Debit Card Limit Reduced?

I've never heard of a bank doing that, but I bet I can guess which one you have in about 3 tries. I bank locally.

I've had my debit card # thieved before. I had to file a police report, the bank did an investigation, and returned my money after a couple of days. This is more about protecting 'their' money, not yours. They're obligated to reimburse you if your money is stolen. At that point, they're out that money until the police can recover it, or they receive their insurance check from the gov. Given the amount of fraud happening, they're trying to limit their exposure, by taking it out on you.

I say get another bank, especially if you have one of the national McMegabanks.

 

My limit got set to zero two days ago. I got a call from my CU fraud department questioning multiple charges at various Kroger stores in the metro Detroit area when the same card had just been used in northeastern lower Michigan by myself. I confirmed that I wasn't in both places at the same time and they shut my card down. They got away with a shade over $100, which I'll get back after I fill out piles of paperwork.

My CU confirmed that these were all 'pin-less debit transactions'. I've thought that was a big security hole, but apparently it's not possible to always require a PIN. I'd like to set my daily limit to $100, but the CU won't let me go that low.

I just want to know what my alternative identity was buying. I hope it was worth it.

 

Don't open the e mail, don't respond to it. If you do your personal info MAY be scooped. Call your bank and discuss over the phone....................

 

I don't have a debit card, but I thought you could have it set up where you run it as credit and it still comes out of your bank directly but you have the protection of the credit card system.

My biggest peeve if I was you would be what if I needed/wanted to increase my limit at 6:00 at night? Oh, that's right they have Bankers hours!

Gary

 

I have mine set up where I get a text anytime more the $50 is debited - I usually get them by the time I'm getting back in the truck from the grocery store.
Also get texts when purchases are made outside of my normal area.

I've never had any fraudulent things outside of a gas station running the same charge twice in a day.
My Credit Union goofed something up a couple years ago and paid someone else's natural gas bill from my account. When I noticed the charge I did some quick sleuthing and had the address that the bill was paid for within a few minutes, drove by and almost stopped, when the bank called me back and said their was an error in the transcription of the account info.
They wouldn't provide me with any additional info and the money was back in my account that day.

 

Debit Cards along with Credit Cards are co reed under Regulation E. Regulation E states that your must notify your bank with 48 hours of realizing you lost your card or the card was compromised. You are responsible for only up to X amount. It use to be $50. Not sure if that has changed.

My debit card number has been compromised more than once, and I've not lost a dime. All funds were returned.

As for lowering your limit, that should only refer to your purchase power for a day. My bank allows $1500. You can request that they lower it, and if you need it raised for a transaction, then you call your bank.


A word of advice. Never have a debit card for an account where your direct deposit lands. We transfer our spending amount from our Direct Deposit account. This prevents thieves from draining your cash account.




Jason from RI

 

So you direct deposit to a savings linked to the checking/debit account?

 

It is both good and bad. I had a day that I ordered some pet supplies under $100, then went back in later that day to order some more only to have my card declined. I called the bank. They told me that they had a hold on the account, after our conversation, they released the hold. Never did figure out just why. That was the only time that happed. was only a couple months ago. I'm betting they know that China has breached the security system and they are trying to prevent a run.
I would rather the occasional inconvenience than being robbed.

 

My spending limits only apply to my debit card. Most of my big bills - utilities, insurance, etc, are linked directly to my bank account, where there is no limit at all - it's as if I wrote a personal check. In fact I plan to pay off the remaining $5000 of my student loan this evening.

 

, Are you having a party after that?

 

I received a call from my bank one day. They wanted to know if after I had lunch at one of my regular places did I then drive to Brooklyn, NY to buy some expensive leather handbags, about $900 worth. When that transaction came in they had put a request for secondary ID on it. The person making the purchase said they had to get their wallet from the car and never came back.

The bank's computer saw my lunch charge, within my normal spending range and area, then a large charge out of my normal area. The computer automatically put the ID request on the transaction. The bank called to let me know my card had been compromised and requested permission to cancel that card and FedEx me a new one. They are getting better at fraud detection.

KaptJaq