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Carrying a debit card (at least by the american definition of "debit card", other countries may have more sane CC security) is a risk in itself -- if you lose t
by Johnny555 8y ago
Carrying a debit card (at least by the american definition of "debit card", other countries may have more sane CC security) is a risk in itself -- if you lose the card (or just the number), then your bank account can be wiped out before you can stop it, then you'll start bouncing checks.
And since you have a card for each account, they can wipe out your savings too, making it harder to replenish your checking account.
You'll most likley get the money back, eventually.
I carry only an ATM card (PIN required), no debit card that debits directly from my bank account.
(note that this isn't just a hypothetical vulnerability, my company had to give a paycheck advance to an intern who lost her debit card in a bar, had her account wiped out and couldn't get money back from her bank in time to make rent)
- pavel_lishin 8y agoPresumably, neither debit card is linked to the savings account. And the whole point of that split is that there is no large amount of money in either checking account at any given point. If someone takes zeta0134's "fun budget" for a two weeks, it shouldn't be any more of a ding than a extravagant night out.
- zeta0134 8y agoThese are perfectly valid risks, and I'm not sure why you're getting downvoted! Good considerations all around. I mitigate a large portion of this by having the bulk of my funds in savings at any given time, more than enough to cover what would be in bills / spending in case of an emergency like this. I do not carry a card that can pull from savings with a card swipe, so a card thief would at the very least need to coerce the PIN out of me under duress, after which I would hopefully manage to contact my bank before they did too much damage. Of course, a better mitigation would probably be to set up two-factor on the card. Chip and PIN is supposed to protect against this, but in my experience so far, merchants that don't support it get away with a "credit" swipe and a signature, mitigating the security benefits of requiring the pin in debit mode. This is a good critique of the system I've set up, and I'll do some research and see if I can lock it down to deal with these risks properly.
- NightlyDev 8y agoDebit cards are quite secure, at least here, but we're many years ahead of the US when it comes to credit/debit cards. The magnetic strip is never used(haven't been used the last 10 years, at least), a PIN is always required at PoS and for many issuers an electronic multistep authentication process is required to order anything online with the card. And if something still where to go wrong then you'll get your money back.
- Johnny555 8y agoAnd if something still where to go wrong then you'll get your money back. Well... most of the time, unless the bank claims it was your fault because chip-and-pin is infallible... then you have to fight the bank for your money. https://www.thisismoney.co.uk/money/saving/article-2215223/Victim-chip-pin-fraud-Its-YOUR-fault-insist-banks.html https://www.thisismoney.co.uk/money/saving/article-2215223/V...
- graeme 8y agoInteresting. Had atm fraud in brazil from my canadian chip and pin card. No issue getting the money back.