Bank of America charges the $5 on your debit card to get you to use your credit cards more so they can make more money
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Why the fuck anyone even ever uses a debit card? Give radome strangers access to your bank account?
Fraud protection
Debit cards do not give you the same fraud protection as credit cards do. The federal regulations are very different for debit cards than for credit cards when it comes to 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. Of course. always check with your bank to understand its policies and applicable state laws. Don't take this lightly: A recent study in 2007 put fraud losses from debit-card purchases at $245 million.
Lost or stolen cards
A debit card is like a blank check, so you need to guard the card and the number on the card. If your card gets stolen, a thief can empty your bank account in minutes. Thieves don?t even need your card. As long as they have your name and card number, they can shop online or over the phone with your card information. If your debit card is lost or stolen, call your bank immediately! Follow the phone call with a letter.
Protect your debit card by holding on to your debit-card receipts and checking them against your bank statement each month.
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