Protect your check card
By Laura
Bruce • Bankrate.com
Check-card issuers say protections for your lost or stolen check/debit
card are about the same as for a credit card.
Nevertheless, when someone steals your check card they have access
to your bank account. You may not be liable for more than $50 if
you notify your bank quickly, and many institutions say they'll
credit your account within 10 business days, but that still could
mean your checking account is wiped out for a couple of weeks.
Here are some check/debit card protection tips from Consumer Reports:
- Know your liability, the deadline and procedures
for notifying the bank should your debit card be lost or stolen.
- Closely monitor activity on your debit card. Some
banks let you check using an automated phone line or the Internet.
- Report lost or stolen cards right away.
- Avoid using debit cards over the Internet or for
any goods to be delivered later. By law, credit cards offer "chargeback"
procedures for merchandise that isn't delivered or isn't delivered
as advertised. Debit cards are like checks -- you have no leverage
once money leaves your account.
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