ATM card fraud

mikemac
Tue, 14 Oct 2008 14:01:03 +0000

One other thing – when you get an ATM card you can insist that it is not a debit card but is an ATM card. A debit card works just like at credit card at the terminal; swipe it and the charge goes thru. My ATM card is usable only with a PIN. It works just fine at every ATM, and can be used in stores too (I’d just have to enter the PIN). But I never wanted to give someone who might find/steal my wallet carte-blanche to empty my checking account by just swiping it; the money is gone instantly and then you have to fight with your bank to get it back. At least with a credit card the money isn’t gone and when I see my statement I can dispute fraudulent charges.

Banks make it a little hard to do this (often you have to call and request it, they don’t even list it as an option), but its very possible. And they give you an intentionally ugly ATM-only card instead of a fancy-looking debit card, but I’m not impressed by how my plastic cards look ;)