My friend is 81, I had to be there every phone call. If I remember correctly they gave him $500 very soon after we reported it and said they had 90 days to make decision.Maybe because it was a small CU? Even chase private client level accounts can only spend 7500 a day, so I’m surprised a small CU would let someone spend 7k overnight without triggering any red flags.They drained $7,000+ out of my friends account overnight. With purchases in 3 states. I can't understand why they didn't see the fraud. But it was a small credit union not a big bank. They made him wait 89 daysThey aren’t any more dangerous or “janky” to use. Full stop.It is not rational to use a debit card over a credit card. Debit cards are far more dangerous and janky to use. I used to use them as a teen due to some holier than thou aversion to debt. I got better, I hope OP's friend does too.
This is constantly parroted by banks and instagram influencers and bloggers who are trying to get people to sign up for a new card. Debit has the same exact protections as a credit card if it has a Visa or MC logo on it.
“but they’ll drain my bank account.” Nope. Debit cards have purchase and withdrawal limits on them. And most reputable banks will give you a provisional credit for the amount taken in 24 hours. So unless you have $200 in your account and no savings anywhere else, it’s a non issue. Slightly bigger hassle than calling a credit card company? Sure. More dangerous? Hardly.
I’m not saying everyone should switch to debit, but there’s so much misinformation about debit cards because people keep claiming they are dangerous when they aren’t.
There are also laws that require banks to give you a provisional credit between 10-20 days after a dispute is raised, so I’m not sure why it took your friend 89 days to get any money back. Seems like there may be more to the story than they told you.
But it’s a good reason to think about a larger bank with an established debit card fraud policy in place. chase and boa will usually refund you within 24 hours.
The reason I know it's exactly 89 days is because we were counting so we could take it to the next level (government agency). It was terrible how they treated him because the 3 states were in different parts of country and doesn't include he made purchase in our state. It was obvious fraud. Maybe it was because of COVID and they were short staffed (we waited forever on hold it felt like)
Statistics: Posted by Johm221122 — Wed May 08, 2024 9:45 pm — Replies 50 — Views 1939