evilgenius wrote:They haven't provided any details as to how their platform is more secure. They just say it is. Well, I've had to get new debit cards a number of times over recent years because outfits like Target, Wendy's, TJ Maxx and others, even my own bank's local ATM, have been targets of hackers. How do I know I can trust them to protect my numbers?
That's a good point. In my experience, major banks seem to handle things reasonably well or ACH (Automated Clearing House) transfers from one financial account to another. The "safer" part is the reduction in risk from things like a lost check in the mail, forgetting to write a check, or having something go wrong (you're suddenly in the hospital).
I made this decision for my sister, to ensure she gets paid from the income for her trust I run every month, without having to worry about random post office problems, etc.
OTOH, I'm dealing with two banks, both with good reputations. At least banks excluding Wells Fargo have primarily cared about their reputation re handling ordinary customer accounts, thus far. And politicians regulating such rules want to be re-elected.
But nothing is perfect.
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Did you lose money on your debit cards? I had my main credit card number stolen FOUR times in about a year before the chipped cards became common. It was inconvenient, but I never lost a red cent, and the bank took my word on all invalid charges.
Tip: Credit cards are safer than debit cards. There are better regulations protecting credit card holders. Also, it's one thing if someone says you owe them money on your credit card, and you need to fight that. It's ANOTHER thing if they already took the money, and now you're trying to get it back. I NEVER use debit cards for that reason.
Given the track record of the perma-doomer blogs, I wouldn't bet a fast crash doomer's money on their predictions.
), I have no idea.
