on 15-09-2019 12:20 PM
Hello, I am thinking that a compromised credit card will only affect my CC account which has limited funds and is covered by a bank protection, unless I was proven to be negligent.
I understand that a debit card is linked to my savings account, in which case the funds at risk are whatever is on the account. So there is possibly more money to be lost in case of a compromised card or unauthorised direct debit.
There may also be less protection with a debit card if stolen money can't be recovered and it may be harder to challenge an unauthorised transaction or a payment for faulty or never delivered goods.
There could be issues I haven't thought about yet.
What is the general perception on which type of card carries less risk for the consumer with web purchases or direct debit?
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on 16-09-2019 09:40 AM
on 16-09-2019 02:30 PM
Thanks MegB. And I hope this is not a silly assumption: I would be up to the customer to keep the available funds on the linked savings account and the daily withdrawal limits reasonable? If there are guidelines please let me know.
on 16-09-2019 02:53 PM
If there are insufficient funds in the account linked to the Debit Mastercard, the transaction will decline. It is up to the owner of the account to ensure there are sufficient funds available. This can be done through online banking or our app.
The daily ATM withdrawal limit is $1000 and the daily EFTPOS transaction limit (when selecting cheque or savings) is $1000.
For any transactions that use the credit option of the Debit Mastercard (PayPass/direct debits/online transactions) the daily limit is the available balance of the account.