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Regular Contributor
Posts: 161
Registered: ‎02-23-2010
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Re: Visa check card (debt card)


O6 wrote:

cruthisfamily wrote:

You have the same protections with a Visa debit card as you do with a visa card. However, your checking account will be out the money that is incurred in the meantime - whereas a credit account you are not "technically" out the money. It can take 60 days (or more occasionally) for a dispute to be resolved.


Not exactly.  Chargeback rights are, if they even exist, more restricted when using a debit card over a credit card. 


That is not true. I work as a Visa sales representative and dispute resolution rep for a bank. If it has a Visa or Mastercard logo on your debit card, you have EXACTLY the same rights as you would when using a Visa or Mastercard credit card.

 

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Frequent Contributor
Posts: 373
Registered: ‎03-26-2010
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Re: Visa check card (debt card)

"The error will be corrected but only after late fees, returned check charges, etc"

 

 

That's what I am thinking. Having a card linked to your checking account. I guess if it it wasn't the only checking account you have, it would be ok. But to have all your money gone, to really do permanent damage. My bank lets me do free manual withdrawal with a debt slip. Free online bill pay. I think I will just wait on a debt card.

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Senior Contributor
Posts: 3,626
Registered: ‎10-13-2009
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Re: Visa check card (debt card)

[ Edited ]

cruthisfamily wrote:

O6 wrote:

cruthisfamily wrote:

You have the same protections with a Visa debit card as you do with a visa card. However, your checking account will be out the money that is incurred in the meantime - whereas a credit account you are not "technically" out the money. It can take 60 days (or more occasionally) for a dispute to be resolved.


Not exactly.  Chargeback rights are, if they even exist, more restricted when using a debit card over a credit card. 


That is not true. I work as a Visa sales representative and dispute resolution rep for a bank. If it has a Visa or Mastercard logo on your debit card, you have EXACTLY the same rights as you would when using a Visa or Mastercard credit card.

 


That's false.

 

The latest edition of the Visa Chargeback Manual (Visa Operations Manual) clearly explains major differences in chargeback rights between debit and credit card products.  For example, PIN based transactions on some Visa check cards are not covered.  Also, if your dispute goes to arbitration, debit card customers can be debited the costs of arbitration (approximately $500) prior to actual arbitration in the event the cardholder loses.  If the cardholder wins, the money is re-credited to your account.  With credit card customers this is not the case.  As if that isn't enough, chargebacks on overseas purchases are under Visa Regional (as distinguished from Visa USA) guidelines and in some regions there are zero protections for debit card holders. 

 

There's also the issue about the Special Rule for Credit Card Purchases that appears on your credit card statement Billing Rights Summary.

 

While Visa is trying to narrow the differences between debit and credit card products, they are simply not there yet.  Discover and MasterCard are even further behind.

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