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| Thread ID: 98267 | 2009-03-18 02:00:00 | Visa Debit Cards - Check em regulalary ! | Digby (677) | PC World Chat |
| Post ID | Timestamp | Content | User | ||
| 757336 | 2009-03-18 08:44:00 | I see Kiwibank (www.kiwibank.co.nz)are doing a Visa Debit Card now too. | CYaBro (73) | ||
| 757337 | 2009-03-18 09:16:00 | Twice we have had to change our credit cards. The first time was when hackers had gained access to the bank's system and our cards were within the numerical range that had been accessed. The second time was last year. The fraud division of the credit card division called and asked had we made any purchases in Pakistan! The card that was 'compromised' was one that we only use locally, we have another we use for other things, such as purchases overseas or non-face-to-face transactions. In each case, they acted promptly, cancelling the cards and re-issuing. I do wonder whether our eft-pos cards and the debit card system will eventually be incorporated. |
Marnie (4574) | ||
| 757338 | 2009-03-18 09:37:00 | This is one of the justifications for the exorbitant interest rate on credit card borrowings, Marnie. Fraud is hugely expensive - and guess who pays!! I worked for a bank (several actually) a long time ago in a different century, and was told that for every mortgage that goes bad, there need to be seven that don't, just to break even. The costs are great, the losses are great and the likelihood of recovery of the debt is low. |
johcar (6283) | ||
| 757339 | 2009-03-18 09:57:00 | An advantage I see with the debit card is that if I make an overseas purchase, the money is debited instantly (well, in just a couple of minutes) and I am aware of the exchange rate applicable. When I used the old style cards, funds transfer seemed to be notified at a time that was frequently somewhat delayed, coincidentally at a time of most unfavourable exchange rates. I may be paranoid, but that seemed to occur most of the time, and I cannot see that merchants would delay getting their accounts in for a minute longer than absolutely necessary. It struck me that the only party to the transaction that could benefit from this delay was the bank - they could remit the funds at a time to suit themselves and debit me at a time and exchange rate that did not benefit anyone but the bank. But the bank would never do that, would they? |
R2x1 (4628) | ||
| 757340 | 2009-03-18 10:13:00 | I don't own a debit card but what I'd ideally want is a card that I can 'load' a certain figure on that can be used as a credit card for overseas Internet transactions. That way only the amount loaded on the card can be accessed and trying to double dip will come up with an empty account! | Robinz (9362) | ||
| 757341 | 2009-03-18 10:40:00 | I don't own a debit card but what I'd ideally want is a card that I can 'load' a certain figure on that can be used as a credit card for overseas Internet transactions. That way only the amount loaded on the card can be accessed and trying to double dip will come up with an empty account! If it is hooked to a bank account, wouldn't it go into overdraft if you spent more than is in the account? I know you can get those prezzie cards, where you can put money onto them, and the transaction would fail if you exceed the amount on it. |
robbyp (2751) | ||
| 757342 | 2009-03-18 11:00:00 | I don't own a debit card but what I'd ideally want is a card that I can 'load' a certain figure on that can be used as a credit card for overseas Internet transactions. That way only the amount loaded on the card can be accessed and trying to double dip will come up with an empty account! A debit card attached to a savings account that you load with just the amount you need, just before you need it is almost, nearly, quite similar, to the one you wanted. The pressie card aside from having an assinine name, does not offer much of a way for you to recover the remainder of your balance when your card is getting low. it is expensive too. |
R2x1 (4628) | ||
| 757343 | 2009-03-18 18:48:00 | Dur - it could also happen with a credit card if you give your number overs the phone they could if they wanted to put it through again some other day or sell the details to a friend ! No it cant happen with Eftpos - but you can't buy from overseas with an eftpos card ! But you can get cash out whilst overseas! I know as that is where I got all my cash when in England last year. |
Cicero (40) | ||
| 757344 | 2009-03-18 19:14:00 | An advantage I see with the debit card is that if I make an overseas purchase, the money is debited instantly (well, in just a couple of minutes) and I am aware of the exchange rate applicable. When I used the old style cards, funds transfer seemed to be notified at a time that was frequently somewhat delayed, coincidentally at a time of most unfavourable exchange rates. I may be paranoid, but that seemed to occur most of the time, and I cannot see that merchants would delay getting their accounts in for a minute longer than absolutely necessary. It struck me that the only party to the transaction that could benefit from this delay was the bank - they could remit the funds at a time to suit themselves and debit me at a time and exchange rate that did not benefit anyone but the bank. But the bank would never do that, would they? The bank has no control over the timing of the transaction processing. This is done by Visa and Mastercard. The banks are just 'customers' of these two monolithic organisations. However the cynical might think there is some manipulation of the timing - however, practically speaking I doubt whether there is any conscious manipulation - just think how many transactions are running through the Visa/Mastercard servers at any given minute of any given day: thousands! |
johcar (6283) | ||
| 757345 | 2009-03-18 19:18:00 | The bank has no control over the timing of the transaction processing. This is done by Visa and Mastercard. The banks are just 'customers' of these two monolithic organisations. However the cynical might think there is some manipulation of the timing - however, practically speaking I doubt whether there is any conscious manipulation - just think how many transactions are running through the Visa/Mastercard servers at any given minute of any given day: thousands! We will never know if we are being done unto with these swines. |
Cicero (40) | ||
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