Debit Fraud

[Anonymous]

Hey guys,

One of my bank accounts, a credit union, was used fraudulently today. About $350 taken using some copy of my debit card.

Anyway, I mostly just put some savings in there. I don't need the debit card, so I told them not to get me a new one. I bank with another CU and one major bank. I have 5 credit cards
Should I just call them all and say cancel debit? I like to have it in case of an emergency where I need cash, but honestly haven't run into that situation yet. Anyone else out there that doesn't have debit cards? I mostly use credit cards for everything anyway. My thoughts were, at least if it happens with a credit card, no money is out of my account. It will probably be a couple wks before I'm reimbursed my money. Anyone dealt with this? Anyone out there with no debit cards?

[creditguy]

i stopped using debit for this very reason. I have never really been a victim of fraud but was always scared of using my debit card at the wrong place and logging in to find my account emptied. I keep one debit card in my wallet, this account doesn't have more than a few hundred in it and I keep other debit cards at home in a safe and use credit cards for everything possible, its alot easier to deal with credit card fraud then trying to get all your money back. There's no fool proof way to prevent all fraud, you just have to do the best you can. 

[Anonymous]

Thanks for reply. I think I'll be getting rid of debit. I haven't used the card in about 3 months. So I have no idea where they got it. And they used it very locally, so it could be someone I know. Now I'm Worried that they could Have other card info. I'll be doing a police report as well. I look at my accounts multi times a day. This account doesn't seem to show pending transactions in the app and no chip on the card. Guess it was easy pickens. I may call my other banks and cancel debit with them too.

[CatOfSpades]

I'm sorry this happened to you, especially with such a large amount. But I'm even more sorry that this particular Cu thinks it's okay to take two weeks to give you your money back. If this happened at a giant bank, you would have your money back already. 

While I think it's a little extreme to forgo debit cards entirely because of one bad experience, especially since this can vary greatly from bank to bank, you totally don't need a debit card if you don't mind going into the bank to personally withdraw money the one time of year you might want cash out of that account. 

I've used my debit card a lot over the years, and I've had fraud on a checking account once in my entire life. Since you have other banks you do business with, I would question whether this account is even necessary - it doesn't sound like you use it much. If I were you, I'd either get another card and keep it at home or just move that money to another bank. But that is just my opinion, and I never claim to be super sane. 

The best decision is whatever one you're most comfortable with. I wouldn't be comfortable without a debit card - I have two different ones for the same account - but I'm a "just in case" kind of person, and I use mine. Plus, my bank has a 48 hour maximum window before they refund cases of fraud. 

[Anonymous]

Thank you, CatofSpades.

It's gonna be 3 business days for the transactions to clear. Then 5 business days to refund. I just use it for savings. So I'm going to close the checking and just use the savings. I can keep my credit card that way. My big bank allows me to lock my debit card, so I've just done that. I'll unlock if I need it.

I haven't even used the card in months. I don't know how this happened. I almost never use debit. I have cash back cards and I use them. I think I'll be sticking with credit. This isn't the first time this has happened with debit. This is the largest that has ever been taken though. Glad I don't have all my money in one bank.

[Anonymous]

Americans love their swipe cards, and most people don't seem to want to change it, so this is the result.

I'm sorry this happened to you OP.

[Anonymous]

How will you draw cash from an ATM? A lot more practical than going inside a bank and waiting in line to withdraw cash, unless you are planning on keeping reserve funds at your home and on your person at all times I'd leave at least one debit card open.

[Anonymous]

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@Anonymous wrote:

How will you draw cash from an ATM? A lot more practical than going inside a bank and waiting in line to withdraw cash, unless you are planning on keeping reserve funds at your home and on your person at all times I'd leave at least one debit card open.

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The OP can get a simple ATM card that won't work to make purchases. 

[Anonymous]

Hey Guys,

Update: there is a charge, under a dollar, that I'm waiting to have cleared. I don't see it, but they do. So, I'm waiting on all my money over cents. Could be waiting longer than I thought. I have no credits at this time. I'm not happy. They've been nice, but I think about done with this bank. I have a 5k low interest credit card thru them, so I can't close my accts. Have to keep savings open. I think I will do that and be rid of the checking.

I have locked my big bank debit card. I can unlock anytime and use it. I have another CU that I like a lot. I've never had issues with them. I think at some point I'll get a low interest card through them. Then I can consider closing out the savings acct with this one.

[Anonymous]

Oh, and the money taken wasn't 350, it was about 250 or so. My math was off. Not as bad as 350, but still..