Debit Cards

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Permalink Reply by John Antonelli on October 8, 2009 at 12:28pm

You be screwed if the owner won't take it back

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Permalink Reply by Mary Massey on October 8, 2009 at 1:04pm

that's my concern. I guess there is no such thing as honor anymore.

John Antonelli said:

You be screwed if the owner won't take it back

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Permalink Reply by John Antonelli on October 8, 2009 at 1:07pm

There is always the threat of the loss of additional buisness if they care about that.

Mary Massey said:

that's my concern. I guess there is no such thing as honor anymore.

John Antonelli said:

You be screwed if the owner won't take it back

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Permalink Reply by Leslie Monroe on October 12, 2009 at 4:06pm

You can contact your bank I think they can do a stop payment on debit cards transactions as they would do checks but you have to call them ASAP because ATM transactions go through quicker than checks do and of course they will charge you for a stop payment too. If you have online access to your bank account they may have an option to do a stop payment on their site.

You also need to remember the following - A debit card doesn't have the same protection as a credit card. A credit card innately has a third party (another bak) as an intermediary. But using a debit card is direct access tfromt he vendor to your personal account; there's no interevening agency that can stand up and say "we won't pay this".

The law also provides much less protection for debit cards. It's just not as safe.

Personally, I recommend maintaining both a debit card and a credit card - use the debit card for one-time purchases like groceries and haircuts. Use the credit card for ongoing expenses like insurance payments or online bill-pay. This allows you to avoid interest charges on basic expenses, but also provides protection against abuse for larger or ongoing charges.

Leslie,
JRS Medical Supplies

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Permalink Reply by Mary Massey on October 12, 2009 at 4:40pm

Thanks Leslie!!

Leslie Monroe said:

You can contact your bank I think they can do a stop payment on debit cards transactions as they would do checks but you have to call them ASAP because ATM transactions go through quicker than checks do and of course they will charge you for a stop payment too. If you have online access to your bank account they may have an option to do a stop payment on their site.

You also need to remember the following - A debit card doesn't have the same protection as a credit card. A credit card innately has a third party (another bak) as an intermediary. But using a debit card is direct access tfromt he vendor to your personal account; there's no interevening agency that can stand up and say "we won't pay this".

The law also provides much less protection for debit cards. It's just not as safe.

Personally, I recommend maintaining both a debit card and a credit card - use the debit card for one-time purchases like groceries and haircuts. Use the credit card for ongoing expenses like insurance payments or online bill-pay. This allows you to avoid interest charges on basic expenses, but also provides protection against abuse for larger or ongoing charges.

Leslie,
JRS Medical Supplies

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