keep your kid stocked during the school year

ChoatieMom
Fri, 10 Aug 2012 18:15:04 +0000

You need to understand the rules for lost cards/unauthorized charges set by the issuer for whatever card you supply your student with. I’m sure the rules would be no different than if the parent lost his/her card. Most credit card companies will cancel the card as soon as you call and put any unauthorized charges in dispute while they are being investigated. Usually, the location/purchase/signature used on the fraudulent charges is enough to verify that they are not yours, and you are not liable.

Debit cards are riskier because cash is removed directly from the account without signature, and banks are much harder to deal with in these cases as proof of fraud is harder. But, again, the same rules apply to your student as they would to you if you lost your card. The best defense is notifying the issuer speedily but, sometimes, you may not realize the card is lost/stolen for a while, and that’s when damage can happen.

Check to see if your child’s school has their own campus card account that you can fund and your child can use for campus purchases or cash withdrawals–it’s safer than a bank card as it’s hard for one student to pretend to be another in these small communities.