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Honored Contributor
Posts: 12,889
Registered: ‎03-09-2010

Re: Banks/debit card signatures as Credit Cards won't be acknowledged soon ...


@SeaMaiden wrote:

After having fraud done with our debit card last month..... we started using a credit card instead of using the debit card for everything we buy. No more debit card unless we go the the bank to make a withdrawal.  It works out the same. I pay the credit card off at the end of the month... same money spent PLUS I AM GETTING POINTS  for using the card that I trade in for free gift cards!  

 

I recomend that everyone start doing this and stop using your debit card.   To much risk of losing all your money.  With the credit card it is THEIR MONEY. 


 

@SeaMaiden- I never used my debit card a ton, but stopped using it totally about two years ago. I thought I’d have an adjustment period, getting used to not using it, but I didn’t at all. 


Why is it, when I have a 50/50 guess at something, I'm always 100% wrong?
Respected Contributor
Posts: 3,229
Registered: ‎03-09-2010

Re: Banks/debit card signatures as Credit Cards won't be acknowledged soon ...

I don't have a debit card.  My bank charges me $10.00/year for having only a banking card.  That's fine.

 

But I use my credit card for everything.

Esteemed Contributor
Posts: 5,040
Registered: ‎09-12-2010

Re: Banks/debit cards/signatures not acknowledge soon so can't use them now....

@SahmIam- I'm confused....the vast majority of banks in every state will charge you for withdrawing money from a competitor bank's ATM, but will not charge you if you withdraw money from their own ATMs. Many banks will allow you a small number of free withdrawals at other ATMs per month (2 or 3 withdrawals). Banks pay a fee for every transaction they process, so of course they're going to charge you when you don't use their own ATMs. But if you're saying that your bank is charging for debit card purchases at retail stores, then you need to change banks! I've never heard of that and I worked at major banks for over 40 years. I've never heard of the "new law" that's being discussed here. I do know that the new chip cards are better at preventing fraud, and that is the whole idea. Fraud caused from debit/credit cards costs banks millions of dollars every year. Debit cards were designed for the convenience of using your money in your checking account for purchases, with the added convenience of avoiding credit card interest (because using a credit card is actually a loan). Banks may be phasing out the practice of allowing customers to rack up points on their debit cards. It costs them to give you points when you're not paying interest on an outstanding credit card balance (which the majority of people have).

Honored Contributor
Posts: 9,139
Registered: ‎04-16-2010

Re: Banks/debit cards/signatures not acknowledge soon so can't use them now....

@jannabelle1  I don't know what to tell you other than from what I've read on this thread and from the experiences of my family and friends, things are NOT the same everywhere when it comes to banks, debit cards, and fees..

 

*shrugs*

Honored Contributor
Posts: 16,233
Registered: ‎03-09-2010

Re: Banks/debit cards/signatures not acknowledge soon so can't use them now....

@SahmIamI did know there were changes coming in how cards will be identified, but I paid little attention because I was waiting for my bank to tell me how the changes would affect me.

 

What I don't really understand is why I'd use a debit card for credit instead of just using a credit card.  What's the advantage?

Respected Contributor
Posts: 2,755
Registered: ‎03-16-2010

Re: Banks/debit card signatures as Credit Cards won't be acknowledged soon ...

I guess I do not understand this issue. I always use me debit card as a debit card, I never tried to use it as a credit card. I don't see the value in it. 

Honored Contributor
Posts: 9,139
Registered: ‎04-16-2010

Re: Banks/debit cards/signatures not acknowledge soon so can't use them now....

[ Edited ]

@millieshops and @conlt Regarding advantages for using your debit card as a credit card (and not needing a PIN):

 

It, once again, appears to depend on your bank. As others have stated (and myself): 

 

1) Some banks (mine) and vendors (so far all)  charge a FEE when you use your debit card with a PIN but do NOT charge ANY fees when you use your debit card as a credit card instead (NO PIN) 

 

AND

 

2) Some banks (mine) give you points for using your debit card (needs a PIN) as a credit card (no PIN) INSTEAD. By doing this, I receive a $1000 plus worth of gift cards) (department stores, VISA, etc) OR can purchase name brand items via an online catalog. I get NOTHING for using my debit card AS a debit card (needs a PIN). So, why WOULDN'T I use it as a credit card for that kind bonus? I'm going to use it anyway so....

Esteemed Contributor
Posts: 6,889
Registered: ‎03-13-2010

Re: Banks/debit cards/signatures not acknowledge soon so can't use them now....

[ Edited ]

@SahmIam wrote:

I edited the topic title so it made more sense.

 

 

@Cakers3 Thank you. I'm not going crazy, lol. 

 

It appears that, like chip readers, it's in effect but NOT everyone is doing it yet.

 

Considering I use my debit card, like you, as a CC 99% of the time to avoid the FEES as well as to get the bonus points, this STINKS.

 

One more way for banks to make money and the customers lose out.


 

Are you saying that you're charged a fee each time you pay for a purchase with your debit card?  

 

Just want to be sure I'm understanding correctly because I've lived in several different states, used several different banks, and have only ever paid the cost of the purchase.  I've never heard of additional fees for using a debit card.  It sounds crazy to me that fees are charged for that.

Esteemed Contributor
Posts: 6,889
Registered: ‎03-13-2010

Re: Banks/debit card signatures as Credit Cards won't be acknowledged soon ...


@Kachina624 wrote:

 


@SeaMaiden wrote:

After having fraud done with our debit card last month..... we started using a credit card instead of using the debit card for everything we buy. No more debit card unless we go the the bank to make a withdrawal.  It works out the same. I pay the credit card off at the end of the month... same money spent PLUS I AM GETTING POINTS  for using the card that I trade in for free gift cards!  

 

I recomend that everyone start doing this and stop using your debit card.   To much risk of losing all your money.  With the credit card it is THEIR MONEY. 


@SeaMaiden. My account is with Bank of America and they treat debit cards exactly like credit cards.  They cover any type of fraudulent activity.  I've had a couple of instances of this and they immediately refunded my money.


 

I was just about to post the same thing.  I have a debit card with a bank that is not as widespread as BOA, but it's the same as you described.  My money is protected against fraudulent activity.   I wouldn't use it otherwise.

Honored Contributor
Posts: 10,820
Registered: ‎03-10-2010

Re: Banks/debit card signatures as Credit Cards won't be acknowledged soon ...

I know that with debit cards the money is taken directly out of acct.  With  the CC option of the bank debit card it is easier for people to overdraw. The bank usually guarantees the Cc, and it takes 2-3 days to process.  My daughter was told if she wanted to use the overdraft money set aside, she had to run card through CC option and not debit. But every bank is different.

 

I always run purchases theough debit, but a while back I thought I should not do this and tried the CC option.  It asks for pin, no matter I put credit card.  It is run through as debit.  Of course checkers at grocery store have no answer.