Better Protection Debit Card Vs. Credit Card
April 18, 2006
There are many different types of plastic to use to make purchases. A debit card is issued by your bank and many find them more convenient to use than checks. If you have ever stood behind someone in line who pulls out a checkbook, I think you can literally hear the collective groan of the other customers.
Debit cards allow you to use money straight from your checking account and also use an ATM machine to withdraw or make payments. The drawback however comes with the protection you recieve when something happens such as someone stealing your debit card and cleaning out your accounts.
I am surprised that a huge majority of people do not realize that they are not awarded the same protection as a credit card. If you have ever had to argue with your bank over a double amount (company accidentally charges debit card twice) then you can imagine having to try and get back hundreds or even thousands of dollars that were stolen.
Most credit card companies will only charge you $50 and sometimes they don’t even charge you at all, if someone goes on a shopping spree with your stolen card. Don’t expect the same treatment with a bank over your debit card. You have to prove that it wasn’t you and you have to do that in a certain amount of time.
If you can’t, then you lose. I would suggest finding out where the purchases were made and then checking to see if they had any surveillance in the store. If not then you have an even longer way to go trying to prove your innocence.
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