2oldman wrote:
BenK wrote:
What is missed is that, when they compromise your account...it is not that far from them going a bit farther to then steal your ID top empty your accounts (plural)
BEFORE you have a chance to check it
I hear scare stories like this all the time, but have yet to hear of it actually happening. I don't really see how draining an account could happen that fast, unless your balance is just a few hundred dollars.
The thing about text alerts is that you can know RIGHT NOW as it's happening. If you're still in the paper age (no text phone) then that's a different ball game. It's my belief that no bank is going to abide by fraud, let your accounts be drained and tell you "sorry". That's just not good business.
If you prefer lots of cash and separate cards, that's fine. Whatever works for you.
What the heck is this thread doing in Tow Vehicles??
Unless you are using a STRAIGHT UP CREDIT ONLY CARD it IS very POSSIBLE to lose every penny in your BANK CHECKING ACCOUNT.
Now days the lines are very blurred when it comes to those little plastic cards. Your local bank issues what is known as a DEBIT/CREDIT card which is LINKED to YOUR PERSONAL CHECKING AND OFTEN YOUR BANK SAVINGS ACCOUNT.
When you swipe a DEBIT/CREDIT card you are faced with TWO CHOICES.. DEBIT OR CREDIT.
Debit mode you only need to enter your bank PIN number.
The skimmer only needs to get your card numbers AND your BANK PIN NUMBER to use your DEBIT/CREDIT card and will gain FULL ACCESS TO ALL OF YOUR ACCOUNTS LINKED TO THAT CARD.
What many folks don't seem to understand is using the DEBIT mode your bank is not "responsible" for any theft incurred, YOU ARE! There is typically no "forgiveness", and no max out of pocket limit, some even link your checking account to your savings account for auto protection from over drafts!!
The Debit mode IS the same as you writing a physical check and there typically is no fraud "protection" on a written check and is up to your banks policies as to what they may do for you..
Because of this we will only use our bank DEBIT/CREDIT card as credit transaction whenever possible.
Using the CREDIT mode the card acts like a credit card in some respects by having a max out of pocket fraud limit of $50.. The downside is the thieves can drain your contents of main account linked to the card since the CREDIT function will withdraw from your main account before issuing as credit.
If you are using your local bank Debit card I would highly recommend that you read and understand ALL the details and conditions set by YOUR BANK on that card as to what they cover and what they don't cover concerning fraudulent purchases..
As I mentioned before we solved the problem by buying a bunch of gift cards, works like a credit/debit card at the pump, it is disposable, it has no links or ties to any of our accounts.. If we lose one we lose a max of $100 and we don't have the wasted time calling our bank to stop the account and have a new card issued..
Cheap insurance to safe guard our money/accounts and even our identity..
While you can often get your money back from fraudulent credit charges you will NEVER, EVER get your stolen identity back!
As a side note to address your question, YES, my sister used her bank card at a restaurant, thief emptied her bank account by the time she got home less than 20 minutes later. Fortunately she didn't have a large balance but still it cost her money and time..
