LiveLeak has posted surveillance video footage from earlier this month of a guy in Brazil installing a skimming device onto a bank ATM. The second half of the tape shows him being arrested and officials revealing the device, which just reminds us that the next time we use an ATM, we’re first going to take off a shoe and hit everything on it like it’s covered in giant ants. See the video below.
debit cards
Bank Piles On Overdraft Fees Due To Merchant Error, Doesn't Seem Too Keen On Refunding Them
By 9.10.09
Here’s a story from a reader about a bad bank practice that we hear about too frequently—a bank cascades hundreds of dollars worth of overdraft fees on an error that’s beyond the customer’s control, but then is unresponsive or uncooperative on refunding those fees.
Banks Cling To Overdraft Fees Because They Need Them To Survive
By 9.10.09
Banks now make more on debit card overdraft fees than credit card penalties—they’ll rake in about $27 billion in 2009 alone, according to the New York Times. They obviously have zero incentive to curb the practice. In fact, one economist told the paper that “45 percent of the nation’s banks and credit unions collect more from overdraft services than they make in profits.”
Walmart: No More Paycheck Here's Your Pre-Paid Debit Card
By 9.9.09
Walmart, our nation’s largest employer, has eliminated paper paychecks. Now employees can choose to sign up for direct deposit or have their wages added to a pre-paid debit card. ABCNews says that only about half of Walmart’s employees use direct deposit — the rest either prefer a paper paycheck or, in some cases, don’t have a bank account.
Squash Minimum Purchase Fees With Wallet-Sized Merchant Agreement
By 9.8.09
Fed up with stores not knowing the rules for credit card purchases, Andy at NonToxicReviews created this handy credit-card-sized PDF of the relevant portions of Visa’s and MasterCard’s merchant agreements.
Credit Union Celebrates Labor Day By Limiting ATM Transactions To $40
By 9.5.09
How are you spending the long weekend? If you’re one of 2,000 Arizona Federal Credit Union customers affected in a Visa security breach, we hope you weren’t planning a trip out of state.
WaMu/Chase Doesn't Believe Your Card Was Stolen, Despite The Fact That The Thief Was Arrested
By 7.24.09
Reader Stephen says that a NYC Taxi driver tricked him into using an ATM skimmer-like-device instead of the normal credit card machine and made off with his card and PIN. The NYPD made an arrest, but Stephen says he’s still battling with Chase/WaMu.
Identity Theft Hysteria Overblown, Watch Your Debit Card Instead
By 7.16.09
If you need the straight story on issues of credit card, debit, and banking fraud and security, something more than “we’re taking it seriously,” Avivah Litan, VP and distinguished analyst at Gartner research is your go-to-gal. I recently interviewed her over the phone about consumers can protect themselves in an era where just keeping your mother’s maiden name a secret doesn’t cut the mustard. I learned that you can buy a credit card number for a few cents, losing your Social Security Number is NOT the most dangerous fraud that is likely to happen to you, and how Obama’s helicopter plans got stolen thanks to P2P music-sharing software…
$300,000 Credit Card Skim Was "Model Employee" Scam
By 7.16.09
His name was “Erick,” and after earning respect and responsibilities at the Arco gas station he’d been working at for 8 months, he dissapeared, leaving behind only a hidden credit card skimmer that stole $300,000 worth of debit card info from reams of customers. Police believe that “Erick,” pictured, was a low-rank solider in an organized crime ring who had been given the assignment of working his way up the ladder at the gas station until he was in a position to place the credit card skimmer, a type of con known as the “model employee” scam. As a shopper, protect yourself from skimmers by only using cash, credit cards, or swiping your debit card as credit. [More]
Shortchanged By Verizon's Rebate Card
By 7.16.09
Late last year Verizon started replacing its rebate checks with Visa debit cards. You use them as you would debit cards, only without having to tap in a PIN. Long story short — after using one of these cards I’m convinced they’re part of a scam meant to let Verizon and/or Visa skim pennies off the tops of rebates owed to customers because once there’s only chump change left on your card, you can apparently no longer use it.
Chase Sends You Debit Card You Don't Need, Tells You To Activate It
By 7.14.09
Chase isn’t just acting in shady ways toward their credit card customers. Their latest sneaky move is sending new debit cards that impose fees to their banking customers, hoping that customers will simply activate the new debit cards with no questions asked. Not so fast.
updated: WaMu Accounts Become *Almost* Totally Chase July 24
By 6.1.09
Starting July 24, 2009, WaMu accounts will get fully transitioned to Chase. After that, ex-WaMuers will be able to fully enjoy the benefits of Chase banking, like making deposits into Chase ATMs, the full range of Chase branch banking services, and the luxury of paying Chase’s service fees which are higher than WaMu’s were.
Which Credit And Debit Cards Are The Best To Use Overseas?
By 5.24.09
Spending money costs money when you’re abroad, but a list of cards and fees compiled by USA Today can help you decide which card to pack before you leave.
Creative Labs Charges "Maintenance Fee" For Rebate
By 5.13.09
Creative Labs has found a great new way to minimize the risk that a customer will actually benefit from a rebate offer. In Rick’s case, they sent him the rebate in the form of a $10 debit card that was supposed to be good until July 2009, but when he went to a Best Buy to use it last month, it was denied. The reason? He’d been charged a $3 “maintenance fee” every month since January.
Reader Finds Another Card Skimmer On ATM
By 4.19.09
Kelly sent us these pics of a card skimmer he found yesterday on a Bank of America ATM in Atlanta. He writes, “I asked the police what to do; they said give it to the bank. I asked the bank what to do, they said give it to the police. I assume that no one has established standard procedures to handle this kind of thing yet.” Well if nothing else, send us a photo! Then we can publicize it for other readers, which is how Kelly found it in the first place: “I would have not even recognized it or known to look for it had I not read the article on your website a week earlier about what to look for.” Full size pics below.
5/3 Increases Overdraft Fees By $2
By 4.7.09
It was a beautiful thing. And then I paid in cash. Scan of the 5/3 fee increase notice inside.
H&R Block's Refund Anticipation Loan Card Eats Your Refund
By 3.28.09
Poor Sam didn’t take our advice. He let H&R Block do his taxes and then took out a refund anticipation loan. The money, which was deposited on an H&R Block Emerald Card, is now tied up by several inexplicable holds for transactions he didn’t make. The companies supposedly holding the funds have no clue who Sam is, or why they’d be holding his money. H&R Block’s only response is to charge Sam $2 whenever he calls their customer service line for help.
Why Do Lenders Want You To Use Your Debit Card Like A Credit Card?
By 3.25.09
A reader wants to know why Chase is pushing him so hard to use his debit card like a credit card when paying for things—they’re promoting a contest for people who do this, and on every insert or blank space in the paperwork that accompanied his newest card, they encourage him to always select “credit” over “debit” at checkout. Why?
