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>There's no technical reason why bank accounts couldn't be similarly protected, but banks have thus far been successful in preventing such laws from being enact

>There's no technical reason why bank accounts couldn't be similarly protected, but banks have thus far been successful in preventing such laws from being enacted. My bank's (Chase) policy limits debit card customer fraud losses to the same $50 that the law requires of credit cards. Not sure about other banks, but while I'm not sad that I have this protection, Chase's anti-fraud measures for debit cards (mostly programmatic, I'm sure) are pretty draconian. If I travel any significant distance from my home, transactions with my debit card are almost always declined and I either have to contact customer service (a big time waster) or use a credit card. That's incredibly annoying, although if that's the reason my debit card fraud responsibility is limited to the same as a credit card, that's a trade off that some may be willing to make and some will not. Given that my debit card has been the subject of fraudulent activity several times and the bank has made me whole every time, perhaps there's something to be said for the harshness of the debit card anti-fraud algorithms. But it's still incredibly annoying.

jjav 4y ago
> My bank's (Chase) policy limits debit card customer fraud losses to the same $50 that the law requires of credit cards. Yes, many banks do. But be aware that when using a debit card, it's just the bank policy of being nice that protects you. They have the right to change that policy on a whim. When using a credit card, that protection is built into the regulations so you can count on it. Always use a credit card, never a debit card, is the safest approach.
- nobody9999 4y ago
QuarterReptile 4y ago
My impression is that all banks are pretty miserable to deal with when you travel, though I imagine if you move out of consumer-grade junk, that improves. I have a bank account (Navy Federal Credit Union) that got locked out when I used a cashier's check to buy a car (despite repeated assurances that there was a note in my account explaining the transaction in advance.) Unfortunately, their customer service is just a notch better than Google, with hold times routinely exceeding 3 hours, and lines periodically going dead; consequently, I'm going on 7 months without access to my accounts.

jjav 4y ago

> My bank's (Chase) policy limits debit card customer fraud losses to the same $50 that the law requires of credit cards. Yes, many banks do. But be aware that when using a debit card, it's just the bank policy of being nice that protects you. They have the right to change that policy on a whim. When using a credit card, that protection is built into the regulations so you can count on it. Always use a credit card, never a debit card, is the safest approach.

nobody9999 4y ago

QuarterReptile 4y ago

My impression is that all banks are pretty miserable to deal with when you travel, though I imagine if you move out of consumer-grade junk, that improves. I have a bank account (Navy Federal Credit Union) that got locked out when I used a cashier's check to buy a car (despite repeated assurances that there was a note in my account explaining the transaction in advance.) Unfortunately, their customer service is just a notch better than Google, with hold times routinely exceeding 3 hours, and lines periodically going dead; consequently, I'm going on 7 months without access to my accounts.