Timeline for Is there such thing as a Checking account requiring pre-approval / white-list?
Current License: CC BY-SA 3.0
10 events
| when toggle format | what | by | license | comment | |
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| Nov 17, 2022 at 5:15 | comment | added | Joshua | @cbeleitesunhappywithSX: No. The stupid bank rule "you must have given away your pin" resulting in redirecting fraud risk with the consumer didn't sit well here. We already knew PINs didn't work against ATM skimmers so it wouldn't work with credit cards either. Since that rule change isn't happening, there's not much point. The nearly unclonable chip is good enough. | |
| Nov 17, 2022 at 5:13 | comment | added | Joshua | From my own experience; I don't think that 10fold reduction exists. I have had more merchants rip me off than actual stolen card problems in the past 10 years. | |
| Dec 10, 2015 at 18:05 | comment | added | Shannon Severance | @musicwithoutpaper, " I don't know why, but I was told it was preferable to tap credit on this type of debit card. It's been so long though." Used to be many businesses would charge a fee for using a debit card but using a debit card through the credit system would avoid that fee. I think this was late '80s through the '90s. Haven't seen anything like that recently. | |
| Jun 22, 2012 at 15:54 | vote | accept | musicwithoutpaper | ||
| Jun 22, 2012 at 15:20 | comment | added | cbeleites | My experience of cancelling a CC payment* is that this was more hassle than refusing an automatic withdrawal is supposed to be + I had to give a reason why refusing is legitimate (maybe a trick of the bank). (*it is a proper credid card, but I actually work it on a positive balance instead of credit: my credit line is basically how much money I choose to put onto that card - which I consider an excellent possibility to limit the amount that could be fraudulently accessed in the first place - was a bit of discussion to get my credit lowered, though...) | |
| Jun 22, 2012 at 15:04 | comment | added | cbeleites | @musicwithoutpaper: canceling (fraudulent) transactions. (I don't know for sure, but) afaik the debit card transactions here are seen as very similar to (other) automatic withdrawals from your account. Those technically wait for your approval, so cancelling them doesn't even require a reason though you have to refuse the transaction within some weeks of receiving the account statement (see also my description here: money.stackexchange.com/a/15237/6258). | |
| Jun 21, 2012 at 22:37 | comment | added | musicwithoutpaper | @cbeleites, Joe, that is an interesting point. They could offer a debit-system-compatible credit card, and then block off the credit-card system capability. That would introduce the PIN requirement while still preserving a credit line and other credit card features. (However, you would usually need to use a different card for online transactions, because debit-card systems are much less common online.) | |
| Jun 21, 2012 at 22:32 | comment | added | musicwithoutpaper | @cbeleites, Answer: not on Credit Cards. But if you select "debit", I think it asks for a pin, don't remember. (However, many debit cards are credit-card compatible. I don't know why, but I was told it was preferable to tap credit on this type of debit card. It's been so long though.) Furthermore, I was told that the ability to cancel a fraudulent transaction is less expedient on debit cards. (even if they were credit compatible) That might have something to do with the preference, or it could just be marketing success by the credit card companies. | |
| Jun 21, 2012 at 19:47 | comment | added | cbeleites | Sounds somewhat like the PIN we (in Europe) use for (many, not all, but the ones with signature can be refused without giving a reason by the one billed) debit card transactions... (debit cards are at least here in Germany much more common than credit cards) see e.g.: en.wikipedia.org/wiki/Maestro_card (as MasterCard is US-based, I wonder: don't they use PINs in the US?) | |
| Jun 21, 2012 at 17:28 | history | answered | JTP - Apologise to Monica♦ | CC BY-SA 3.0 |