Your secret PIN may not be so secret

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Great points.

I realize after re reading my post that I'm very lucky not to have been soundly flamed. I shouldn't post right before lunch...

"Answer: (in the form of a question) Is this always the case? My own card has some protections against fraud involving debits. I would hazard a guess that others do, too."

This is a good point, but I think there is a fundamental difference. Either way having a good issuing bank is essential and their fraud protection policies make all the difference in the long run. The issue isn't cases where your issuing bank does the right thing upfront. The issue is when you and the bank don't immediately see eye to eye (or even before either of your notices the fraudulent chrge). In the case of a debit card, the money comes out of your bank acount first, and may or may not be replaced later. With the credit card, the worst they can do is send you a bill, and assuming you still don't see eye to eye, report badly on you to the credit agencies (which you can dispute). In the end they may both be resolved the same way, but loosing access to all of your money in checking in the interim could be a bad thing...

"Having not worked on the merchant side of the transaction, I don't know. I do know, though, that I've been happy with my debit card thus far."

My experience was working with a technical support center which also did cash sales (consumables, product upgrades, etc). One of my incedental responsibilities was to work with our finance group whenever someone disputed a charge. The only cases we ever "won" were when the customer or the issuing bank agreed to drop the dispute. Otherwise, what is known as the credit card processor would come in and directly remove the funds from our Visa/MC account and charge us an extra fee for doing so. As an example, we had one customer who ordered a product from us over the phone and then later claimed they never made the order. I provided a UPS Proof of Delivery form (with signature, to the card holder's home address) as well as notes from our call tracking system the day after delivery for a support call the customer made for help installing the new product. It wasn't enough, and we ended up refunding the money...

Posted by: enduser_z   Posted on: 03/16/06 You are currently: a Guest | Members login | Terms of Use

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