Should You Have A Debit Card?

My bank did something really unethical. They “upgraded” my ATM card to a debit card. I didn’t ask for it. I went to the bank and cancelled it and said I only wanted an ATM card and not a debit card. This is the account where my paycheck is direct deposited.

Even more offensive, the bank clerk tried to talk me out of it, when I said I didn’t want a debit card and only wanted an ATM card.

Why is it bad to have a debit card? With a debit card, there is less protection if someone steals it.

With an ATM card, someone can only steal the max withdrawal per day. If someone withdrew the max from my account 3 days in a row, that should raise red flags at the bank, because I never do that.

With a stolen debit card, someone can spend the full value of your account. Then, the burden of proof is on you, to try and recover it.

With a credit card, someone can steal your credit card number and max it out. But, you can refuse to pay the bill. The credit card company has the burden of proof, if they attempt to collect via a lawsuit.

The only time you should get a debit card is if you can’t qualify for a credit card. I had that problem when I was a student. I wanted to buy a computer, had the money in my checking account to pay for it, but couldn’t get enough of a credit limit. I had to get a debit card for the purchase.

It is offensive that the bank “upgraded” met to a debit card without my consent. They also mailed me a new PIN on the same day, What if a criminal intercepted the mail? Unfortunately, every bank does this. My father has the same problem. Every few years his bank “upgrades” him to a debit card, and they hassle him when he says he doesn’t want it.

One Response to Should You Have A Debit Card?

  1. I don’t like credit cards, except for computer purchases in which I need some consumer protection in case things go bad, as each month there is a large debit to my current account, rather than smooth deductions over time. I like to know how much money I have instantly. I suppose this is being rather lazy as subtraction is not hard.

    I’ve found that with cash I have a slight tendency to spend less.

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