WARNING: us bank automatically replacing all ATM cards with VISA check cards

[tRaptor]

I dont really think this is a big deal. Its the same as its always been, if you lose even ONE check, then every penny can be drained from your account. I would say your better protected with the card.

Look at it this way. You write 10 checks in a month, if ONE of thoes is lost all they need is the acct # at the bottom to take your money, and all that would need to happen was one person of the 10's that handles your check to get the #'s. Or say you lose your checkbook, all tehy have to do is write a few checks.

And beeing a "checker" myself I can not express my HATE for checks enough. Granted some people are good about it. But when you have someone wait in line with $300+ worth of stuff, for at LEAST 10 min, and then they wait till you are done ringing everything up before they start to write the check, it drives me mad. Any other way they pay is faster.

Where I'm from we rarley check ID, and if they dont have it we could care less, we are still accepting it, depening on how far away the bank is. If its half way around the country thats a diff story.

 

[SliderNMFD]

No form of transaction is safe today, whether it be banks ATM cards, Visa Check Cards, Credit Cards, checks or even cash. There are many ways that you can be affected (identity theft, hackers, muggings) that you can lose all that you have.

I am an avid check card user for B&M purchases (unless it goes above my $250 daily limit at which I have to authorize it to be broken that day with a series of 5 questions that probably only I could answer). I never use it online because my primary savings accounts are connected to my check card (it is my ATM card after all). I also have my money in multiple banks (checking and savings at 1, savings at local mom & pop, savings at ING direct) so if something should happen, I have access to some of my money why things get straightened out. If I buy anything online, it is with my credit card (Platinum Visa w/air rewards, AMEX) due to the fact that I am 100% protected if something fraudulent should happen.

It's just about being careful, that's all. I actually went out and bought a bi-directional shredder to take care of anything that could possible lead to identity/account theft. My wife and I process everything through it. Great investment. I'd like to see someone stupid enough to take the time to sift through a 33 gallon garbage bag full of 1cm/1cm confetti.

Most people get taken advantage of because they are either naive or stupid. If your careful, you won't have any problems.

 

[Fritzo]

Originally posted by: Rio Rebel
The point is that you have less control over the money with a check card. It's a simple concept - a credit card can only bill you, while a check card can take the money first while things get sorted out.

Now feel free to tell all of us how 733t you are because you're not "afraid" to use a check card.

1. At work, we make fun of all you paranoid people. Really....get with the 90's, will ya?

2. When someone does a transaction with a check card, it puts a lein against the checking account to verify funds. The actual amount isn't charged for 3-7 days afterwards.

 

[Fritzo]

Originally posted by: RDMustang1
Friend of mine had their check card number stolen (not the card itself)... they took ~$10,000 out of his bank acount... while it was a pain and a few automatic withdrawls for bills were missed, they money was back in under 48 hours... This was of course bank of america... if US bank takes 6 months then NO THANKYOU!

She had $10000 in CHECKING???? Man...that money could be working for her

 

[Boiler]

Why do people bother with Check cards? I guess there may be some Mom & Pop store that only take checkcards but doesn't take credit card(I have never encounter one yet), and there are people who can't control their spending, the same one that are happy when they have a big tax refund check.
At least 25 days of interest free money, 1% rebate on everything(plus 3%-5% on gas), credit cards are a hot deal!

 

[schuang74]

Originally posted by: c627627
WARNING:

us bank, one of the largest banks in the US is automatically replacing all ATM Cards with VISA check cards.

If anyone gets a hold of your VISA check card, they can clean out your checking account without knowing your PIN number

EDIT: Thank you OneStepsAhead for summing it all up:

"When a credit card is used fraudulently, the only consequence is that you get a bill and you dispute it.

When a VISA or MC Check Card is used fraudulently, the money is GONE from your account... and gone WHILE you convince the bank to put it back."

Warn your friends and relatives, as replacements are automatic and are done so that us bank can make money from merchants paying VISA transaction fees.

They can still call the Bank and switch back to regular ATM cards without the VISA (or Master Card) logos.
Tell them not to fall for any story the Bank will tell them in order to prevent them from going back to regular ATM cards.


EDIT 2: I was hoping someone would post what "No Liability guarantee" really means when already withdrawn cash money is involved, and they did:

Originally posted by: Tpware: "...we were told that money was ours again after about 6 months. A *real* pain."

EDIT 3: If you're with other banks, it's even worse: The bank itself will start charging you over the limit fees after you notify them of card loss. (That's in addition to people you wrote checks to that bounced):

"reminded me that I also owe them a lot in overlimit fees. To get my money back, I had to make a statement and have it notarized - guess what - they only would accept cash at notary, isn't that ironic. Took a week to get the money credited, another week to have fees reversed, and all that time I felt like I had to beg for my money..."

Wow Paranoia....... neet.... well if someone steals my Visa Check card they won't find much since these forums pretty much keep me poor (happy, but poor).

 

[loco21]

this is noT HOT DEAL lock it !!!!!!!!!!!!!:evil:

Ps: and read the rules next time!!!!!!!!!!!

 

[SteelCityFan]

The only argument for not using a check card (over cash, regular credit card, etc), is that when the card is stolen, the cash comes out of your bank account.

<<<<<<<<<<<<<<SIMPLE SOLUTION>>>>>>>>>>>>>>>


Go with a bank who will credit the money BEFORE the investigation is complete... then it is just like a CC. Most banks also have 24/7 hour service by phone so the "If your card is stolen on a saturday..." line is also not valid.

Other than that, some of your are way to paranoid.

The only people who should worry are those with every penny in one account (can't go a few weeks without the money back), and who don't have a bank who credits your cash before invesitgating.

It isn't the check cards that are bad, IT IS THE SERVICE OF YOUR PARTICULAR BANK. If your bank sucks, CHANGE BANKS... don't come on here slamming a very useful and convenient way to spend money.

Don't rip the policy of changing over to check cards until you know what their policy is in regards to when they give you your money back if your card is used fraudulantly.

My bank will refund my money before doing an investigation, so if I lose my wallat with $100 in it, I am out the cash... NOT THE CC.

 

[Muse]

Why would I want a "check card?" I have credit cards and one has 1% rebate on all purchases. I need an ATM. I called my bank and asked them to cancel my check card (which doubles as an ATM) and send me an ATM only card. Why should I make it easier for someone to try to scam off my lost or stolen wallet? I have never used a check card in any capacity other than as an ATM. If someone gets my credit cards I am protected against fraudulent usage.

 

[Tiggerbaby]

this deal is hot!!!

 

[SteelCityFan]

Originally posted by: Muse
If someone gets my credit cards I am protected against fraudulent usage.

Same protection exists for a check card!!

The only difference is that some banks won't credit the money back until after the investigation... most will credit it before. It's all in the quality of the bank you choose to do business with.

 

[GregFish]

I did not even know they had regular ATM cards anymore. I think I have had a visa check card for about 10 years. Your money is still covered like any credit card if it is stolen. I would much rather have a visa check card, than a regular atm card - you can use it anywhere.

 

[phreakyzen]

I keep and use a PayPal debit card, however. Since I generally spend any money in there the moment I get it, I don't worry about it being stolen/hacked. I doubt any theives will keep trying to use it over and over for days or weeks hoping to catch my account with some money in it.

If your Paypal account is linked to a checking or savings account they will pull money from your bank account to cover the Paypal check card.

2. When someone does a transaction with a check card, it puts a lein against the checking account to verify funds. The actual amount isn't charged for 3-7 days afterwards

If somebody is able to clear out your account before the lein comes in then you will receive an overdraft fee($20-$30) for every pending transaction. If you are lucky then your bank will reverse the fees like BoA does. I had money stolen from my account and all of the crappy $5-$20 transactions I had placed all bounced resulting in $300+ fees. The reason you can acesss the money in this situation is because after the first few days your bank will release the lein and the money will show as available before it is actually removed from your account.

 

[loudmouth]

this just blows my mind. why on earth is this discussion still taking palce. Why not just use a regular Credit Card. No one wins with a check card. Retailers pay more in fees and you've lost money from you account. Why pay for something today when you can put it of for a month. this is a TVM discussion and the check card is not the way to go.

Get a real Credit Card and use it. Unless your Credit is screwed up there is no real reason why you would use a Check Card.

 

[alyosha]

Ditto, the only reason to use a checkcard is to exploit loopholes, like in BoA FF miles programs, other than that, no reason.

 

[alyosha]

To add, I like to shop at athnic food stores and as you know those are usually small operations and they count pennies, so they all have limits for transactions using check and credit cards. Guess what? When a store opened where owner understood that he can sell more without those limits I took all my business there.