My husband had his wallet stolen, which contained everything from social security card to credit cards. There are already charges on our accounts. Our bank is saying that debit charges differ from credit. Anyone know how so? They won't help yet.
by 
Cyndi Ninja
ANSWERS: 7
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Debit charges come right out of your checking account..
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I know with my bank card the only way to do a debit is with a pin number... good luck.
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The differences in your debit card regarding credit -vs- debit are... You charge as credit: all you have to do is sign and sometimes not even then in a lot of places if the charge is under $20-$25. You charge as debit: you must enter your PIN. The bank is pointing that out because the thief would need that information to use his card as debit. Did your husband have his PIN written down in his wallet? Was his PIN similar to personal information? i.e.: last 4 of his SSN or his birthday. If so, it may not've been hard for the thief to figure out. You only get like 2 or 3 tries before a charge is denied. If they try at an ATM, the machine would simply keep the card.
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The major difference is that the check card (I assume this is what you meant by debit card) is linked to a checking account as opposed to a credit card which is not. In other words, with check card purchases, the money is paid fairly quickly (usually before you receive your monthly statements) which makes it difficult to freeze payments unless the charges are caught within a day or two. Direct debits (where you use the PIN), however, are removed from your checking account immediately. But I assume this is highly unlikely given that the wallet was stolen. However, if there truly have been direct debits (instead of deferred debits or "credits") then the person who stole the card may be someone who has seen your husband use the debit card.
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Oh, Cyndi..you should never ever carry your social security card with you. It should be kept at home locked up someplace. That is too bad. I am sorry. Jim has a debit card and I just asked him about it..he doesn't know. He will find out. I have had wallets stolen and any charges on credit cards were not my responsibility, as long as I reported the theft immediately. I have never had a debit card. Good luck to your husband. That's really a lousy thing to have happen. :(
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The difference is simple. When you use a debit card at a merchant and run it as credit, your checking account posts a "debit authorization." The money is not actually taken out of your account yet. At this point, the only thing that posts is a pending transaction. The transaction will continue to be listed as pending until the merchant processes their receipts. Some merchants do it the same day. Others do them once or twice a week. It varies widely. So until the merchant processes their receipts, the bank will not pay the transaction. The funds are simply placed in a hold so you can't use them. Another big variable is found at gas stations. Most pa-at-pump gas stations will post a pending transaction in the amount of $1, the moment you swipe your card. Then, when the gas station finalizes all their pump receipts, the total amount of your purchase is debited from your account.
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debit is your money, credit is their money. when they pay, they say debit. and they sign your name. have you told them your cards are lost. they should stop the usage immediately. they will only cover their loss, not your loss. your loss is the debit part. the theif doesnt need to know your pin number.
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