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  1.    #21  
    Bank of America
  2. kvcobra's Avatar
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    #22  
    Quote Originally Posted by IsLNdbOi
    My bank called back today and said my money should be back in my account by midnight tonight. I love my bank.
    IsLNdbOi, glad things are getting resolved quickly! [EDIT]It does indeed sound like your info was stolen from the Palm store.[/EDIT]

    As someone who's worked in the credit card industry for years (IT, not fraud dept. or anything exactly up that alley), let me toss a couple of cents in here:

    1) Check cards, or debit cards, or whatever you care to call them (anything that's more than an ATM card) do not require PINs to use. You can use them either as debit with a PIN, or as credit with a signature (although that is often optional these days). Your -- or rather the point-of-sale customer's -- choice.

    2) NEVER EVER EVER use a PIN, record a PIN, or do anything with a PIN unless you're at an ATM (where you have no choice) and you're sure no one can see you enter it.

    Why? I'm sure all of you except maybe mikec have heard of Visa's zero liability protection? Visa, MasterCard, AmEx, and Discover all have nearly identical policies in which you are not liable for any portion of any unauthorized charge, and you have 30 days to report such charges.

    Where does the PIN come in? Well, the fine print is that zero liability does not apply to PIN transactions -- any PIN transactions, whether at an ATM, retailer, restaurant, or whatever. PIN transaction protection is limited to the Federal Reserve's Reg. E (specifically Section 205.6), which gives you only 2 days to report and makes you liable for $50 -- not to mention the fact that the "$50" is a retroactive limit, meaning you'll have to fight with the bank for months before getting your liability dropped from the full transaction amount to $50.

    Of course, the "PIN transaction" clause applies to the fraudulent transaction, not your everyday, legitimate transactions, so even following this advice isn't 100% guaranteed, but the bottom line is that the less you throw your PIN around, the less likely it is that anyone can run an unauthorized PIN transaction on your account, and therefore the more likely it is that any fraudulent charges will be covered by zero liability protection.

    More info on zero liability: http://www.usa.visa.com/personal/sec...liability.html
    More info on Reg. E: http://edocket.access.gpo.gov/cfr_20...12cfr205.6.htm

    [EDIT]Obviously, Reg. E only applies in the US. I assume Zero Liability applies to all Visa customers (likewise for similar MC, AmEx, and Discover policies), but I can't swear to it.

    Oh, and one more thing: those point-of-sale machines you swipe your card through at the grocery store, 7-Eleven, etc. typically default to a PIN transaction when you use a debit card, but that doesn't mean you have to accept the default. When the PIN pad comes up, just hit "cancel," and it should take you to a screen where you can choose "credit" instead. Alternatively, some have a "credit" button right on the PIN pad. If there's any doubt, just tell the cashier you want a credit transaction. Just remember that it's your choice, not the merchant's.[/EDIT]
    Last edited by kvcobra; 08/16/2006 at 07:47 AM.
    ... Als sie mich holten, gab es keinen mehr, der protestieren konnte.
    ... Then they came for me, and there was no one left to speak out.
    -- Rev. Martin Niemöller

    Clie T615C + Nokia 6360 (SunCom) --> Treo 650 (Sprint) --> Treo 755p (Sprint) + BlackBerry 7130e (VZW)
    Palm (aka Plantronics) Ultralight Wireless headset
    Helix Holster
  3. kvcobra's Avatar
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    #23  
    Not to split hairs or otherwise detract from the discussion, but might this thread be better off in Treo General Chat? Just thinking that it qualifies (i.e., it's Treo-related), and it would probably get more exposure there.
    ... Als sie mich holten, gab es keinen mehr, der protestieren konnte.
    ... Then they came for me, and there was no one left to speak out.
    -- Rev. Martin Niemöller

    Clie T615C + Nokia 6360 (SunCom) --> Treo 650 (Sprint) --> Treo 755p (Sprint) + BlackBerry 7130e (VZW)
    Palm (aka Plantronics) Ultralight Wireless headset
    Helix Holster
  4. #24  
    Very informative post kvcobra, thanks!
  5. #25  
    Quote Originally Posted by IsLNdbOi
    Bank of America
    Awesome. It's like one of the commercials. :-)
  6. #26  
    One of the nice things about modern tech is that you can set up your bank account / credit card to let you know when there is a charge that exceeds $X. That way you know when there is something going on. Hasn't saved my behind yet, but it's nice to know it's there. I know BofA and Chase have the feature and I figure most other large banks do as well.
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