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Thread: Debit cards & security

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    Default Debit cards & security

    I know that you can have your debit card info stolen and your account drained. I have a Chase checking account with a debit card, but I also have a savings account with them that is not attached to any card. Would the fact that it isn't linked to a card mean it is protected from debit card theft? Or is everything liquid fair game when the card info is stolen?

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    Moderator Miss_McKenna's Avatar
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    Default Re: Debit cards & security

    It depends how it is used; it is harder but not impossible to access everything. Online or at the ATM, pretty much they can only access the account that is linked to the debit card. But if they were to use the information to go into a bank branch posing as you, they could potentially have access to everything, if they got around the security by being asked the right verifying information (ie, address, state the account was opened in etc). This is possible if it was stolen by someone who knows you, or someone who got your card information from a place that might also have other information about you, such as hacking a website with your shipping address, or your purse with personal items inside. I work in a bank for my day job and we've had times before when someone has gotten something as simple as someone's drivers license and PIN number, come in posing as the person, and with the home address and an inexperienced banker, they request to link all accounts together, and have a new card issued as they've "lost" the old one, and then its all up for grabs. If course, you can claim it back, but that takes time.


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    Default Re: Debit cards & security

    Chase also has the feature available of automatic transfer from one of your accounts to another to cover overdrafts. I believe it is called overdraft protection. I don't know if there is a limit on how much they cover or not. They would only cover the amount you are overdrawn on the account the debit card is linked to. So in reality, if they overdraw your debit account....Chase could transfer funds from your savings to cover the overdraft and some of the savings money could be accessed. Contact Chase or go on line and opt out of the overdraft protection transfer option and your second account should be ok as far as your debit card is concerned.
    Last edited by Raider; 07-16-2011 at 12:11 PM.

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    Default Re: Debit cards & security

    Agreed with Raider that having 'overdraft protection' that automatically transfers funds from a person's savings account to their checking / debit account to cover any negative balance DOES provide a means for a debit card information thief to potentially access cash in both accounts. With recently enacted new bank regulations, new account holders were required to specifically opt in if they wanted 'overdraft protection'. But previous account holders were probably 'grandfathered'.

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