Quote:
Originally Posted by frankmcr
Wow, are people still spreading this one around???
I've used debit cards since well back into the previous century. Couple times scammers got hold of a d card #, tried to use it for unusual purchases, issuing banks refused payment, shut down the card, and notified me immediately.
|
In terms of what a specific debit card issuer chooses to protect or not, yes they can have the same protections. However, the legal responsibility of a debit card issuer vs a credit card issuer is still very much in favor of using credit cards.
Legal requirements for debit card issuers allow a reporting time to affect (or even eliminate) their liability. Debit card issuers "may" offer you credit card level protections. Credit card issuers are legally required to offer you protection to a max of $50 regardless for fraudulent transactions. Plus, the debit card issuer has less motivation to recover/restore your money quickly. However, for a credit card issuer, the money lost is their own, so they are slightly more motivated.
Then, you also have to take into account that even if the debit card issuer does protect you, you are out actual money while they process the claim. An issue with you credit card does not affect your bank account directly. There is still a difference.