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4,499 Posts
Regardless of how you run the transaction, that card is still attached to your bank account.
Consider having a separate bank account attached to the debit card, or use a prepaid debit card for travel.
Beware If You Have a Chase Bank Account
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Regardless of how you run the transaction, that card is still attached to your bank account.
Consider having a separate bank account attached to the debit card, or use a prepaid debit card for travel.
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4,499 Posts
Chase has had several breaches over the last few years.
Chase has an offer for a $900 bonus for opening a checking and savings account, with stipulations.
I think of $900 free money, and the hassle I may incur if my accounts are hacked.
I'll pass on the $900.
Chase has an offer for a $900 bonus for opening a checking and savings account, with stipulations.
I think of $900 free money, and the hassle I may incur if my accounts are hacked.
I'll pass on the $900.
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1,407 Posts
Oh look, yet another trigger for a bank run.
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1,563 Posts
Truth! I usually just report mine lost/stolen every 1 to 2 years.
True, it is.Regardless of how you run the transaction, that card is still attached to your bank account.
Consider having a separate bank account attached to the debit card, or use a prepaid debit card for travel.
Should have elaborated: Running as credit prevents the debit card fee at some places. (Don’t know if businesses still charge those fees. Used to years ago)
Ours is still small state bank (was local unil state bank purchased them couple years ago.
They had a breach few years ago, and shut down all cards for accounts within minutes.
Since then they have implemented several safety precautions.
Some recommendation of theirs I liked, and we use is getting a new card at least once a year (if your number is stored at place you have done business in past years, but don’t purchase from very regular, and they get hacked then old card # won’t get them anything) set daily limits, and text notifications of all transactions.
I used to use venmo as backup until they denied some knife purchase transaction, and said they had discretion on what I could purchase with it.
Once venmo basically told me if wanted it I had to transfer money to bank, and pay that way i basically told them they could kiss my behind
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253 Posts
Do you remember back in the day when the best tip was to not sign your credit/debit card because then the cashier had to verify your ID (driver's license)? I wish they still did that.
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445 Posts
Visa and MasterCard do
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124 Posts
I saw this coming many years ago.
I was a Bank One customer - JPMC took them over about 2004. At first it was "Nice Chase" - a personal banker assigned me (helpful sorting through their online-payment website) and lifetime free checking and free checks, for veterans.
Bit by bit they went negative. As it happened, I was starting on six years of temporary jobs, various states...this because I left my long-term railroad job just before the 2008 crash. New jobs were out there; but last-on, first-off is the rule.
There was always a Chase handy - until I landed in Montana, one of the few states they don't have a presence in.
MEANTIME...they decided to decree that their safe-deposit boxes were not to store currency or gold or silver coins/bullion in. So...what does anyone need a SD box for? Deeds and titles are all backed up electronically, now. Since I had to drive 185 miles to Spokane to make a cash deposit...since they obviously weren't interested in my business...since they had declared that VETERANS were a Terrorism Risk Group...I closed my account for good.
Now I'm not sorry I had - don't have to worry about what they're doing to customers. It won't directly impact me - and anyway, with no SD box, I'm my own banker, with my own safe.
I was a Bank One customer - JPMC took them over about 2004. At first it was "Nice Chase" - a personal banker assigned me (helpful sorting through their online-payment website) and lifetime free checking and free checks, for veterans.
Bit by bit they went negative. As it happened, I was starting on six years of temporary jobs, various states...this because I left my long-term railroad job just before the 2008 crash. New jobs were out there; but last-on, first-off is the rule.
There was always a Chase handy - until I landed in Montana, one of the few states they don't have a presence in.
MEANTIME...they decided to decree that their safe-deposit boxes were not to store currency or gold or silver coins/bullion in. So...what does anyone need a SD box for? Deeds and titles are all backed up electronically, now. Since I had to drive 185 miles to Spokane to make a cash deposit...since they obviously weren't interested in my business...since they had declared that VETERANS were a Terrorism Risk Group...I closed my account for good.
Now I'm not sorry I had - don't have to worry about what they're doing to customers. It won't directly impact me - and anyway, with no SD box, I'm my own banker, with my own safe.
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1,566 Posts
Why am I not surprised? I avoid those big banks, like the plague.
I bank with a small local credit union and a small local bank. I can walk in and talk to a person that actually knows my name, if an issue ever arises, with either of them. That being said, in 40 plus years with the bank and 5 years, with the credit union, I’ve never had a problem with either one of them.
I bank with a small local credit union and a small local bank. I can walk in and talk to a person that actually knows my name, if an issue ever arises, with either of them. That being said, in 40 plus years with the bank and 5 years, with the credit union, I’ve never had a problem with either one of them.
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4,499 Posts
They do what?
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4,229 Posts
Visa, 20+ years. Never hacked. Pure luck I suppose.
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3,986 Posts
We ONLY use debit cards at the respective banks/credit unions ATM's (and/or at the tellers if asked). That's it. NO WHERE ELSE.
There is no reason to. The risk of using a debit card routinely just simply doesn't seem worthwhile. That's what credit cards are for, used wisely & balance paid off monthly.
IMO.
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4,499 Posts
I worked in bank operations and saw firsthand, what kinds of problems customers had with debit card fraud.
If one cares to learn whether debit or credit cards are safer, simply do a search for:
Are credit cards safer than debit cards and read.
If one cares to learn whether debit or credit cards are safer, simply do a search for:
Are credit cards safer than debit cards and read.
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159 Posts
Not to be a jerk, but this was ENTIRELY your fault. You sent $ 100k of your hard earned money based on what? What you saw in an email? That's crazy.
This has nothing to do with BOA. This has nothing to do with wiring money.
This has to do with the fact that you fell for a scam.
In every piece of land, home, etc. that I've purchased, I've drove my fat butt to the title company, or to the realtors office to see, with my own to eyeballs, the wire information. Then, had them print it out, then drove that information to a physical branch office to have them wire the money.
No computers, no email. If you're using an online bank, then at least confirm, in person, the wiring instructions.
I agree with you that BOA could have shown some empathy. But the wiring process, and BOA, etc. did EXACTLY what YOU instructed it to do.
Sham on the Realtor for not warning you of these scams. Shame on the Realtor for not PHONING you with wiring instructions --- they are complicit for having knowledge of these scams and not taking proper precaution to protect you, the customer. They are now getting sued as third parties to wire fraud.
Additionally, for those purchasing real estate, I would encourage you to only work with title companies whose use CertifID -- a third party company who has "Red Phone" access to the U.S. Secret Service. While BOA, Chase etc. may not be able to reverse wires, the Secret Service can, and choosing whose closes your real estate transaction can make a big difference when it comes to fraud.
Most of this is avoidable:
Don't trust email
Don't trust phone conversations
Don't mail checks
Don't use debit cards
Do use in person branch banking when possible
Do verify in person
Do use credit cards
Do know that ** ALL ** banks will get hacked. Not just big ones, not just small ones. Thinking otherwise is foolish.
Someone said in this thread that big banks are the targets and big banks get hacked. Yes, big banks get hacked.
Small banks get hacked all the time because they dont have anywhere near the cyber security budgets as big banks. Small bank hacks don't make front page national news....because they're small, and nationally, most people won't recognize them.
The U.S. Marshalls service was just breached. The FCC was breached, Pentagon emails were leaked. The U.S. Treasury was breached several years ago. The IRS. And you think you're going to find a bank that won't get hacked? HA! Good luck with that.
Maintain a small attack surface and move on with life.
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930 Posts
Good data.
On the topic of Chase, if you do business with them in some regard, they are one of the few banks I fully trust. At least while Jamie Dimon is at the helm - he runs a tight ship.
On the topic of Chase, if you do business with them in some regard, they are one of the few banks I fully trust. At least while Jamie Dimon is at the helm - he runs a tight ship.
I used to put See ID.
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32 Posts
Well, I don't generally put 100% of fault on a person who was robbed (smacks of "she shouldn't have worn that dress there!"). The "fault" lies with the the lying ****bags who steal money (and with rapists). However. I don't disagree with your premise that I shared some responsibility for falling for the scam.
I shared my story with others to forwarn them. NEVER wire money. I've bought properties since then and have told the sellers/title company/bank that I will be writing a check and not wiring money. They didn't like it,. I'm never, ever, ever wiring money again. They can take the 3, 5, 10, or whatever days they need to clear my check, I'm never in a hurry buying something ss expensive as land or real estate.
My complaint with BOA was that for the next 3 days or so I was still in email contact with the scammers as they were asking when the money would be deposited. They were clearly still checking the BOA account to see if it cleared. How many other people were they scamming with the same BOA account? BOA didn't care.
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