31 responses

  1. DIY Investor
    May 24, 2011

    Great info! I liked safety tip #7.

    • moneycone
      May 25, 2011

      :)

  2. Steve
    May 24, 2011

    Credit cards don’t have a federal law requiring zero liability. They fall under the same $50 liability policy (Or maybe it’s a different policy, but it’s still $50). They offer zero liability for customer service reasons and/or to make people feel comfortable using their cards.

    • moneycone
      May 25, 2011

      Thanks Steve for the clarification. I’ve updated the post.

  3. krantcents
    May 24, 2011

    Very timely, since some Bank of America employees sold some confidential information on bank customers.

    • moneycone
      May 25, 2011

      BoA? Why am I not surprised!

  4. First Gen American
    May 24, 2011

    Yet another reason why I don’t have or use a debit card.

    Thanks for this informative post. I didn’t realize my liability was up to $500 or more..Wow.

    • moneycone
      May 25, 2011

      True FGA! Debit cards are a nightmare if it is compromised.

  5. Squirrelers
    May 24, 2011

    Great information here. I knew about a $50 limit, but didn’t know that you only had 2 days – and that ultimately the liability could be unlimited. Good to know this and be protected, no question about it!

    • moneycone
      May 25, 2011

      Some banks like credit card companies, do waive these though. Do check with your bank.

  6. Miss T@ Prairie Eco-Thrifter
    May 25, 2011

    Thanks for the great info. For me, when I do a money transfer with my bank I have to phone to give the receiver a personal pin that they use to access the money. It has been pretty secure so far although I rarely use money transfers.

    • moneycone
      May 25, 2011

      That is pretty neat when I think about it! One additional security layer for wire transfers.

      I think more banks should do this.

  7. Financial Success for Young Adults
    May 25, 2011

    I guess I am Scrooge McDuck, cause I check my account just about everyday! Mostly because I don’t reconcile using a check book and I keep a running tally in my head. But this is good information to have once I have too many ‘benjamins’ running around to keep track of.

    • moneycone
      June 4, 2011

      You are a rare breed FSYA!

  8. Robert @ The College Investor
    May 25, 2011

    Wow, that is great to know!

  9. Paula @ AffordAnything.org
    May 26, 2011

    Whoa, I had no idea I’d be on the hook for so much! 2 days is not a very large grace period in which to spot the fraud. Thanks for the information! I used to find those alerts annoying — just more clutter in my Inbox — but I suppose they serve a very useful purpose!

    • moneycone
      June 4, 2011

      Alerts have saved me more than once Paula!

  10. Financial Samurai
    May 27, 2011

    IF that happens to me, I’ll tell my bank to reimburse me FOR SURE! And if they decline, I’m moving my money outta there.

    • moneycone
      June 4, 2011

      But if the bank declines and you do move your money, you still are on the hook for lost funds. Setup alerts, takes a few minutes but absolutely worth it.

  11. Spruce Up Your Finances
    May 31, 2011

    Thanks for the tips. I never liked IE browser and have been using chrome or firefox. We’ve always use complex passwords totally different from our e-mail and other social network accounts.

    • moneycone
      June 4, 2011

      Good for you! A big thumbs up for Chrome and FF!

  12. Buck Inspire
    May 31, 2011

    Great tips MC! Wait, you mean I’m not set for life through my new Nigerian prince pen pal?!?!

    • moneycone
      June 4, 2011

      Haha! I don’t know about you Bucky, but the Nigerian prince is set for life if you did respond to his ‘Western Union money transfer’ requests! :)

  13. Jessica07
    June 1, 2011

    Great round-up of information! I didn’t realize how much I didn’t know!!! Yikes.

    Buck Inspire>> Hahaha! That cracked me up.

    • moneycone
      June 4, 2011

      Glad you like it Jessica! I always enjoy reading Buck’s wisecracks!

  14. Maggie@SquarePennies
    June 3, 2011

    Excellent tips! There are so many people vulnerable to this. Making my changes now. Thanks so much for this!

    • moneycone
      June 4, 2011

      Glad you find this useful Maggie.

  15. Barb Friedberg
    June 10, 2011

    Money, This is really really important info. Actually, some banks will waive even the $50 charge, but you certainly can’t count on it.

  16. Super Frugalette
    July 14, 2011

    Good reminders!

  17. Invest It Wisely
    July 15, 2011

    Apparently it was possible to root the iPhone via an infected PDF? Pretty crazy stuff… it’s an arms race out there.

  18. lawrence brooks
    August 2, 2012

    So, Im reviewing all this information, how do you apply for the card???

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