On 05/06/2017 4:57 PM, Micky wrote:
....


I asked BoAmerica once if I could dispute a debit card charge, and
I'm not sure but I think I was told yes. But it may well vary by
bank.
....

The big difference is that CC liability is limited by the FCBA (Fair
Credit Billing Act) while debit card transactions are under EFTA
(Electronic Funds Transfer Act) because it is a direct funds transfer,
not a credit transaction.

The limitations of you liability under the two is quite different--

FCBA

Maximum liability for fraudulent transactions: $50.
Report before fraudulent transaction occurs; $0

Many credit cards promise zero liability for all fraudulent
transactions, but that's not required by law so they can renege or
change the rules at their whim.

EFTA


Maximum liability for fraudulent transactions: UNLIMITED
Reported before unauthorized transactions: $0
Reported within two days: $50
Reported within 60 days: $500
After 60 days: no protection. (IOW, they can get it all)


Most debit card issuers have signed agreement with VISA/MC who
underwrite virtually all issued in the US to extend similar consumer
protection to customers as with CCs. But, again, this is the issuer
voluntarily agreeing to this; it is not required by law.

The biggest difference is what you're already experiencing except in
spades--when a debit card transaction occurs, real _OR_ fraudulent, the
money is gone from your account at that instant and it's up to somebody
else to get it back or you're out.

OTOH, if you dispute a CC transaction before you've paid it, then you're
not out anything out of pocket until the process is resolved.

In the former, you could be totally destitute overnight if somebody got
access to the debit card and even if your ultimate liability is $0,
you've got to go through a recovery process before the money is back in
the account. Meanwhile, the account may have been drained and you've
got other bills to pay and no money to pay with...the snowball effect
can be disastrous.

I will not have a debit card...just too much risk that don't need to
take when CCs are all around without the same issues.

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