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RE: Wireless Provider Gripe
Granted it limits your exposure. but sooner or later the credit card needs to be paid. You either pay with a check or direct transfer on line.
There is no free lunch. You end up giving access to your bank account.
Actually. No. For multiple reasons.
First, paying with a credit card insulates your bank account and its data from fraud because you are not giving anyone your critical bank account data.
Secondly, NOBODY but your own bank has access to your individual bank account data when it pays your credit card. The bank that holds your bank account is the paying bank. It makes a bulk transaction to the credit card issuing bank each day, not just for you, but for you and many others. Your account at the credit card issuing bank is credited from the bulk transaction account at your paying bank, which is debited and credited from your individual bank account. In fact the debit from your account occurs as the bulk transaction account is credited. The credit card holding bank is usually paid within 24 hours of the deduction from your account. Your bank account data never leaves the bank you hold your account in. This is especially true if your bank and credit card issuer are one and the same.
In my case I pay the credit card bill each month with one transfer from my Navy Federal Credit Union checking to my Navy Federal Visa. All outside transactions are securely handled by the credit card and are better protected legally than would be my bank account and main assets. Using the credit card effectively firewalls my bank account from anyone.
That's kind of the fallacy if you have an account and transfer money electronically there will always be a risk. Using terms like firewall may make you feel better but the risk exist.
The FDIC has been around long before all the digital transactions we currently make. Bank fraud/theft is not a new phenomenon. None of it is foolproof.
Look, this is my last post on this subject, and I will explain why.
There is no foolproof payment system. None. Nada. However, the entire financial industry, the banks and their regulators, consumer protection organizations, all etc, etc, agree that using a credit card (instead of a debit card or giving someone your bank account data in any form) is far, far, far less risky for the consumer than using a debit card or giving someone your bank account data thru either electronic transfer or handing them a personal check.
This is something I know and care about. I worked in financial risk management for a very large organization for 30+ years. I retired as Director for Strategic Planning and Risk Management. When I started 40 years ago all procurements were done with paper using purchase orders, checks, invoices, petty cash and cashboxes etc. Fraud prevention was expensive and difficult. As we moved to electronic checks for large purchases and debit cards for small purchases, fraud and improper payments declined, but getting vendors paid with debit cards to make refunds for defective goods and improper payments took months of follow-up staff work. When we moved to credit cards for small procurements under $25,000 the dispute process changed. When one of our card holders disputed a charge, the refund came within 24 hours and the burden of proof shifted from card holder to the supplier.
For me, debit cards should be used only by:
1. those who can't get credit,
2. when your credit card won't work, AND
3. when the vendor refuses to take cash.
That is how risky I consider them.
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DougA
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07/10/23 12:41pm |
Technology Corner
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RE: Wireless Provider Gripe
Granted it limits your exposure. but sooner or later the credit card needs to be paid. You either pay with a check or direct transfer on line.
There is no free lunch. You end up giving access to your bank account.
Actually. No. For multiple reasons.
First, paying with a credit card insulates your bank account and its data from fraud because you are not giving anyone your critical bank account data.
Secondly, NOBODY but your own bank has access to your individual bank account data when it pays your credit card. The bank that holds your bank account is the paying bank. It makes a bulk transaction to the credit card issuing bank each day, not just for you, but for you and many others. Your account at the credit card issuing bank is credited from the bulk transaction account at your paying bank, which is debited and credited from your individual bank account. In fact the debit from your account occurs as the bulk transaction account is credited. The credit card holding bank is usually paid within 24 hours of the deduction from your account. Your bank account data never leaves the bank you hold your account in. This is especially true if your bank and credit card issuer are one and the same.
In my case I pay the credit card bill each month with one transfer from my Navy Federal Credit Union checking to my Navy Federal Visa. All outside transactions are securely handled by the credit card and are better protected legally than would be my bank account and main assets. Using the credit card effectively firewalls my bank account from anyone.
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DougA
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07/09/23 01:19pm |
Technology Corner
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RE: Wireless Provider Gripe
I would never give TMobile my bank account or debit card information. They've had data breaches that have disclosed customer account data, including payment data, out into the wild. From: https://tmo.report/2023/06/everything-you-need-to-know-about-the-upcoming-t-mobile-autopay-changes/ :
Clearly this isn’t a very popular idea among T-Mobile customers. On Reddit, users have complained about the upcoming changes, with many saying “I will never give this company access to my bank information”. Others say they will leave T-Mobile all together once the changes are made.
Customers are right to be worried. Just this week T-Mobile had their 2nd data breach of 2023. It affected just over 800 customers, while their previous data breach in January affected around 37 million. Overall, there’s been at least 8 data breaches since 2018."
I am sure that the only reason T-Mobile is doing this is because they got stuck with paying the whole bill for customers who paid with a credit card, while debit card holders can be held responsible for up to $50 of of a fraudulent transaction. This is a really bad deal for T-Mobile customers, who should RUN, not walk out on this company.
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DougA
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07/09/23 12:42pm |
Technology Corner
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RE: Wireless Provider Gripe
We have Spectrum fiber optic cable for home. The fiber optic cable service is relatively new to our area. We get a legit 500 MBPS unlimited data. Before Spectrum all that was available was DSL from Verizon or a Wireless Internet Service provided by Clarity Connect.We use use a Spectrum Roku app for streaming TV (instead of a cable box). We have no landline. We use Spectrum mobile for our 4 cells (includes hotspots), and a Wineguard Connect2 WiFi hotspot (and Winegard data service) in our travel trailer.
Spectrum mobile is pretty reasonable. Unlimited data for $25.00 per month per line plus fees and taxes, totals out to about $120. Spectrum mobile runs on the Verizon network.
The 500 MBPS Spectrum home internet service includes a larded up TV streaming package for $160 per month.
The Winegard data service for the Connect2 device is not cheap, but it is fast and more reliable than any cell phone or other cellular based hotspot I've used/had in very remote areas. It is high powered, mounted on the roof and can use remote area Wireless Internet Service Providers (aka WISPs), as we found the Navaho Nation. For example we got great service in Chaco Culture National Historical Park and at Joshua Tree NP when nobody else got anything. Winegard's $60 a month plan buys 30 days of service with a 10 MB cap, $100 a month ups the cap to 20 MB. The Winegard data service is prepaid, and I turn it off for months at a time when we are not using the travel trailer in remote locations. Winegard data runs on AT&T and roams on other networks too. . Generally the Winegard Connect2 finds service where our cell phones won't, and our cell phones can use the Winegard for making and receiving phone calls over the Winegard system.
I pay for all three services with my Visa credit card.
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DougA
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07/09/23 12:30pm |
Technology Corner
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RE: Wireless Provider Gripe
Yes, but, and its a BIG BUT, Federal and state consumer credit protection laws apply for credit cards and NOT for debit and bank account electronic transactions. The law is much stricter for credit cards than debit cards and other e-transactions.
See https://www.investopedia.com/articles/personal-finance/050214/credit-vs-debit-cards-which-better.asp
For credit cards, as long as the customer reports the loss or theft in a timely manner, their maximum liability for purchases made after the card disappeared is $50.
For debit cards The Electronic Fund Transfer Act gives debit card customers the same protection from loss or theft—but only if the customer reports it within 48 hours of discovery. After 48 hours, the card user’s liability rises to $500; after 60 days, there is no limit.
In most cases, credit cards offer much greater fraud protection than debit cards.
Other Credit Card Advantages
The Fair Credit Billing Act allows credit card users to dispute unauthorized purchases or purchases of goods that are damaged or lost during shipping. If the item was bought with a debit card, then the charge cannot be reversed unless the merchant is willing to do so. What’s more, debit card theft victims do not get their refund until an investigation has been completed.
The credit cardholder, on the other hand, is not responsible for the disputed charges; the amount is usually deducted immediately and restored only if the dispute is withdrawn or settled in the merchant’s favor. Though some credit and debit card providers offer zero liability protection to their customers, the law is much more forgiving for credit cardholders.
And from personal experience, its a whole lot less of a hassle to fix what happens when your credit card is hacked, than when your bank account is.
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DougA
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07/09/23 11:40am |
Technology Corner
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RE: Wireless Provider Gripe
I thinks it sort of naïve to think you can somehow shield your info by not using a debit card. How do you pay the credit card that T mobile now uses? With a check?
When you write a check you put all your info out there. Are you fearful of writing a check? In the end its no different in terms of others having access to your info.
I pay with an e-payment via online banking. Regarding checks, go read up on check washing. There really is no reason to use paper checks anymore. And, if your debit card is compromised your bank account gets emptied. With a CC you just reject the charge.
No reason whatsoever to have a debit card.
Dave
But E-pay still puts your info out there which is my point.
Either you trust the electronic banking world or you don't. There is really no escaping it unless you pay all bills and all matters with cash. THere is only one banking system it's all tied together.
Sooner or later you have to pay the bill. Unless you pay in cash you participate in some form of the system.
If T-Mobile is offering you $60.00 in savings a year why not take it?
They would rather give you a discount vs. paying credit card fees to the bank.
No matter how you slice it at some point you are exposing your banking info, which will always have an inherent risk. Fraud, identity theft and deception are not a new phenomenon's. They have been around long before electronic banking and debit cards.
The difference is that the consequences from a credit card number disclosure are far less than those of a debit card / bank account
disclosure. The most obvious of which is that a fraudster can empty your bank account using your debit card or your bank account number. This means other transactions will bounce which will cost you in bounced transaction fees (like a bounced check). Legally there are more protections for you when you use a credit card. Merchants and vendors don't like paying the credit card transaction fee, which is why they may offer you the discount if you give them your bank account number. Don't take them up on the discount. Its not worth the hassle of having your bank account emptied. In my case, while my bank "forgave" all their bounced transaction fees, others didn't, and I was charged over $100.00 because our property tax payment bounced. So I know from personal experience, don't give anybody your debit or bank account numbers, pay with cash or a credit card. Its far easier to contest transactions and limit your liability with a credit card. I do all electronic transactions with my credit card.
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DougA
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07/09/23 09:34am |
Technology Corner
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RE: Need Help Identifying Trailer
Not sure on "model", but looks to be a single axle about 16-18' in length.
I remember that era of trailer well as a kid. Most had the propane lantern built in the rig! Looks to be a Ford Wagon towing it with a WD hitch setup. That's how it was done back then and no one cared about it's GVWR or "tow rating" :)
Mitch
Our family's 1960/70s TV towed more like my current 2021 RAM 1500 Eco Diesel than any TV I've owned since. It was a huge rear wheel drive full body on frame beast weighing about 4500 lbs. It had a simple reliable three speed automatic tranny, traction lock rear differential and the biggest V8 GM had at the time. It had lots of torque, thats for sure! A 1971 Olds Vista Cruiser with dealer installed trailer options: heavy duty transmission cooler, brake controller, receiver type hitch, trailer lighting plugs. It comfortably towed Dad's big old 7,000 lbs Lyman boat and a travel trailer. The fact is it cruised with a heavy trailer hooked up. The car was more like today's pickup in fact. It was heavy, well planted and except for the awful gas mileage, you'd never know you were towing anything.
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DougA
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07/08/23 06:42pm |
Travel Trailers
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RE: Campground Opinion
Dropping my son off at college, Liberty University in Lynchburg, Va. I see 2 campgrounds nearby. Paradise Lake and Blue Ridge KOA. I’d prefer to use my fifth wheel as opposed to a hotel but don’t want any drama. I have a 40’ fifth wheel and haven’t been to either CG. I want easy in and out with plenty of room. Any suggestions? Thanks!
The KOAs along I-81 in VA are all pretty good and all should have spaces for a 40+ footer. Just make sure you choose a big rig site when making your on-line reservation. Many fill up early... make reservations early.
Congrads on Liberty. I guess. It certainly has a unique admissions policy. Now one of the largest schools in the country (+100,000 students) with nearly open admissions.
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DougA
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07/08/23 01:08pm |
RV Parks, Campgrounds and Attractions
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