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Old 09-20-2008, 10:06 AM   #11
Master Chef
Join Date: Jul 2008
Location: Park Drive Bar/Grill Los Angeles
Posts: 9,587
Originally Posted by Andy M. View Post
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?

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Old 09-20-2008, 11:04 AM   #12
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Join Date: Jul 2008
Location: Park Drive Bar/Grill Los Angeles
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FWIW, I found this interesting article a few moments ago:

DebtSmart.com - "Three Reasons You Should NEVER Own a Debit Card" by Jay Peters

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Old 09-22-2008, 02:18 AM   #13
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Join Date: Sep 2004
Location: Galena, IL
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It is scary. I had an acquaintance over 20 years ago who had her identity stolen. It was a nightmare. In those days I think she had a checkbook and one credit card. But this person managed to go around her neighborhood (in DC) and ruin her reputation with her local contacts. It is so much easier now to steal your life.
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Old 09-22-2008, 04:21 AM   #14
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Join Date: Aug 2008
Location: England
Posts: 414
Isn't it horrible when something like this happens? I was shopping once and put down my wallet for a second to play around with something I wanted to buy - stupid of me I know. Next thing I knew it was gone though, and wasn't turned in.

Pain in the *** because I lost my national insurance card as well as my money and other cards.

Lynd has too many handbags
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