit card would offer you some small measure of additional protection ?

 

To me, where that extra protection comes in is that, since the ATM card doesn't have a MC or Visa logo, I'm pretty sure that the ATM card can be used only for purchases in town (no online or telephone purchases) and only when the cardholder knows the four digit pin number.

 

The downside is that on a couple of rare occasions I've encountered a merchant who accepts credit cards and debit cards but not ATM cards.

[GEORGE]

DUMP THE DEBIT CARD with no re-issue

 

IF you NEED a card for ATM's maybe they have an ATM card

[webworm98]

They bank may be violating Regulation E. Banks need to know the rules, just like merchant need to know the rules.

 

Since you have the card you qualify to get 100% of your money. The 50 or 500 dollars reporting does not apply in this case. See the rule in bold

 

 

Some experts say you can lose all your money in your account. You could do that with a credit card. You just have to report the debit card lost or stolen faster except in one case.

 

For debit card with 2 business days the loss is $50.00

2 to 60 business days the loss is $500.00

60 or more business days all the money plus any overdraft.

 

Both MasterCard and Visa has extended there zero liability to their debit cards. If you need to claim this. You will need to request a special form from your bank. This does not apply to pin transactions. (However, I think visa interlink may be covered under this but you would have to prove it went through this network).

 

Regulation E requires banks to give provisional credit within 10 business day of a written dispute. They have 45 days (90 days international) to investigate

 

Technically it is the 11th business day (even if the bank credits you on the 10th business day, you won't be able to use tell the 11th business day.)

 

Another rule that is sometimes overlooked is this

 

for unauthorized transfers involving only your debit card number (not the loss of the card), you are liable only for transfers that occur after 60 days following the mailing of your bank statement containing the unauthorized use and before you report the loss. This info was obtained from

 

http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre04.shtm

 

For that rule above it does not matter if your card was used as a pin or a signature transaction.

 

My advice if you have not done so, go to the bank and fill out a dispute form. Then they have to go by regulation E.

 

You could ask the bank for provisional credit. Just remember on the day they deposit, you will not be able to use tell the next business day.

 

There is more information here. Sorry about the grammar.

 

http://creditcardanddebitcardinfo.blogspot.com/

 

 

Through no fault of my own. I had a problem with fraudulent charges and got money back within 10 days. That is why I have three checking accounts.

Edited December 18, 2008 by webworm98

[athensgaguy]

They bank may be violating Regulation E. Banks need to know the rules, just like merchant need to know the rules.

 

Since you have the card you qualify to get 100% of your money. The 50 or 500 dollars reporting does not apply in this case. See the rule in bold

 

 

Some experts say you can lose all your money in your account. You could do that with a credit card. You just have to report the debit card lost or stolen faster except in one case.

 

For debit card with 2 business days the loss is $50.00

2 to 60 business days the loss is $500.00

60 or more business days all the money plus any overdraft.

 

Both MasterCard and Visa has extended there zero liability to their debit cards. If you need to claim this. You will need to request a special form from your bank. This does not apply to pin transactions. (However, I think visa interlink may be covered under this but you would have to prove it went through this network).

 

Regulation E requires banks to give provisional credit within 10 business day of a written dispute. They have 45 days (90 days international) to investigate

 

Technically it is the 11th business day (even if the bank credits you on the 10th business day, you won't be able to use tell the 11th business day.)

 

Another rule that is sometimes overlooked is this

 

for unauthorized transfers involving only your debit card number (not the loss of the card), you are liable only for transfers that occur after 60 days following the mailing of your bank statement containing the unauthorized use and before you report the loss. This info was obtained from

 

http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre04.shtm

 

For that rule above it does not matter if your card was used as a pin or a signature transaction.

 

My advice if you have not done so, go to the bank and fill out a dispute form. Then they have to go by regulation E.

 

You could ask the bank for provisional credit. Just remember on the day they deposit, you will not be able to use tell the next business day.

 

There is more information here. Sorry about the grammar.

 

http://creditcardanddebitcardinfo.blogspot.com/

 

 

Through no fault of my own. I had a problem with fraudulent charges and got money back within 10 days. That is why I have three checking accounts.

 

 

It hasn't been ten days. He could be without his money for mailing time + ten days. Calling does not preserve your rights under Reg. E. An in person dispute may or may not count as written. Usually it's safest to mail a dispute to the address provided on your statement that's solely provided for disputes.

[webworm98]

It hasn't been ten days. He could be without his money for mailing time + ten days. Calling does not preserve your rights under Reg. E. An in person dispute may or may not count as written. Usually it's safest to mail a dispute to the address provided on your statement that's solely provided for disputes.

 

A in person dispute most certainly does count as written if it is the proper paper work. You can fill out the dispute form at the bank. Then they fax it to their debit card department. The time starts as soon as you sign the paper work.

 

Mailing it to the bank, is wrong (Unless you are using web based bank). It is best to go in person if you have a branch at least for debit card disputes-to fill out the dispute form.

 

Sending a letter does not count until the bank receives it, and it may not be considered a proper form.

Edited December 19, 2008 by webworm98

[athensgaguy]

It hasn't been ten days. He could be without his money for mailing time + ten days. Calling does not preserve your rights under Reg. E. An in person dispute may or may not count as written. Usually it's safest to mail a dispute to the address provided on your statement that's solely provided for disputes.

 

A in person dispute most certainly does count as written if it is the proper paper work. You can fill out the dispute form at the bank. Then they fax it to their debit card department. The time starts as soon as you sign the paper work.

 

Mailing it to the bank, is wrong (Unless you are using web based bank). It is best to go in person if you have a branch at least for debit card disputes-to fill out the dispute form.

 

Sending a letter does not count until the bank receives it.

 

 

 

 

The reason you mail it is to get the benefits of certified mail.

[webworm98]

It hasn't been ten days. He could be without his money for mailing time + ten days. Calling does not preserve your rights under Reg. E. An in person dispute may or may not count as written. Usually it's safest to mail a dispute to the address provided on your statement that's solely provided for disputes.

 

A in person dispute most certainly does count as written if it is the proper paper work. You can fill out the dispute form at the bank. Then they fax it to their debit card department. The time starts as soon as you sign the paper work.

 

Mailing it to the bank, is wrong (Unless you are using web based bank). It is best to go in person if you have a branch at least for debit card disputes-to fill out the dispute form.

 

Sending a letter does not count until the bank receives it.

 

 

 

 

The reason you mail it is to get the benefits of certified mail.

 

 

I get a copy of the form with the customer service rep and my signature. When I did it in person. The form is dated. I am just lucky I have a decent bank.

Edited December 19, 2008 by webworm98