RE: [at-l] $$$ follow up

["L. Parker" <lparker@cacaphony.net>]

> Just wanted to follow up on my previous post re:  credit/debit cards.
> After some brief research, I found that because of the debit
> function on an
> ATM/Debit card, the $50 limit on liability on stolen CREDIT
> cards (imposed
> by Federal Law) does NOT apply to stolen Debit cards (even though your
> Debit card has one of those VISA/MC symbols and can be used for POS
> purchases).  That means you're liable for the whole thing if
> a theif goes
> out and purchases a Porsche on your Debit card.

True, but the debit card has a daily cap on the spending limit, for both
cash advances and for overall. This limit is set by your bank and can
usually be adjusted by talking to your bank officer. Most banks cap it
between $350 and $500. Which limits your liability pretty effectively as
long as you report it missing promptly.

Lee I Joe

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