Quote:
Originally Posted by retiredguy123
I only use a debit card to get cash from the ATM. For purchases, I always use a credit card. Your bank "may" refund your money for an unauthorized debit card transaction, but they are not required to do so. But, if you use a credit card, they must follow the Federally mandated process to handle credit card transaction disputes.
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Actually banks ARE required to refund your money but only IF you notify them as per their fraud reporting procedures. Personal debit card use is protected by consumer laws. However, you might need to sign an affidavit, file a police report, call the CFPB, FTC and even contact the bank's regulator. So, your statement that a "bank may refund your money" is fairly accurate if they want to put up a fight.