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Bill And Joan’s Debit Card Debacle

Here’s why you just have to pay attention to your checking account if you have a debit card.

The Philadelphia Inquirer says Bill Manning and Joan Dashiell of Quakertown, Pa., allowed months go by without checking their balance online, or even opening their paper statements.

During that time, $5,208 was stolen from their account.

Bill Manning and Joan DashiellAlthough Bill and Joan suspect their card was cloned by a crooked employee at a Florida dive shop, they’re liable for every penny because they didn’t catch the fraud in time.

Debit cards don’t offer the same protections as credit cards, even if they say “Visa” or “MasterCard” on the front.

If your credit card is stolen or cloned, you’re on the hook for $50, period. With debit cards, your liability depends on how quickly you find and report the fraud.

According to the Federal Trade Commission, if you catch an unauthorized purchase within two days, you’re liable for $50.

If you find it within 60 days, you’re liable for $500.

Longer than 60 days? You’re screwed.

So get on that computer and review your account every day. Or at least every other day.

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