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by sangnoir
1059 days ago
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> The US has an absurdly consumer friendly legal environment; you simply say you didn’t do the transaction and your money is immediately refunded; US consumer laws don't hold a candle to European ones - it's not even close. Have you ever gone through this process yourself, or are you stating the idealized version of what should happen? I'd like to hear the bank you were dealing with, because mine tried to give me the run around ("It's not fraudulent because your PIN was used"), and I had to fight them over many calls to get a "temporary refund" by threatening to involve a state ombudsman. Later on, I got a letter in the mail that said the investigation was complete, and the refund was now permanent, only to have the refund yanked again months later. Caping for American banks in this day and age is weird. They are mostly terrible and will rather have their clients take the financial hit before they do - even if they have to lie or frustrated you with long holds & multiple calls unless you show them you mean business. |
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The idea is that if someone steals your debit card and buys a bunch of stuff, they've stolen your money, but if someone steals your credit card and buys a bunch of stuff, they've stolen the bank's money, and the bank is on the hook for it - not you.
IIRC with debit card fraud you've got like 60 days and the bank can put some of the burden of proof on you, but for a credit card you can literally just say "I didn't buy that" 5 months later and the bank basically has to give you your money back. If you abuse this, the worst thing that can happen is the bank closes your card and cancels their relationship with you, but you won't be on the hook for the spending itself. Because of this additional liability, U.S. banks got really good at early detection of fraud and irregular spending, and Americans don't really give a huge shit about keeping their credit cards safe because there aren't really any major consequences.