Many remember a time when they had to get cash from an ATM if theydidn't want to use a credit card. No longer. With a debit card, a personcan walk right into just about any store, and charge his purchases. Thedifference in this case is that he doesn't get a bill at the end of themonth, because the money is deducted directly from his checking account.
Sounds convenient, right? It's also very dangerous. If a thief stealssteals this card or the number on it, he can wipe you out.
BB&T cancelled 100 customers' debit cards this week after Visa reportedthe card numbers stolen. Customers were issued new cards and will bereimbursed.
It's not the kind of news penny-pinching shoppers like to hear duringthe holiday season. But most are taking it with a grain of salt.
But the ease of using the debit card often outweighs any real concernabout theft.
There are several steps you can take to protect yourself from debitcard fraud:
If your card or number is stolen, the bank investigates. Within 10days, they will credit your account; within 45 days they will wrap up theinvestigation. You will most likely be responsible for a $50 deductible.
Many people see plastic and don't think that it's just like cash, butin this case, that's exactly the case. Be careful.
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