Great info here on how banks operate with debit cards. Please read the info below to protect yourself from fraudulent charges, and check out the full article by clicking the link:
Federal regulations do limit liability for debit card holders who are defrauded, but the protection isn’t as extensive as for credit cards. Unless the card holder reports the fraudulent charges within a certain time frame, he or she could end up being on the one footing the bill. According to the Federal Reserve federalreserve.gov), the cardholder’s loss is limited to $50 as long as the cardholder notifies the financial institution within two business days after learning of loss or theft of the card or PIN code. If the cardholder doesn’t alert the card issuer within two business days, he or she could lose as much as $500. Much worse, if an unauthorized transfer that appears on the statement is not reported within 60 days after the statement was mailed, the cardholder risks unlimited loss on transfers made after the 60-day period. In short, you could theoretically lose all the money in your account plus your maximum overdraft line of credit, if any. Link to article…