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Started By
Message
The danger of debit cards
Posted on 6/4/10 at 5:38 pm
Posted on 6/4/10 at 5:38 pm
Well, not charging interest like Rivers' assertion, but still has its challenges. Made a very large deposit last week and got asked multiple times what I was doing and how much was I going to leave in my checking account. I asked why are you guys so interested in this and the response was potential fraud. I was like, well I know the rules and it is FDIC protected as well and they were just not comfortable with the amount in the account. Gave me the impression a lot of debit card and other fraud is occurring, then again that is no shocker. Then I paid off the mortgage and had a beer.
Debit card dangers
Debit card dangers
3
Posted on 6/4/10 at 6:25 pm to tirebiter
quote:
the response was potential fraud
Incorrect. They wanted the money in a savings acct or a CD so it stays on the balance sheet....they were hoping you wouldn't do something like spend it...much less pay off debt where you have to pay them interest on....
Congrats on paying off the mortgage....that's gotta feel good.
Posted on 6/4/10 at 9:27 pm to tirebiter
CONGRATS
Posted on 6/4/10 at 9:39 pm to tirebiter
quote:
Then I paid off the mortgage
Congrats.
Now it's time for a little bit of
Posted on 6/5/10 at 10:32 am to Kreg Jennings
quote:
They wanted the money in a savings acct or a CD so it stays on the balance sheet.
Nah, they know me and know miniscule rates were not of interest to me and certainly don't want to meet the bank broker. Fraud was uttered multiple times. In that earlier thread I mentioned my wife had her debit card stolen twice and money evaporated from our account and the bank is on the hook if the depositor notifies them promptly.
Posted on 6/5/10 at 11:47 am to tirebiter
There was some type of breach of debit card data in the monroe area about a month ago. My banker told me just his little bank is handling 10 people a day that had there debit card info stolen. Mine was "stolen" twice, my wifes once - and 4-5 of my friends also. Anyways, the company that let the thief use it as a credit card (without a pin) had to pay us back (100%). Most of the transactions were just below 100 dollars and most were to Walmart.
Posted on 6/5/10 at 3:50 pm to jeffsdad
I went to make a deposit one sat. morning and the lady said she couldn't take it. A little taken aback I said "You won't take my deposit?" She said no that's a large printed check. I thought she was nuts so I went in Monday and they took it at the branch where they know me. They said we've had some people deposit large printed checks like that on a supposed insurance co. which were no good and they made withdrawals against them. I never thought I would have trouble getting this bank that I've banked at for 25 yrs. to take my deposit. I thought they would just put a hold on any deposit they deemed questionable.
Posted on 6/7/10 at 8:07 am to bovine1
That is what mine did when i brought in about a 25k check. Not really that big IMO. First the teller asked me quote, "What did you do." I just told her it was real estate sale and they put a like a 10 day hold on the check.
Posted on 6/7/10 at 11:10 am to jeffsdad
quote:
Anyways, the company that let the thief use it as a credit card (without a pin) had to pay us back (100%). Most of the transactions were just below 100 dollars and most were to Walmart.
Wait what? If it is used as a CC with a Visa or Mastercard Logo on it then they are on the hook for the money. If it is used as a debit card then your bank is on the hook for the money as long as its reported as soon as you find out. Generally the bank eats it. I have NEVER heard of someone having to get a refund from the company that allowed the charge to go through. Thats between the CC company bank and the merchant. The customer should never be involved in that.
Posted on 6/7/10 at 5:08 pm to Catman88
I'm assuming that the company had to pay because they are supposed to check driver's license and and verify the signature on the back matches the signature on the card, even though no one does this, they are supposed to and I'm sure it would have prevented the incident.
Also, I used to intern at Merrill Lynch in Baton Rouge and I know that on certain deposits (cant remember the details) that were made you had to show where the money came from to prevent fraud/money laundering etc and was a requirement by the FDIC or whoever regulated that shite.
Also, I used to intern at Merrill Lynch in Baton Rouge and I know that on certain deposits (cant remember the details) that were made you had to show where the money came from to prevent fraud/money laundering etc and was a requirement by the FDIC or whoever regulated that shite.
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