SC - RE:sca-cooks V1 #1819

[dhumberson at imailbox.com]

Ras,

Some banks in the Poconos and here in Western PA went thru this phase for a bit:  Mellon in particular did a full credit workup on a check card application for the first year or so they had them.  Debit cards are one of those things which seem simple on the surface but have some real nasty twists underneath.

One quick example:  early on, some clearing services reported your checking account balance as your credit limit - and that limit is used by some store credit card issuers to set the opening limit on the store account they give you.

Since we're already off topic, I'll mention one more caveat about check cards.  Read the terms of issue very carefully, especially the sections on recourse for fraud, theft, and merchant abuse.  Debit cards often do not offer the same protections provided credit cards, even the same bank's credit cards.

Merry Christmas and Happy New Year to the list,
Ragnar Ketilsson


Date: Wed, 22 Dec 1999 17:33:41 EST
From: LrdRas at aol.com
Subject: SC - Check Cards-OT-OOP

In a message dated 12/22/99 9:56:37 AM Eastern Standard Time, 
grizly at mindspring.com writes:

><< Acquisition of said VISA check cards is restricted by credit >history, and 
>those who are rebuilding their credit history will have difficulty >getting one. >>

>I'm surprised since using the VISA portion of a check card >automatically 
>deducts the amount (snip)

>Ras



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