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A: I do not advise using your debit card when shopping online. As the Internet is not 100% secure, it is best to use a credit card that offers a more complete and hassle-free fraud protection policy in the event of a problem or mistake. As for reporting debit card fees, they are reported differently depending on the financial institution but are not generally added to the bill. Some banks charge a monthly fee while others will assess a fee per transaction. The best way for you to determine if and how your bank is charging you, is to call the bank directly and inquire about any fees associated with your debit card.
Q: What happens if we find fraud on our account through our debit card? What are our rights? We recently had someone steal our debit card number; not the cards, and then somehow used it at an ATM in Canada, somewhere near Montreal . Neither my husband nor I have ever been to Montreal!
A: Unfortunately, debit cards do not afford the same peace of mind when it comes to financial security as credit cards. The major differ- ence concerns the federal regulations regarding your financial liability. When using a credit card, you are generally responsible for the first $50 of fraudulent charges whereas your liability on many debit cards can be as high as $500. In addition, unlike a credit card, if there is a problem with your purchase, you are not able to withhold payment until further investigation by the credit card company. If your debit card is stolen or lost, report it to your bank immediately. In many cases, if you wait more than 60 days to report your card lost or stolen, you could be responsible for all of the damages. Also, always keep your PIN number stored somewhere besides your wallet or purse—or better yet, memorize it and make sure you are conscientious when you input it.
Using Debit, Check and ATM Cards 47