Re: [SLUG] Batteries Plus review

From: bpreece1@tampabay.rr.com
Date: Sat Sep 21 2002 - 10:19:22 EDT


Some other things about Debit Cards.
Bank of America on the new Debit Cards has a Visa Logo on them.
How ever they are only marked with the visa logo in case places do not take
debits but take Visa cards.

They then run it as a Visa and Bank of America processes it as a debit card.
How ever here is a catch.
let's say you go to a Car Rental like Hertz . They run the card what happens
is when it is ran it can lock your
checking account for up to 10 days. This is because as mentioned they can
wait days to process this transaction so in the mean time you can not use
your account for anything.

So beware.

Bill Preece

----- Original Message -----
From: "robin" <robin@roblimo.com>
To: <slug@nks.net>
Sent: Saturday, September 21, 2002 7:36 AM
Subject: Re: [SLUG] Batteries Plus review

>
> > Plus, not many people realize that you have certain fraud and abuse
> > protections as a consumer when you use a credit card. This isn't true
> > with debit cards, and I doubt it's true with one of these "check
> > substitute" services.
>
> This is correct. And don't forget my "Roblimo" sig comes from having
> owned "Robin's Limousine," so I have many years of experience dealing
> with merchant banks (credit card processors).
>
> Here's another "gotcha" that can hit you with debit cards or checks that
> aren't really checks but debit authorizations: the merchant may not
> submit their request for payment for many weeks. I've had debit card
> transactions show up as long as 60 days after my purchase. In theory,
> one of the advantages of debit cards over credit cards or checks is that
> you can't go over your limit or spend more than you have in your
> account. This is not so. I got bit by this once and ended up over $400
> overdrawn on a checking account because of it, plus $75 or so in bank
fees.
>
> The nice people at Bank of America immediately credited the fees back
> and hooked that checking account to a credit card for overdraft
> protection, but I learned a lesson from the experience and moved to my
> current purchasing pattern:
>
> 1) All company-reimbursable purchases (mostly travel) made on one credit
> card that is used for nothing else.
>
> 2) All substantial personal purchases (including tax-deductible but
> non-reimbursable business spending) on a separate credit card.
>
> 3) Debit card used only to get cash from ATM machines; all purchases not
> made with credit cards are made with cash.
>
> 4) Bills still paid mostly by check, but moving toward online pay
> through B of A's system, which we've now tested for over a year with a
> few small bills and have found to be problem-free. (Our other bank, a
> small one in MD, has a troublesome and insecure online payment system.)
>
> - Robin
>
>



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