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With credit being more important than ever, how would you feel if the cash that you work so hard for is in danger, too?  How?  When you use your debit card, you are using cash from your bank account.  If that account number is stolen you do not have the same protection as if your credit card account is stolen.

If someone steals your credit card number and you report it stolen, you are only liable for $50 of the unauthorized charges.  However, with a debit you must report the theft in two days of the theft to get the smae $50 limited liability protection.

Reporting the theft within two days of occurs is more difficult with a debit card because you receive the statement once a month and fraud protection is not offered by many bank institution for a checking or saving account.

Another important thing to remember about your debit card purchase is that the protection decreases as the fraud or theft continues.  How?  If you miss the 48 hours deadline in reporting the theft, but you report the theft with 60 days of occurs you are liable for up to $500 of the unauthorized charges.  If report after 60 days, you are responsible for all unauthorized spending.

There is good news, though, if you use your debit card as a credit card where you sign for your purchase you are protected by the same laws as an unauthorized credit card usage.  The key here is that it must be used as a credit card purchase.  It is not a credit card purchase if you enter your pin number.

To protect yourself check your balance daily and balance your checkbook.

Originally posted 2009-10-16 16:27:49. Republished by Blog Post Promoter

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