fraudulent charges on debit card

Latest post 08-18-2010 10:58 AM by mllandbal. 32 replies.
  • 07-25-2010 7:18 PM In reply to

    • Sodell
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    Re: fraudulent charges on debit card

    It's really laughable that you think if your card is stolen, whether physically or electronically,  and used that the bank won't investigate and issue a return if the transaction is found to be fraudulent, that you report it in time, and that it wasn't because of your negligence. You obviously know nothing about chargebacks and disputes, yet your too stubborn to investigate the issue to find out if your wrong. It's not that I don't like or agree with your answer, I just want to point out your erroneous information so that no one with a similar problem thinks they have no recourse with the bank.

  • 07-25-2010 10:39 PM In reply to

    • Sodell
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    • Posts 17

    Re: fraudulent charges on debit card

    is this the part your referring to??

     

    A) The institution requires but doesrequires but does not receive written confirmation within 10 business days of an oral notice of error; 

     

    if so the bank hasn't asked for written confirmation and I made sure that I was giving oral notice. (B) doesn't apply.

  • 07-26-2010 12:04 PM In reply to

    • Sodell
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    • Posts 17

    Re: fraudulent charges on debit card

    Here's the regs definition for electronic transfer:

     

    (b) Electronic fund transfer —(1) Definition . The term electronic fund transfer means any transfer of funds that is initiated through an electronic terminal, telephone, computer, or magnetic tape for the purpose of ordering, instructing, or authorizing a financial institution to debit or credit a consumer's account. The term includes, but is not limited to—

    (i) Point-of-sale transfers;

    (ii) Automated teller machine transfers;

    (iii) Direct deposits or withdrawals of funds;

    (iv) Transfers initiated by telephone; and

    (v) Transfers resulting from debit card transactions, whether or not initiated through an electronic terminal.

     

    I think (v) directly applies. So you can see why I feel that this reg applies.

  • 07-26-2010 2:03 PM In reply to

    Re: fraudulent charges on debit card

    I don't know where you found that, but it is not the law.

    Debit cards do not have the same protection as credit cards. Which is why I refuse to use them.

  • 07-26-2010 3:21 PM In reply to

    • Sodell
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    • Posts 17

    Re: fraudulent charges on debit card

    It's the CFR.. Code of Federal Regulations.... Bank Regulations. Also, Credit cards tend to have better protection that Debit cards, but as far as unauthorized use I believe they have the same protection. My card is also protected by Visa's 0% liability, which means that the $50/$500 liability that the CFR allows doesn't apply. 

     

    here's the link again 

     

    http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=ecfr&sid=256d1ee536807700b0e8f74e815b35e1&rgn=div8&view=text&node=12:2.0.1.1.6.0.3.11&idno=12

  • 07-26-2010 3:23 PM In reply to

    Re: fraudulent charges on debit card

    I know what the CFR is and Title 18 of the US code.

    If you are so sure you know the law and we do not why are you here?

  • 07-26-2010 3:57 PM In reply to

    • Sodell
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    • Posts 17

    Re: fraudulent charges on debit card

    I didn't say I know what the law is... I'm trying to find out if this applies... You said that Debit cards have 0 protection for fraud and that is definitely wrong.. all i want to know is if this applies then the bank has a time limit to return my money..

  • 07-26-2010 4:28 PM In reply to

    Re: fraudulent charges on debit card

    I never said they had no protection I said they had less.

  • 07-26-2010 4:48 PM In reply to

    • Sodell
      Consumer
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    • Posts 17

    Re: fraudulent charges on debit card

    Ok... what I'm still wondering is if this reg applies. If anyone can find anything that would exclude debit cards, then please point it out. From everything that I've read it appears to apply. If you think it doesn't, can you say why. A lot of people here say that it doesn't or that debit cards aren't protected, but no one can say where they get this information from. 

  • 07-26-2010 11:50 PM In reply to

    • Sodell
      Consumer
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    • Posts 17

    Re: fraudulent charges on debit card

    we've had the card for several years with direct deposit 2 times a month.

  • 08-16-2010 10:54 PM In reply to

    • mllandbal
      Consumer
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    • Joined on 06-01-2010
    • OH
    • Posts 7

    Re: fraudulent charges on debit card

    I recently had my debit card stolen and about $500 in charges put on it.My bank informed me that if i reported it within 48 hours then i was responsible for 50 dollars ONLY under FDIC regulations.So all the money except for $50 was credited back to my account.

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