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
fj12ryder wrote:
"If they use your debit card info for a bill pay, then it is considered a "debit card transaction" and the bank is required to reimburse you for the fraudulent transaction - regardless of whether they call it a "debit charge" or an "automatic debit". It may take a few weeks for the investigation to complete and get the funds reimbursed, but it is a DEBIT CARD TRANSACTION and protected."
Actually, according to the link to the FTC Rules you provided you're only partially correct. It depends on how quickly you report the charges. If you don't report them quick enough you could be liable.
Correct. If it's not related to a stolen or lost debit card, you have 60 days from the statement date showing the charge(s) to report it. Do you really need more than 2 months to realize someone fraudulently debited your account?
fj12ryder wrote:
"Again, do not EVER provide your bank account to a bill payee."
Why are written checks not an issue? They have your bank account number plainly printed on the front. And you send them to the payee, thereby giving them, according to you, easy access to your account.
Yes, written checks are an issue if they get into the wrong hands or if the receiver enters and stores the account information from the check into their computer system (it's no different than having your credit or debit card information stored in their computer systems - it becomes more vulnerable to hacking). Most people rarely write checks anymore, so I didn't mention it.
Again, there are practical ways to protect yourself:
Don't use "overdraft protection" between your checking and savings.
Don't keep a large balance in your checking account.
Don't give out your account number.
Use trusted businesses.
Make sure any website with which you input your card numbers, account numbers, etc., are encrypted.
Keep a list of your card numbers handy (both debit and credit) so if one is lost or stolen you can quickly cancel it.
Check your statements/account balances frequently and regularly for unusual activity.
