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Old 02-06-2013, 11:11 PM   #43
Merine Heberger
Compulsive Stamper
Join Date: May 2007
Location: Boise, IDAHO
Posts: 37
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Originally Posted by javagirl984 View Post
I didn't read all of the replies, but I thought I would answer you since I work in a credit union in the department that handles both credit and debit cards. As far as the cardholder is concerned, you have the same protection whether you use a credit card or debit card. As far as the banks and credit unions are concerned, it is sometimes very tough to get the money back. It depends on the type of fraud (online vs brick and mortar) as well as other factors. The biggest difference is, the money comes directly out of your checking account for debit cards. I know our credit union works with the member and will waive all nsf fees and post legitimate items up to the amount being reported as fraud until the fraud can be confirmed. Most bigger banks just give your money back regardless and write off the loss if they can't recover it from either the merchant or the insurance company. Smaller banks and credit unions may require more input from the card holder to try to curb the losses so they are n't passed onto to their customers/members.

Plastic cards are very convenient and I use my debit card for everything. But there are a lot of bad people out there committing fraud, and it gets worse every day. Get ready because in the next few years we will be required to replace our current cards with the magnetic strips on the back with the microchip cards that are already being used in Canada and Europe. They are supposedly harder to use for fraud. It's really "fun" keeping up with all the fun stuff the government keeps throwing at us. Not!
Thank you so much for sharing your knowledge of what is happening with the Credit card industry as well as the protections offered via debit and credit cards. I appreciate it and I know others will too!
Merine Heberger is offline  
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