Debit versus ATM Card

Discussion in 'Credit Talk' started by milavant, Sep 15, 2003.

  1. milavant

    milavant Well-Known Member

    For once and for all, how much riskier is it to carry a debit card rather than an ATM card?

    I am a little worried about what could happen if someone gets ahold of my debit Visa checkcard. They could drain my checking account, and even though my bank (Bank One) would ultimately reimburse me, I guess I would not have use of my money while they are investigating, etc. Also, checks which were written and not yet received by the recipients could bounce, etc. In short, it could be a real mess.

    How real-world is that scenario?Is it a real concern, or is it worrying too much?

    Has anyone had a real-life situation like this with a debit card?
     
  2. GEORGE

    GEORGE Well-Known Member

    A VISA DEBIT CARD (WITH VISA ON THE FRONT)...can be used at any place in the WORLD that takes VISA...you can be on "EMPTY" if lost...
    It "CAN" be used without getting an authorization # on the sale...like the olden' days...just imprint the card on that CLICK CLICK MACHINE and send it to the bank...may take weeks longer...that is why they went to INSTANT POS AUTHORIZATIONS...

    ON THE OTHER HAND...if you have an ATM card that has no way to be used except at an ATM or a POS terminal with a PIN#...YOU ARE SAFER...

    YMMV

    You can keep most of your money in your savings account that is connected to your checking...and TRANSFER IT BY PHONE OR COMPUTER AS NEEDED..."IF" you lost your ATM card...you could transfer all but $1.00 back to the savings account in about 2 seconds...

    The bank will LOCK the card for use when you tell them you lost it...NO ONE COULD USE IT ANY ANY ATM OR POS TERMINAL EVER (ONCE THEY LOCK IT)
     
  3. Hedwig

    Hedwig Well-Known Member

    While it could be locked, you are correct that if someone steals it and runs up a bunch of charges before it's caught, you would lose the use of the money for a while. How long varies from bank to bank, I think. Then yes, checks that are presented during this time could be returned for NSF.

    I think a lot of it depends on the banks. Some of them will let you have the use of your money and wouldn't return the checks, some would.

    My husband had a problem with using his debit card and not realizing his balance was low, then a check would come in and overdraw. They never actually returned the check, but he had to pay the bank an overdraft fee. Sometimes it was simply that the charges posted before his deposit (like he deposited it at 2:03 or something, so they don't credit until the next day).

    He now has an actual credit card to use for his "day to day" stuff and pay it off at the end of the month. Makes life a lot easier.
     
  4. Hedwig

    Hedwig Well-Known Member

    The easiest thing might be to talk to your bank and see what they say.
     
  5. iambroke

    iambroke Well-Known Member

    I know on my sharecheck visa card there is a disclaimer that states if you report it lost or stolen within 2 business days you will be refunded all your money...BUT it can take up to 10 business days to get the money back! I think it depends upon the issuer.

    Unlike a credit card, this is YOUR money in YOUR checking/savings account and not a credit limit set up by the bank. I think there is a limit to daily use but that varies. So, if it is lost or stolen you lose money. If your credit card is stolen you don't lose cash out of your account.

    But I love my checkcard and I have had it for years with no problems. It's more convenient and I check my balances online every single day so I know what is going on with my account.

    And at my bank I have overdraft protection in the form of a LOC (line of credit) of 1k...if I need any money and I'm short the checking acct will take it out of there. I then just pay it back. It's nice to have in case of an emergency and I don't incur any NSF charges.
     
  6. lbrown59

    lbrown59 Well-Known Member

    Re: Re: Debit versus ATM Card

    And at my bank I have overdraft protection in the form of a LOC (line of credit) of 1k...if I need any money and I'm short the checking acct. will take it out of there. I then just pay it back. It's nice to have in case of an emergency and
    1*I don't incur any NSF charges.
    iambroke
    ===============
    1* You can still get NSF charges even though you have this.
    In fact you can get hit with them no matter how much money is in your checking account.



    THE END ** *** ** LB 59
    """"```--~~~~~~~~~--```'""'''
     
  7. iambroke

    iambroke Well-Known Member

    Re: Re: Debit versus ATM Card

    Never have had ONE nsf due to the LOC....
    It takes the money right out of there to pay the overdraft and there is NO fees
     
  8. lbrown59

    lbrown59 Well-Known Member

    Re: Re: Debit versus ATM Card

    Never have had ONE nsf due to the LOC....
    1*It takes the money right out of there to pay the overdraft and there is NO fees

    Everyone is always broke in one way or another!
    1*There don't have to be an overdraft to get hit with NSF Fees!



    THE END ** *** ** LB 59
    """"```--~~~~~~~~~--```'""'''
     
  9. iambroke

    iambroke Well-Known Member

    Re: Re: Debit versus ATM Card

    #There don't have to be an overdraft to get hit with NSF Fees!

    Ok, then why would a bank charge NSF fees? It is normally for a bounced check when you overdraw your account. Why would a bank charge an NSF fee unless you didn't have enough money in your account to cover the check?

    But in my case with my LOC I won't incur NSF fees cause my account WILL NOT overdraw. It comes out of my LOC BEFORE a check bounces.

    BTW: I don't use the overdraft protection as I always have ample amts in my checking account to pay my bills. I just have it in the case of an emergency besides my emergency fund in my savings.
     
  10. Hedwig

    Hedwig Well-Known Member

    Re: Re: Debit versus ATM Card

    And, this is a good backup if someone should ever get your card and make bogus charges. If you had written checks and it took up to 10 days to get your funds back, you'd be covered.

    lbrown59 is talking about a bank ERRONEOUSLY putting NSF fees on an account where no check was ever presented against insufficient funds. It would be a mistake, like many other things that happen.
     
  11. lbrown59

    lbrown59 Well-Known Member

    Re: Re: Re: Debit versus ATM Card

    Ok, then why would a bank charge NSF fees?
    iambroke
    ==================
    Banks aren't the only ones charging this as you also get hit by creditors in addition to your bank.

    I have never had a NSFcheck; but I've gotten charged for NSF even on checking accounts that weren't mine?

    Did you know that a merchant can collect a NSF fee twice on the same check?

    THE END ** *** ** LB 59
    """"```--~~~~~~~~~--```'""'''
     
  12. lbrown59

    lbrown59 Well-Known Member

    Re: Re: Re: Debit versus ATM Card

    LBrown59 is talking about a bank ERRONEOUSLY putting NSF fees on an account where no check was ever presented against insufficient funds. It would be a mistake, like many other things that happen.
    Hedwig
    ===============
    Close but no cigar.
    What I am referring to is the other party in addition to the bank who charges N S F fees.
    This is not a mistake as it's common practice.
     
  13. iambroke

    iambroke Well-Known Member

    Re: Re: Re: Debit versus ATM Card

    *Banks aren't the only ones charging this as you also get hit by creditors in addition to your bank.

    Well yeah they incur fees at their bank for YOUR nsf check so why shouldn't they charge you for it?

    #I have never had a NSFcheck; but I've gotten charged for NSF even on checking accounts that weren't mine?

    HUH? Why would you be charged for an NSF check that wasn't yours?

    *Did you know that a merchant can collect a NSF fee twice on the same check?

    Yeah, if they redeposit it and it bounces again, YES they can.


    If you bounce a check then it is NOT always returned. The bank has the option of paying it and then the merchant never knows and doesn't charge you. Sometimes banks will allow one NSF check before returning a check as NSF, depending upon the banks policy. I know my CU allows the 1st one and then returns all others to the creditor/merchant.

    But as I said if there is no NSF check then there is no charges by the bank OR the merchant.

    I just don't understand your point as I have a LOC to eliminate NSF's. Therefore there are NO charges I incur as I don't bounce checks.
     
  14. lbrown59

    lbrown59 Well-Known Member

    Re: Re: Re: Re: Debit versus ATM Card

    I just don't understand your point?

    I am broke
    ===================
    The point is the merchants are classifying checks that aren't NSF and charging NSF fees on them.

    THE END ** *** ** LB 59
    """"```--~~~~~~~~~--```'""'''
     
  15. iambroke

    iambroke Well-Known Member

    Re: Re: Re: Re: Debit versus ATM Card

    *The point is the merchants are classifying checks that aren't NSF and charging NSF fees on them

    HUH? How is that when the checks aren't being returned? Never heard of such a thing. If your check isn't good then it isn't good. If it doesn't bounce or isn't returned for fraud or something to that nature then how the heck is a merchant going to charge for something that you don't owe? Has this happened to you? What was the merchant charging you for? Did they just withdraw money out of your account? And if so and it wasn't for an NSF charge then what was it for? I'm sure they have to give a reason and if they don't then what is your bank saying when you dispute it?
     
  16. lbrown59

    lbrown59 Well-Known Member

    Re: Re: Re: Re: Debit versus ATM Card

    3*Yeah, if they redeposit it and it bounces again,
    I am broke
    =======================
    1*BECAUSE THEY charge THE FEE EVEN WHEN IT NEVER GOES TO THEIR BANK. Then too it may not even be a NSF check but they get you for a NSF check anyway.
    2*If a merchant gets a check and don't get the money out of it they can add a NSF Charge to your account. It don't matter whose check it is.
    Also it don't matter wither or not the check even gets to either the merchants bank or your bank.
    If a check never gets to either bank it can't be a NSF check but you will get charged the NSF fee just the same.
    3*Sometimes they can get paid 4 times when that happens

    THE END ** *** ** LB 59
    """"```--~~~~~~~~~--```'""'''
     
  17. iambroke

    iambroke Well-Known Member

    Re: Re: Re: Re: Debit versus ATM Card

    *If a merchant gets a check and don't get the money out of it they can add a NSF Charge to your account. It don't matter whose check it is.
    Also it don't matter wither or not the check even gets to either the merchants bank or your bank.

    Well, you got the merchandise so if your check doesn't clear then one would assume there would be a fee. Do you expect the merchant to eat the merchandise charges?

    Also, the fees should be displayed when you shop there.

    And in my 37 yrs on the planet I've never had this happen to me once.

    You might want to shop elsewhere.
     
  18. lbrown59

    lbrown59 Well-Known Member

    Re: Re: Re: Re: Debit versus ATM Card

    *The point is the merchants are classifying checks that aren't NSF and charging NSF fees on them

    1*HUH? How is that when the checks aren't being returned?
    2*Never heard of such a thing.
    3*If your check isn't good then it isn't good.
    4*If it doesn't bounce or isn't returned for fraud or something to that nature then how the heck is a merchant going to charge for something that you don't owe?
    5*Has this happened to you?
    6*What was the merchant charging you for?
    7*Did they just withdraw money out of your account?
    8*And if so and it wasn't for an NSF charge then what was it for?
    9*I'm sure they have to give a reason and if they don't then what is your bank saying when you dispute it?

    Everyone is always broke in one way or another!
    ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''
    1*An NSF check is a check that when presented for payment there aren't adequate funds in the account to pay it.
    This is the only legitimate check to charge a Fee on.
    Creditors lump all un paid checks into what they term returned checks thus charging NSF fees on checks that are not NSF.
    2*I have happens all the time.
    3* If the funds are in the account the check is good as far as NSF is concerned
    4*I have seen a merchant charge the fee plus the amount of the check even after the merchant was paid for the merchandise or service by other means.
    5*Once with the phone company
    A few times with merchants.
    6*Bogus NSF FEES Because they weren't NSF checks.
    7*The phone company simply added a 75 dollar NSF charge to my phone bill even though the checks Were Not NSF.
    9*I've had my bank tell me there were no NSF checks and still gotten charged NSF charges by the merchant on checks.
     
  19. iambroke

    iambroke Well-Known Member

    Re: Re: Re: Re: Debit versus ATM Card

    If you bank is charging you for a check that is GOOD and not NSF then I would find another bank.

    I get tired of people complaining about fees etc that aren't their fault but then staying with the company that is doing it. I had a checking acct with Wachovia. They screwed up my account by charging me for a 2nd box of checks (the 1st box was incorrectly printed) and charging me an expedited shipping charge for them in the total amt of 75.00 whopping dollars. I demanded it be refunded (which it was) and I immediately took my hard earned money elsewhere. Consumers do have choices.
     
  20. Hedwig

    Hedwig Well-Known Member

    Re: Re: Re: Re: Debit versus ATM Card

    And if a merchant is truly charging you illegally, you should write to them and request that it be rectified and your money returned. If they don't comply, consult an attorney to see about taking legal action against them.

    If they truly presented a check and it wasn't paid, they are entitled to the fee. If you're talking about something like you think you have funds but your bank has put a hold on a deposit for a certain length of time and the check is presented before the deposit clears, you have written a check against insufficient funds. Many banks have a policy of putting a hold on a deposit for a period of time for various reasons--out of state check, amount of deposit, etc. Those funds are not AVAILABLE to you until the hold clears. So, if a check is presented in the meantime, there are not SUFFICIENT funds AVAILABLE to pay your check, and it is returned as NSF.
     

Share This Page