> On 2015-02-02, at 20:02 , Dave Close <d...@compata.com> wrote: > > In the US a credit card transaction has better legal protection than > debit. True, most issuers promise to apply basically the same rules > to both, but they are not legally required to do so. Credit cards are > limited to $50 liability, debit cards are unlimited. You might get a > refund on a fraudulent debit but it might take a while and cause other > debits to bounce in the interim.
Per http://www.consumer.ftc.gov/articles/0213-lost-or-stolen-credit-atm-and-debit-cards, if you report the debit card as stolen within two days, your liability is limited to $50. Yes, the liability goes up very quickly, but there is still a limit for those who report in a timely manner the loss. Another note, your liability is $0 if your card is not lost and there is a fraudulent transaction that you report in a timely manner (within 60 days of your statement). The unlimited clause only applies if you fail to report the loss of card after more than 60 days. Your personal risk profile may still have that as unacceptable, but don't discount debit cards due to misinformation. (The FTC website cites a 1978 law as the governing law on liability of debit cards, so this is not a new law). ---- "The speed of communications is wondrous to behold. It is also true that speed can multiply the distribution of information that we know to be untrue." Edward R Murrow (1964) Mark McCullough mark.mc...@gmail.com _______________________________________________ Discuss mailing list Discuss@lists.lopsa.org https://lists.lopsa.org/cgi-bin/mailman/listinfo/discuss This list provided by the League of Professional System Administrators http://lopsa.org/
