[at-l] Debit Cards

[gbenkert@fuse.net (Gregory A. Benkert)]

I don't think people should be afraid of debit cards.  If a person exercise=
s reasonable care, it's unlikely that their card/pin will be stolen and the=
ir bank account emptied.  Is it possible?  Yes.  Is it likely?  No.  You wi=
ll hear stories about someone's cousin who has a neighbor whose step-father=
's, boss has a daughter whose friend lost all her money using a debit card.=
  But it's just not a common problem among people who take reasonable preca=
utions.

The legal protections afforded each type of card are different.  In general=
, if you report either card missing or stolen within two days of when you b=
ecome AWARE of it (not when it actually was), your liability is limited to =
$50 with EITHER a debit card or a credit card.  If you wait to report it, t=
he liability of a debit card is greater than a credit card.  There will obv=
iously be more hassles if the cash is taken out of your bank account with a=
 debit card vs. charges placed on your credit card.

Here's an overview of the law concerning debit and credit cards -- http://b=
anking.yahoo.com/ff010808.html

Also, most credit cards beginning charging exorbitant finance charges from =
the moment you take a cash advance out against them.  You avoid these charg=
es with a debit card.

Greg Benkert
gbenkert@fuse.net
GA>ME 2002
www.trailjournals.com/bigred