They just sent me an unsolicited replacement ATM card that is also a MasterCard check card. The letter says that it is not a credit card, but you can use it as a credit card with no PIN needed. This gives a thief full access to my checking account.

I called to complain, and ask for just an ATM card to make deposits and cash withdrawals. The reply was that this is their new policy, to which I said I'll be doing my banking elsewhere.

Are all banks doing this?

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1985 380SE Blue/Blue - 230,000 miles
2012 Subaru Forester 5-speed
2005 Toyota Sienna
2004 Chrysler Sebring convertible
1999 Toyota Tacoma

I had a credit union try this, and I did close the account. Shortly after, they reverted and started allowing non-debit ATM cards, but it was too late for me. I'm betting that I was far from alone in closing the account.

That wasn't the bank, I was trying to get access to your account so I could get some money to buy beer with.

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Just curious, is there a reason you want a ATM card instead of a debit card?

I refuse to use credit cards, but I do have debit cards for all my checking accounts. Debit cards are very handy alternatives to credit cards.

With a credit card, you do not have to pay disputed charges until the dispute is resolved. With a debit card, you're out the money during a dispute, assuming of course that you actually have recourse.

I use only credit cards or cash. I don't have a debit card, and don't want one. The bank wants you to have a debit card because they get a piece of each transaction, and it's more than they get from a credit card transaction.

You should check on that; if you use your debit card as a credit card (visa or master-card) you have the same legal protection as using a "real" credit card. If you use it as a debit card (using the PIN instead of your signature) you do not have those protections. The bank does make more from the debit transactions, but the vendor actually pays higher transaction fees to the credit card companies (visa or master-card), which is why you sometimes get the "cash price" at gas stations if you use a debit card.

Personally, I always use my debit cards in "credit card mode" to limit my liability. I have had fraudulent charges reversed on debit cards, just like credit cards. You are correct that the disputed amount is not available during the process, so if you use debit cards it is wise to limit the amount of funds that you keep in that account to avoid any inconvenience.

I use only credit cards because I get to use THEIR money for a month, interest-free. Any disputes are resolved before I pay off the balance. I feel that my checking account is kept safer and more in my control when there are fewer hooks into it.

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1985 380SE Blue/Blue - 230,000 miles
2012 Subaru Forester 5-speed
2005 Toyota Sienna
2004 Chrysler Sebring convertible
1999 Toyota Tacoma

I understand.

Personally, I don't want anything to do with "their money." I only keep the amount I need in checking and use other accounts to keep money "safe," and I only spend money that I actually have (no loans, short or long term). Keeps things simple.

Aha! The beer-glar strikes again!

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1985 380SE Blue/Blue - 230,000 miles
2012 Subaru Forester 5-speed
2005 Toyota Sienna
2004 Chrysler Sebring convertible
1999 Toyota Tacoma

Not going to debate legalities, but it's far riskier to use a debit vs. credit. Been burned myself, and cut them all up afterwards.

Yes, you can contest a fraudulent charge, and even get provisional credit once you've done so. Problem is, you probably won't notice the problem until it is too late - and the provisional credit is not instant either. It took 2 business days in my case.

Had a vendor key in the wrong amount on a debit card - accident on his part, but he keyed in an extra couple digits, making a $30+ charge $3K+. I didn't catch if for a couple days - after which time, numerous NSF's were encountered for automated payments, and late payment fees were the result for my mortgage and credit card payment.

Hours were spent getting all that crap reversed - none of which would have been necessary, had the keying error been on a "real" credit card.

That is true, I wouldn't want to keep extra money in a checking account tied to a debit card because it can take a few days to get your money back if there is a fraudulent/erroneous charge. That's more of an inconvenience than a real risk, you will get your funds back. Personally, I don't like credit cards, so I'm willing to deal with the downsides of debit cards.

Mine is a debit card with a little visa logo in the corner. So I can use it anywhere, but I don't think I can use it without a pin. But I never tried. I will have to try that and see whay happens.

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1998 C230 330,000 miles (currently dead of second failed EIS, yours will fail too, turning you into the dealer's personal human cash machine)
1988 F150 144,000 miles (leaks all the colors of the rainbow)
Previous stars: 1981 Brava 210,000 miles, 1978 128 150,000 miles, 1977 B200 Van 175,000 miles, 1972 Vega (great, if rusty, car), 1972 Celica, 1986.5 Supra

You should be able to use it just like any other VISA card with a signature, not a PIN. Those are the only type of "credit cards" we (myself, business, wife, kids) use.

Some places automatically recognize my debit card and demand a pin. Some places allow me to choose which transaction it is.

I still prefer to use my Amex charge card because they go to bat for my problems better and with less hassle.

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X 2.......

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