Originally Posted by Andy M.
It could happen just as easily with a credit card. If it's stolen, it will be maxed out before you ever get a statment.
Very true. No difference whether it's a credit card or debit card as far as someone using your card to purchase things.
The BIG difference is my credit card is just that, a Visa credit card, and is not tied to my checking account. I don't own a debit/check card. I even stopped using my ATM card many years ago.
Sure, someone can as easily try to max out my credit card, although that is very unlikely because the bank will immediately notify me of any unusual activity, and I might be liable for just a small sum, if any.
A debit/check card holder on the other hand can have most of their checking account cleared out by a smart crook. And this is not uncommon. This has happened to two people I know.
Here's one poster from another forum:
Debit card near disaster
I have always been a little leery of a debit cards, but they are so convenient, I find it hard to be without one. Last week however, I got a wake up call.
I went to the optometrist to get new glasses. After insurance, my end was $140. Some insurance. I gave the optician my debit card and she inadvertently rang up the sale for $1400. Realizing her mistake she canceled the $1400 and rang up the $140. This has happened to me before, but with my credit card, so I didn’t bat an eye at it. The next day I tried to get cash out of the ATM but couldn’t because of insufficient funds. This couldn’t be. I went online to check my account and everything seemed normal so I went to bank. They told me that I had a $1400 debit and that I was overdrawn. Furious, I called the optometrist. They apologized for the mistake and promised to cover my overdraft fees, but their cancelation had gone through and that it was the bank that was holding those funds. Back to the bank I went. It seems that my bank holds cancelations for five days before releasing the money. It however, will not show up on my statement or on line. I had checks for all my monthly bills in the mail and needed to go grocery shopping that night. If I hadn’t have caught this when I did, it could have been a disaster.
How bads the coffee? How goods the pie?