Anyone have Sears MasterCard limit decreased
Hey guys; DW had this mastercard issued by Sears Canada for several years. Several days ago DW noticed her credit limit for that card was lowered from just over 10K to just above 8k. She called an...
Forum Discussion
A true "automatic deduction" goes through your bank account number. If they use your debit card number, it is a debit charge (whether repeating or not). This is why one should never do bill pay outside of your bank's system - because once you give your bank account number to someone, they can access your account and neither you nor the bank can cancel the access (without changing your entire account). With the debit card, they just send you a new card but keep the same account.
As for fraudulent debit charges (repeating or not), each bank/credit union handles the actual process slightly different, but they ARE required to reimburse you for fraudulent charges. I had my credit union debit card compromised and they were repeatedly making various amounts of charges over a 24 hour period. The credit union froze my account at that time and began their investigation. Two weeks later, they reimbursed my account.*
FTC Rules
"If someone makes unauthorized transactions with your debit card number, but your card is not lost, you are not liable for those transactions if you report them within 60 days of your statement being sent to you."
*My grandfather always said to have multiple bank accounts at multiple banks. I realized how good this advice is when my debit card was compromised. While the investigation was in progress, I still had access to my other bank's accounts so I was not in a bind.
Also, I cancelled the "overdraft prevention" on all my accounts as a result of this. Because I had it at the time, when the crooks started pulling out money (they start small to see if it will work) the credit union automatically moved money from my savings into my checking for them until the credit union realized something was off. If they hadn't done that, I would have only been out about $250 (as I don't keep a lot of money in my checking accounts); as it was I was out about $800. They could have gotten a couple thousand if the credit union wasn't as quick as it was.
As for fraudulent debit charges (repeating or not), each bank/credit union handles the actual process slightly different, but they ARE required to reimburse you for fraudulent charges. I had my credit union debit card compromised and they were repeatedly making various amounts of charges over a 24 hour period. The credit union froze my account at that time and began their investigation. Two weeks later, they reimbursed my account.*
FTC Rules
"If someone makes unauthorized transactions with your debit card number, but your card is not lost, you are not liable for those transactions if you report them within 60 days of your statement being sent to you."
*My grandfather always said to have multiple bank accounts at multiple banks. I realized how good this advice is when my debit card was compromised. While the investigation was in progress, I still had access to my other bank's accounts so I was not in a bind.
Also, I cancelled the "overdraft prevention" on all my accounts as a result of this. Because I had it at the time, when the crooks started pulling out money (they start small to see if it will work) the credit union automatically moved money from my savings into my checking for them until the credit union realized something was off. If they hadn't done that, I would have only been out about $250 (as I don't keep a lot of money in my checking accounts); as it was I was out about $800. They could have gotten a couple thousand if the credit union wasn't as quick as it was.
