Thank you for bank info

Zita · ‎05-24-2011

I could not find the initial post, but it had to do with what security steps a person could take re their debit cards. I want to thank the OP because I went into my WF account and requested an email with every transaction. Had no idea I could do this! I do check my account almost daily, but this is an added level of security. I use my debit card for almost all my purchases (but not online) and it is tied to my checking account.

One learns so much on these boards!

sidsmom · ‎11-25-2011

@Zita

While an email notification is wise with credit card transactions

(which can be challenged if fraud),

debit card transactions are immediate & WF fraud dept can't get back your money.

If you had $1,000 in your account & criminals debited $999,

the email wouldn't serve any purpose.

There is no retracting that money.

A debit card should be used for ATM transactions only.

If you don't have a credit card, use cash.

Maudelynn · ‎05-08-2015

@sidsmom wrote:
@Zita
While an email notification is wise with credit card transactions
(which can be challenged if fraud),
debit card transactions are immediate & WF fraud dept can't get back your money.

If you had $1,000 in your account & criminals debited $999,
the email wouldn't serve any purpose.
There is no retracting that money.

A debit card should be used for ATM transactions only.
If you don't have a credit card, use cash.

This is not true. Debit cards are subject to Reg E and fraudulent transactions on debit cards can be reversed. Debit cards have many of the same protections as your credit card and are safe to be used for point of sale transactions and to obtain cash in an atm.

You have sacrificed nothing and no one.

AngusandBuddhasMom · ‎03-10-2010

That depends my DD works in IT Fraud and Securities the back office of her Bank. I asked her what would happen. This is how her bank handles it. Some things may be different with Wells Fargo. But some protections are put in place across the board:

It all depends on the timing and of course the Bank. You would dispute the charge but it can take up to 90 days to get the money back. Consumers are protected Regulation E (Businesses aren't)

Normally, it takes 10 days if you dispute it properly and in time, and the bank will give back provisional credit. But it all depends. The Bank needs to investigate.

Debit card transactions have to go through-it's against the law to block them. The card can be cancelled if caught ahead of time, this is what banks try to do.

But they can't outright cancel a charge.

Then once a charge is put through, a consumer has 60 days to dispute it if it wasn't them under Reg E. They can get provisional credit back, but the bank will find out if it wasn't them and then debit that moneyfrom the customer.

sidsmom · ‎11-25-2011

@Maudelynn wrote:
@sidsmom wrote:

While an email notification is wise with credit card transactions
(which can be challenged if fraud),
debit card transactions are immediate & WF fraud dept can't get back your money.

If you had $1,000 in your account & criminals debited $999,
the email wouldn't serve any purpose.
There is no retracting that money.

A debit card should be used for ATM transactions only.
If you don't have a credit card, use cash.

This is not true. Debit cards are subject to Reg E and fraudulent transactions on debit cards can be reversed. Debit cards have many of the same protections as your credit card and are safe to be used for point of sale transactions and to obtain cash in an atm.

Let me add another layer...delicately:

So many reasons to use a credit card. Safer, dividends earned, all expenses on one statement, you don't have to pay the transaction being disputed. The credit card company is on your side...100%.

BUT....if your financial life is that wheel's off where you can't get a credit card, you depend 100% on that chkg account $. Fraud can be contested, but that money is gone until someone returns it. Who...The bank? The vendor? Small claims court? Who's on your side with this?

Overdraft fees can accumulate...bank fees, merchant fees...it's a mess. And your rent is due in 2 days...what are you going to do?? And that's when I would get the customer call. I was in Executive Customer Service for 30 yrs for a large bank & heard this story one too many times to confidently say,

Just.Dont.Use.A.Debit.Card.For.POSPurchases!

Laura14 · ‎06-09-2014

Just some more food for thought:

Refunds or returns to a credit card are normally seen in 2-3 days. Bank transactions are a good week or more. Just something to think about if you can't be without a significant amount of money for some time while awaiting the refund.

I tell our customers all the time, if you can use a credit card, please do. In the event of an error, it is much easier and faster to process your money back to you.

DJs mom · ‎06-06-2012

@Laura14 wrote:
Just some more food for thought:

Refunds or returns to a credit card are normally seen in 2-3 days. Bank transactions are a good week or more. Just something to think about if you can't be without a significant amount of money for some time while awaiting the refund.

I tell our customers all the time, if you can use a credit card, please do. In the event of an error, it is much easier and faster to process your money back to you.

I have a Wells Fargo debit card and when I get a refund to my debit card, I get it in 2 days. Sometimes I've gotten my refund the next day.

sidsmom · ‎11-25-2011

@DJs mom wrote:
@Laura14 wrote:
Just some more food for thought:

Refunds or returns to a credit card are normally seen in 2-3 days. Bank transactions are a good week or more. Just something to think about if you can't be without a significant amount of money for some time while awaiting the refund.

I tell our customers all the time, if you can use a credit card, please do. In the event of an error, it is much easier and faster to process your money back to you.
I have a Wells Fargo debit card and when I get a refund to my debit card, I get it in 2 days. Sometimes I've gotten my refund the next day.

@DJs mom

Most of the posts are not referring to a merchant return, but fraud....where a crime has been committed.

Nightowlz · ‎03-11-2010

@AngusandBuddhasMom wrote:
That depends my DD works in IT Fraud and Securities the back office of her Bank. I asked her what would happen. This is how her bank handles it. Some things may be different with Wells Fargo. But some protections are put in place across the board:

It all depends on the timing and of course the Bank. You would dispute the charge but it can take up to 90 days to get the money back. Consumers are protected Regulation E (Businesses aren't)
Normally, it takes 10 days if you dispute it properly and in time, and the bank will give back provisional credit. But it all depends. The Bank needs to investigate.

Debit card transactions have to go through-it's against the law to block them. The card can be cancelled if caught ahead of time, this is what banks try to do.

But they can't outright cancel a charge.

Then once a charge is put through, a consumer has 60 days to dispute it if it wasn't them under Reg E. They can get provisional credit back, but the bank will find out if it wasn't them and then debit that moneyfrom the customer.

Well our debit card has been blocked. We were going to Fl & stopped for gas several times with no problems using our credit card. Next stop it would not work, tried debit card it would not work. Had to go inside & pay cash. I called the credit union when we got to Fl to find out what was going on. They thought someone was using our card. Did not know back then I needed to call & tell them we would be traveling.

DJs mom · ‎06-06-2012

@sidsmom wrote:
@DJs mom wrote:
@Laura14 wrote:
Just some more food for thought:

Refunds or returns to a credit card are normally seen in 2-3 days. Bank transactions are a good week or more. Just something to think about if you can't be without a significant amount of money for some time while awaiting the refund.

I tell our customers all the time, if you can use a credit card, please do. In the event of an error, it is much easier and faster to process your money back to you.
I have a Wells Fargo debit card and when I get a refund to my debit card, I get it in 2 days. Sometimes I've gotten my refund the next day.
@DJs mom
Most of the posts are not referring to a merchant return, but fraud....where a crime has been committed.