on 4/12/02 3:22 PM, Peter Cameron at pdwc_at_sympatico.ca wrote:
>
>> The concern over the "debit" reference here occurs when you use your ATM
>> card as a credit card, but without a PIN needed.
> My ATM (debit) card has no credit card affiliation. And a PIN must be
> used for ALL transactions.
>
Yes, but ATM cards and Debit cards are two different things. An ATM card is
for use at ATMs, a debit card is the "just like a check" card that gets used
in stores. Sometimes a debit card can get put out by the same folks that
put out your credit card, but I've never heard of an ATM card put out by the
credit card companies. Also, I suppose some banks may be combining their
debit and ATM cards -- I haven't paid that close of attention since I have
absolutely no use for a debit card and essentially no use for an ATM (I got
the ATM for my wife, who kept saying she needed one.) -- but I don't believe
I've heard of it.
Anyway, the point is that, while you need a PIN for the ATM card, Money
Magazine and other such sources are always warning folks that the "just like
a check" debit cards have NO mandated protection and you could lose your
entire bank account without recourse. It is a nice feature that it sounds
like some banks are voluntarily providing protection (but what does this
cost?), but the impression I had was that the $50 limit on credit cards is
US Federal law. And no such law exists to protect users of debit cards.
- Eric.
--Eric Strobel (fyzycyst_at_NOSPAM^mailaps.org)
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