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Debit Card Problems When Fraud Occurs

Wednesday, November 24, 2010 - 5:27 AM
As mentioned in this USA Today article, debit cards are now used more than credit cards. They can be more convenient (and necessary for reward checking), but there are fewer consumer protections and more risks for the consumers.

Several examples of consumers experiencing debit card fraud were described in the article. For all cases, the banks returned the stolen money. However, all the consumers had to wait up to 5 days to get back access to their accounts.
Ken TuminKen Tumin5,471 posts since
Nov 29, 2009
Rep Points: 125,634
1. Wednesday, November 24, 2010 - 8:39 AM
Frequent monitoring of debit card activities is the key for protection against fraudulant usage.  Amog all my (reward checking and primary) banks/credit unions, Danversbank is no doubt the best in this respect.  it operates like a real-time reporting system.  Any card usage was sent to us via e-mail within minutes.  Its notification features include balance alert (above/below a certain set amount), memo activities (all debit card activities), and check presentment.  All banks should learn from it. 
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,427