Wireless Provider Gripe
I received a notification from T-Mobile that in order to receive my discount for auto pay I would need to give them either my debit card or banking account number in order to continue getting the disc...
Forum Discussion
Yes, but, and its a BIG BUT, Federal and state consumer credit protection laws apply for credit cards and NOT for debit and bank account electronic transactions. The law is much stricter for credit cards than debit cards and other e-transactions.
See https://www.investopedia.com/articles/personal-finance/050214/credit-vs-debit-cards-which-better.asp
For credit cards, as long as the customer reports the loss or theft in a timely manner, their maximum liability for purchases made after the card disappeared is $50.
For debit cards The Electronic Fund Transfer Act gives debit card customers the same protection from loss or theft—but only if the customer reports it within 48 hours of discovery. After 48 hours, the card user’s liability rises to $500; after 60 days, there is no limit.
In most cases, credit cards offer much greater fraud protection than debit cards.
Other Credit Card Advantages
The Fair Credit Billing Act allows credit card users to dispute unauthorized purchases or purchases of goods that are damaged or lost during shipping. If the item was bought with a debit card, then the charge cannot be reversed unless the merchant is willing to do so. What’s more, debit card theft victims do not get their refund until an investigation has been completed.
The credit cardholder, on the other hand, is not responsible for the disputed charges; the amount is usually deducted immediately and restored only if the dispute is withdrawn or settled in the merchant’s favor. Though some credit and debit card providers offer zero liability protection to their customers, the law is much more forgiving for credit cardholders.
And from personal experience, its a whole lot less of a hassle to fix what happens when your credit card is hacked, than when your bank account is.
See https://www.investopedia.com/articles/personal-finance/050214/credit-vs-debit-cards-which-better.asp
For credit cards, as long as the customer reports the loss or theft in a timely manner, their maximum liability for purchases made after the card disappeared is $50.
For debit cards The Electronic Fund Transfer Act gives debit card customers the same protection from loss or theft—but only if the customer reports it within 48 hours of discovery. After 48 hours, the card user’s liability rises to $500; after 60 days, there is no limit.
In most cases, credit cards offer much greater fraud protection than debit cards.
Other Credit Card Advantages
The Fair Credit Billing Act allows credit card users to dispute unauthorized purchases or purchases of goods that are damaged or lost during shipping. If the item was bought with a debit card, then the charge cannot be reversed unless the merchant is willing to do so. What’s more, debit card theft victims do not get their refund until an investigation has been completed.
The credit cardholder, on the other hand, is not responsible for the disputed charges; the amount is usually deducted immediately and restored only if the dispute is withdrawn or settled in the merchant’s favor. Though some credit and debit card providers offer zero liability protection to their customers, the law is much more forgiving for credit cardholders.
And from personal experience, its a whole lot less of a hassle to fix what happens when your credit card is hacked, than when your bank account is.
