4 ms·

Debit cards are particularly dangerous, as they are as vulnerable as credit cards but do not offer the same protections.

by Zikes 15y ago

corin_ 15y ago
Depends what country you're in and who you bank with. If I lose my debit card I'm not responsible for anything spent with it afterwards.
- simcop2387 15y ago
  I'm like that too, but only if i report it in a timely manner. I think it's something like 72 hours, otherwise there's an amount of about $50 or $100 that I'm liable for.
  - corin_ 15y ago
    I'm not sure if it's official policy or not, but in my experience at least it's 72 hours after you realise. In the past I reported payments from my card that I hadn't made dating back several months and I got them all refunded without it costing me a penny.
rbehrends 15y ago
This depends on your country. For example, in the UK, the Payment Services Regulation 2009 makes no difference between credit and debit cards with respect to a payer's liability. In either case, your liability is limited to 50 pounds (unless you acted grossly negligent, intentionally, or fraudulently), regardless of the type of card used. This is largely a consequence of article 60 and 61 of EU directive 2007/64/EC [1] (some countries have been lagging behind in implementing the directive, though, so don't expect it to be the law everywhere in Europe). [1] http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2007:319:0001:01:EN:HTML http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2...
- edj 15y ago
  I think the parent was talking about the US, where liability depends on how fast you report the theft of your card or notice fraudulent transactions in your statement. If you don't catch these quick enough then your liability is unlimited. http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre04.shtm http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre04.shtm
devmach 15y ago
It depends : I lost my card and someone found it, went to biggest/main branch of the bank in nuremberg and draw 100€ from cash desk ( this all happened in 3 hours and yes, bank personal doesnt asked/checked identity ). When i found out i lost my card, i called the service line and blocked my card ( though confirmation, my card wasn't blocked ). After two week rush and paperwork i get my money back ( i know i lost my time but it was never about money ). There is always some chance to get your money back but the real problem is you're loosing your liquid that's why debit cards has daily/weekly limits.

Debit cards are particularly dangerous, as they are as vulnerable as credit cards but do not offer the same protections.

by Zikes 15y ago

Debit cards are particularly dangerous, as they are as vulnerable as credit cards but do not offer the same protections.

corin_ 15y ago

Depends what country you're in and who you bank with. If I lose my debit card I'm not responsible for anything spent with it afterwards.

simcop2387 15y ago
I'm like that too, but only if i report it in a timely manner. I think it's something like 72 hours, otherwise there's an amount of about $50 or $100 that I'm liable for.
- corin_ 15y ago
  I'm not sure if it's official policy or not, but in my experience at least it's 72 hours after you realise. In the past I reported payments from my card that I hadn't made dating back several months and I got them all refunded without it costing me a penny.

rbehrends 15y ago

This depends on your country. For example, in the UK, the Payment Services Regulation 2009 makes no difference between credit and debit cards with respect to a payer's liability. In either case, your liability is limited to 50 pounds (unless you acted grossly negligent, intentionally, or fraudulently), regardless of the type of card used. This is largely a consequence of article 60 and 61 of EU directive 2007/64/EC [1] (some countries have been lagging behind in implementing the directive, though, so don't expect it to be the law everywhere in Europe). [1] http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2007:319:0001:01:EN:HTML http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2...

edj 15y ago
I think the parent was talking about the US, where liability depends on how fast you report the theft of your card or notice fraudulent transactions in your statement. If you don't catch these quick enough then your liability is unlimited. http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre04.shtm http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre04.shtm

devmach 15y ago

It depends : I lost my card and someone found it, went to biggest/main branch of the bank in nuremberg and draw 100€ from cash desk ( this all happened in 3 hours and yes, bank personal doesnt asked/checked identity ). When i found out i lost my card, i called the service line and blocked my card ( though confirmation, my card wasn't blocked ). After two week rush and paperwork i get my money back ( i know i lost my time but it was never about money ). There is always some chance to get your money back but the real problem is you're loosing your liquid that's why debit cards has daily/weekly limits.