What is the difference in my liability if I have a debit card compared to a credit card, if my card is lost or stolen?
You have no recourse with a debit card--unlike a credit card you are only responsible for the first 50. Although I have heard that Visa is now offering some type of protection with their debit cards but you should check with your bank that issued the card.
IN MOST CASES $50.00 IS ALL YOU WOULD PAY FOR A LOST OR STOLEN VISA/MASTERCARD (A LOT OF BANKS NOW HAVE DROPPED THE $50.00). NOW DEBIT IS DIFFERENT...$200.00, $800.00, $1,200.00 GONE...TOUGH!!!
I'm not sure what the liability is on a check card. I have had my check card stolen twice. One time it was the number. I had the card in my wallet but someone must of obtained my number and used it to order stuff from a catalog totaling $1000! I was HOT! When I noticed the money gone from my checking account, I immediately called the bank. Long story short, they conducted an investigation and the money was returned to me after 4 business days! They would not put the money in my account until the investigation was done! So I had to go from a Tuesday-Monday w/ out the money!!!! I thought that was b.s. Second time someone actually stole the card and used it for $200. I got that money back in 3 business days....that investigation didn't take long. So I got tired of money being stolen out of my account so no I don't carry my check card too often. I use my Am/Ex for just about everything I would with my check card. Any place that doesn't accept Am/Ex or say I need to make a purchase that I need time paying on.....I use my regular visa. At least if they get my credit cards, then I'm protected. When they start taking money out of my checking account, that's when I start getting scared!
