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> Somebody steals your debit card? Good luck, money is gone from your bank account I had $4000 stolen from my bank account via a compromised debit card. The c

• brianwawok 10y ago
  It's a classic case of who is carrying the burden. With credit it's he bank. Fine show my account balance 4k high, I refuse to pay my bill. Same thing with debit and it's my cash missing, and I need to go through a dance to get my own cash back. In fact just had a CC stolen last week. No harm to me because I wasn't holding the burden. I refuse to use my debit card for anything but at an ATM.
  • theonemind 10y ago
    My bank issued me a debit/ATM card by default. I asked, and they replaced it with a plain ATM card that's not a debit card. They also had this insecure-dy-default behavior allowing checking account overdraws to start pulling out of savings. It's worth checking that setting, too.
    • jdeibele 10y ago
      I was interested to read in the comments on a different topic that businesses typically have a deposit-only account, a withdrawals-only account and an account in the middle. As a family, we set up an extra account at Schwab to write checks and do automatic payments against. There wasn't any additional cost to us - having some money sitting in the account is hardly worth worrying about with what Schwab (or anyone else) pays in interest. The big benefit to me is that the account doesn't have over-draft protections. I have to manually move money into the account from a different account where paychecks, etc. go into. That account can't write checks, etc. If our account is compromised, well, we lose (temporarily, I hope) what's in there but not the cash that accumulates to pay for property taxes, etc.
      • astrange 10y ago
        Wells Fargo had me set up an extra checking account for this. Of course, the real reason is so they could charge me another $10 a month for it.
    • brianwawok 10y ago
      ATM vs Debit/ATM is a good call, I will try and switch my current debit cards. Overdraw protection is tricky. For example Ally offers it for free for me. If I really did accidentally overdraw my checking, I would want it sucked from my savings. However if someone stole my Ally debit, I would not want both my checking AND savings drained...
• ams6110 10y ago
  You can mitigate by keeping two accounts. In your debit card account you keep a minimum balance and transfer funds in as needed to cover purchases. For automatic ACH payments (mortgage, etc.) have those come out of the other account that does not have a linked debit card. So worst case you are without a small amount of money during any dispute/fraud resolution period, but your major regular ACH payments are not at risk. The downside is having to monitor your balances closely and transfer funds more often (which can sometimes involve a fee but if you shop around you can find banks that don't change a fee for inter-account transfers).
  • NolF 10y ago
    The way I do it is my salary goes to a online savings account (~2% interest) that's not linked to any cards. I have a debit card I move money over to when I need cash out or to use it (simple with the bank's app). Then I have a CC (used for utilities etc) which I pay every billing period from the savings account. Works well.