Method of paying bills and chump change

[gardenweasel]

Biggest difference between debit and credit cards:

With a debit card, if someone steals your info and wipes out your checking account with purchases or just transfers the money out - you are out that money instantly. Yes, banks have a $0 or $50 limit on your losses - but that money is gone. You are going to sit there and be at a zero balance until that money is put back in your account after a thorough review from your bank. Which can take a few days.

With a credit card - you haven't physically lost anything.. just available credit. the credit card company will cancel the transaction and you will feel no pain at all.


Most people have debit cards tied to their primary checking account.. which is also usually tied in at the same bank with your savings accounts, and other vital information. Hacking a debit card exposes EVERYTHING.

With a credit card - getting hacked just exposes that card's info.. unless you have all the same logins and passwords and info the same across the board.. then it could get a little hairier.

how would they do this short of installing one of those gizmos at the atm machine?....or the store you use it in?...

i basically only use mine to get cash(the atm is right next to the bank) or at a grocery store....

i`m not versed in all these different methods of thievery...

 

[layinwood]

Biggest difference between debit and credit cards:

With a debit card, if someone steals your info and wipes out your checking account with purchases or just transfers the money out - you are out that money instantly. Yes, banks have a $0 or $50 limit on your losses - but that money is gone. You are going to sit there and be at a zero balance until that money is put back in your account after a thorough review from your bank. Which can take a few days.

With a credit card - you haven't physically lost anything.. just available credit. the credit card company will cancel the transaction and you will feel no pain at all.


Most people have debit cards tied to their primary checking account.. which is also usually tied in at the same bank with your savings accounts, and other vital information. Hacking a debit card exposes EVERYTHING.

With a credit card - getting hacked just exposes that card's info.. unless you have all the same logins and passwords and info the same across the board.. then it could get a little hairier.

A few things on this. A few years ago I went to Playa del Carmen. I used my check card at one of the BIG bars in town and thought nothing of it. That next week there was over 1200 charge to that card. Within 15 minutes Chase had it back in my account and they took care of the rest.

Also, if someone is going to take the time to hack into your accounts then they can pretty much get what they want like it or not. If you're going to worry about someone doing that then you're better off not having any accounts and just using cash. I don't keep a ton in my checking account and what I have in my bank savings is enough to worry but I don't my bank protects me.

People might get annoyed at banks but they're pretty good at what they do and 24/7 they're monitoring your accounts to protect both you and themselves from theft. I had over 4800 stolen out of my business checking account. I received a call from BOA, they put the money back in and all I had to do was sign some documents when I was in the next day.

 

[RollTide72]

The past two years at Christmas I've made multiple purchases using my debit card. Within a few hours of the last purchase I received an automated phone call from my bank asking me to verify the 5 most recent charges.

Nice to know that they are looking out for you (and them of course).

 

[Woodson]

I developed a system a couple years back. It involved me collecting all the credit cards in the house. We were losing the budget war not tracking expenses... Banana Republic sweater here, a macy's purchase there, and don't even get me started on how many baby shower gifts I've purchased in the last year. Throw in my bar tabs and will were on our way to Brokesville.

Replaced them all with an American Express that is connected but two seperate log ins. Katie uses hers and I use mine to our budget and i pay online end of month.

Everything that is free to charge goes to the Amex, everything else is auto drafted including a savings account that there is no possible way I can access unless I go into the bank. Keeps me from robbing Peter to pay Paul...

... ... What was the question? :facepalm:

Oh yea, its freezing in Milwaukee... opcorn2 Ilike this little guy.

 

[Woodson]

Biggest difference between debit and credit cards:

With a debit card, if someone steals your info and wipes out your checking account with purchases or just transfers the money out - you are out that money instantly. Yes, banks have a $0 or $50 limit on your losses - but that money is gone. You are going to sit there and be at a zero balance until that money is put back in your account after a thorough review from your bank. Which can take a few days.

With a credit card - you haven't physically lost anything.. just available credit. the credit card company will cancel the transaction and you will feel no pain at all.


Most people have debit cards tied to their primary checking account.. which is also usually tied in at the same bank with your savings accounts, and other vital information. Hacking a debit card exposes EVERYTHING.

With a credit card - getting hacked just exposes that card's info.. unless you have all the same logins and passwords and info the same across the board.. then it could get a little hairier.

Also, note if your bank uses a THIRD PARTY VENDOR for ATMs. If they do, the bank CAN NOT do an audit on deposits until they come out. Turn around time for audit? 30 days. I tried Wells Fargo new envelope free deposit at the ATM... the ATM took the deposit, and then froze. No receipt, no transaction log in the system.

They treated me as if i was possible counterfeit. I raised hell and the thrity days was cut to 6. $600 eaten by an ATM. DO NOT USE CASH IN ATM DEPOSITS WITHOUT THE ENVELOPE.

Yea, my wife said I was an idiot for doing it to begin with but I like new technology...

In summary, check to see if your bank bids out their ATMs systems...

 

[marine]

A few things on this. A few years ago I went to Playa del Carmen. I used my check card at one of the BIG bars in town and thought nothing of it. That next week there was over 1200 charge to that card. Within 15 minutes Chase had it back in my account and they took care of the rest.

Also, if someone is going to take the time to hack into your accounts then they can pretty much get what they want like it or not. If you're going to worry about someone doing that then you're better off not having any accounts and just using cash. I don't keep a ton in my checking account and what I have in my bank savings is enough to worry but I don't my bank protects me.

People might get annoyed at banks but they're pretty good at what they do and 24/7 they're monitoring your accounts to protect both you and themselves from theft. I had over 4800 stolen out of my business checking account. I received a call from BOA, they put the money back in and all I had to do was sign some documents when I was in the next day.

oh i hear you.. some folks keep EVERYTHING in their checking account though.

 

[hedgehog]

Why not use a debit card? I don't use any credit cards but I do use debit cards. I get points back, it's quicker than cash now and I can track my spending if I ever want to without having to write anything down. IMO there's only an upside to it now. Maybe there's a downside but I don't see it.

I only use debit card when I have, some stores do not take credit cards or the atm, otherwise I use a credit card like cash and get 1% cash back and never paid a dime in interest, ever.

 

[bleedingpurple]

Almost all my bills are paid online except utilities. They charge 4% extra to do on line pay.:shrug:

I like AMEX but some places won't take it and that can piss a person off

 

[hedgehog]

Almost all my bills are paid online except utilities. They charge 4% extra to do on line pay.:shrug:

I like AMEX but some places won't take it and that can piss a person off

no shit, I went to Sams today and they dont take VISA credit card, only debit :facepalm:

so I used my credit mastercard, I dont like debit cards, too many receipts to keep up with

 

[hedgehog]

The past two years at Christmas I've made multiple purchases using my debit card. Within a few hours of the last purchase I received an automated phone call from my bank asking me to verify the 5 most recent charges.

Nice to know that they are looking out for you (and them of course).

When we bought our house about 5 years ago I went out on Saturday and spent about 7 grand for tv's, couch, you name it. My credit card called me to make sure it was me and it wasn't stolen:0074

 

[DOGS THAT BARK]

Why not use a debit card? I don't use any credit cards but I do use debit cards. I get points back, it's quicker than cash now and I can track my spending if I ever want to without having to write anything down. IMO there's only an upside to it now. Maybe there's a downside but I don't see it.

Probably set in my ways for most part--but Marine makes some valids points also.

I really hate paper trails that are unnecessary.
Too many thieves out there.

I use Amex for business expenses-a visa I use if they won't take Amex and mastercard I use for internet purchases.

Have monthly allowance similiar to Rolltides range and use --however since quit smoking generally have 3 to 4 hundred left over.

 

[dogface]

all online!

 

[Old School]

since quit smoking generally have 3 to 4 hundred left over.

:0056

My quiting in Feb. literally paid for our 55'' LCD.
over the last 10 months..
now lookin' at new camera..:00hour


of whick I paid cash and will pay cash for the new camera..

Raised to pay cash whenever possible and if ya don't have the cash to pay ya can't have..


to bad I didn't stay sober long enough to adhere to the rules..:scared

better late than never..:facepalm:

 

[VaNurse]

wow ..cities have more than one w/all the utilities in place so there is no delay of service..

unreal...have had a monopoly here in Va. forever..

O.S., you might be happy to know that there are still a few electric cooperatives left in VA. I never knew of any areas in VA where there was a choice though. It was Dominion Power (which I remember as VEPCO) unless it was a rural area that was served by a co-op.

With respect to the discounts by having bills deducted directly from your bank accounts, I have found that they can be very difficult to cancel. You also can't stop payment on them as you could a check or cancel as you could with an online scheduled payment.

I prefer online banking with my recurring payments automatically set to be paid on certain dates that I control, not the vendor. I've been banking online for years and I'm proud to say that my credit is gold in large part due to it! I am a little embarassed to admit that my credit suffered a bit before online banking. Payments were made erratically but it wasn't because I was running short of funds. I absolutely hated to sit down and write the checks! In addition, it turned me into a grumpy bitch for the rest of the day/night! (If you can believe that?) Online banking and bill paying have been excellent for me.

As far as cash.....Gardenweasel, I'm with you! I don't carry it. I can't account for it. I always have my statement available to see where my money's gone when I use my debit card!

 

[dawgball]

opcorn2 Ilike this little guy.

Is that a bag of popcorn or a bottle of Valium?

 

[Woodson]

Is that a bag of popcorn or a bottle of Valium?

They taste like xanax... I'll eat another and get back to you. :0074