Re: WTF? (OT) Rant

On 2005-08-02, Magic Mood Jeep© penned:
>>
>
> OK - here's the deal - we have one of those "visa check card" things
> - not what our bank calls it, but it works the same: it takes money
> out of our checking account whether we use it like a credit card
> (sign the slip) or ATM/debit card (use your PIN). And that's the
> danger of using one online: if it gets stolen somehow, it takes
> money out of your checking account! Most banks, if notfied of the
> theft of the card *immediately*, will replace the money, but it's a
> hassle to straighten out and there's the danger of a check for the
> car/house payment or other important bill getting bounced in the
> time it takes to get things righted.
>
> At least if you use a *credit* card that's not tied to your checking
> account (Visa, Mastercard, Discover, Diner's Club, etc., etc.), you
> won't be out the *cash* from your checking account if it's stolen -
> and if you are diligent and check your accounts regularly, notify
> them of suspicious activity *immediately* (within 24 hours) you are
> not liable for it (used to be you were liable for $50 max, but
> anymore, they write off all of it).
>

That's exactly how I see it and how I've been handling my finances for
the last few years. I caught a $3K purchase from Hong Kong the day it
was made ... the bank locked down my credit card, and several days
later I get a call from them asking if I'd like to allow a $17K charge
from the same company. Weird stuff.

I'm not sure the 24-hour rule applies to credit cards, either. In
fact, the bank reps I spoke to seemed completely confused about the
fact that I didn't have a statement showing the bad charge. It's hard
for me to believe that you would be held responsible for charges when
you hadn't yet received a statement about them; most people just
aren't in the mindset of checking their accounts on a daily basis.
And not all banks have charge information available instantly.

--
monique, who spoils Oscar unmercifully

pictures: http://www.bounceswoosh.org/rpca
.