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> Debit card gets stolen - All my money is taken out of my bank. I now cannot pay my rent or buy groceries. I tell bank, and they start an investigation. Maybe
by djrogers 10y ago
> Debit card gets stolen - All my money is taken out of my bank. I now cannot pay my rent or buy groceries. I tell bank, and they start an investigation. Maybe in 90 days I get my money back.
Not true - if you report fraudulent charges the money must be returned to your account within 10 days until the investigation is concluded according to federal law. Many banks will return the money much immediately as well - if yours doesn't, get a new bank.
Visa and Mastercard, who control 100% of the debit card processing in the US, both have 0-liability policies on debit cards, and as the payment processors, they have required banks to follow suit, and to follow an immediate refund policy on fraud as well.
- brianwawok 10y agoOh so I only get my bank account drained for 10 days if I use my debit. Please tell me why I would use Debit again? Remember I also lose the 2% cashback I get on my credit, on top of my bank account being drained for 10 days and perhaps my mortgage payment bouncing if I didn't catch it in time.
- FireBeyond 10y agoAs mentioned by the grandparent: If your debit card is branded Visa/MC, the bank is required to issue an "immediate" (usually "overnight") refund while investigated.
- brianwawok 10y agoSo what happens if your account drain causes your mortgage payment and car payment to bounce? I don't have time to mess with that. Use credit.