Financial, But Business Related Question....

[R W]

I use my bank card for just about everything I buy, opting for the credit instead of debit choice. I use it for business and personal purchases. It sure is alot easier than writing checks.

Question is....how many here subscribe to some kind of credit lock service, such as "Lifelock" or "IdentityGard"? And is it worth it....do they really protect you from stolen identity?

If most of us here lost our ability to use our bank cards on demand, it would probably cripple our business, especially if some hacker cleaned out your accounts. I keep some cash around, but not enough to do business very long.

Any personal experiences here?? I had my CC bank card number stolen about 5 years ago, and the hacker went on a shopping spree at 3 in the morning....online. Nothing worse than checking your balance to find your accounts cleaned out! The bank made good on all the charges and missing money.

 

[CanYouHemiNow]

Hey RW,

Like you, I use my Debit/Visa card for just about everything. Lately, I have been hearing about people getting their Debit Card accounts ripped off.

Did you get reimbursed because your debit card ALSO had the Visa or MC logo on it?

I hate the idea of giving up my debit card but I hate even worse the idea of getting a REAL credit card and paying those sharks their blood money.

 

[rhyde]

those services don't help with credit/debit card theft they only help if someone tries to use your identity open accounts. our debit account was hit several years ago and 2 months ago our business visa was hit we where not libel for any of it. it's unnerving when the back call on a Saturday morning and wants to verify that 2K in purchases from from a computer store in buffalo, NY

we still use checks but we have several different accounts savings/money market and checking accounts all funds are held in savings and when we write a check the money is transfered to the checking account so theirs a limit on what can be taken. we close out checking accounts and open new ones every couple years or so or when a check is lost by an employee, vendor. my wife is a fastidious accountant she know daily whats in accounts what checks have cleared or not.

 

[Ken Snow]

I use only the credit side vs debit for all the purchases I can (100-150k a month) and pay them off each month. This gives an extra 25-55 days on the use of funds and also all the reward points. We offer our employees Identity Guard but I think like they said all it oes is help you if someone gets the accounts, it wont stop it from happening.

I have had mutliple cards comproimised but each time I have had a new card in hand within 24 hours and never has it touched bank accounts as I don't have them tied to it.

Ken
Ps I would keep your peronal and business acounts separate with separate cards.

 

[R W]

Hey RW,

Like you, I use my Debit/Visa card for just about everything. Lately, I have been hearing about people getting their Debit Card accounts ripped off.

Did you get reimbursed because your debit card ALSO had the Visa or MC logo on it?

I hate the idea of giving up my debit card but I hate even worse the idea of getting a REAL credit card and paying those sharks their blood money.

Tommy.....mine is a MasterCard, but also has my banks name on it. I also keep all my accounts seperate, business and personal. Unfortunatly, I depend TOO much on the internet, checking my accounts many times a day, but I can also keep an eye on purchases that shouldn't be there.

 

[CanYouHemiNow]

Ps I would keep your peronal and business acounts separate with separate cards.

... word to the wise.


So... if I have a debit card with a VISA logo (not a real credit card). And I select Credit Card when the machine prompts me... I am protected by not using the PIN number? :?

 

[klewis4]

I always use my credit card as well.

Credit Cards have way more consumer protection. My understanding is that the consumer is responsible up to only 50 dollars if the card is used for fraud. Some cards also automatically insure the items you purchase with them. Mine also insures car rentals.

For a Debit Card, you are much more vulnerable due to it being attached directly to your bank account. I think fraud damages are capped at 400 dollars provided that you contact your bank in a "Timely" manner. Due to the debatability of "timely", I would always use credit cards instead. Especially on the web.

 

[boazcan]

The VISA and MC protection applies to all credit and debit cards. There is no more or less liability on credit or debit.

The question is whether you actually have the money for the purchase or are floating the purchase. Protection is the same as long as the debit card is a VISA or MC.