Here's your test -- because I used to believe that, too.
Call their fraud line -- not the tellers, the real deal. Say that suppose you ordered a laptop on eBay. You paid using your debit card. You received a package, signed for it via UPS, but when you opened the package, it was an old, obsolete, broken laptop. Can they reverse the charge?
My credit card companies will. They will immediately grant me back the additional credit. Some banks have 24h policies to get you back your cash that's in dispute, but I'm positive that debit card protection does not extend this far. If yours miraculously does, tell all you friends to buy shares in the credit union. But I will be surprised.
(Yes I know you could probably dispute via eBay, not the point of course.)
Even with credit cards, if you accidentally pay a fraudelent charge before reporting it, you lose many rights. When the money is already out of your account, you are hopelessly at their mercy.
Edit:
Not to mention, I also get 2% cashback, the bank doubles the manufacturers warranty on items I purchase with the card, rental car insurance coverage, etc. And aside from the cashback, those are pretty normal CC perks. And things like car rental-- some rental companies will actually do a credit check (!!) if you try to use a debit card to secure a car rental.
Call their fraud line -- not the tellers, the real deal. Say that suppose you ordered a laptop on eBay. You paid using your debit card. You received a package, signed for it via UPS, but when you opened the package, it was an old, obsolete, broken laptop. Can they reverse the charge?
My credit card companies will. They will immediately grant me back the additional credit. Some banks have 24h policies to get you back your cash that's in dispute, but I'm positive that debit card protection does not extend this far. If yours miraculously does, tell all you friends to buy shares in the credit union. But I will be surprised.
(Yes I know you could probably dispute via eBay, not the point of course.)
Even with credit cards, if you accidentally pay a fraudelent charge before reporting it, you lose many rights. When the money is already out of your account, you are hopelessly at their mercy.
Edit:
Not to mention, I also get 2% cashback, the bank doubles the manufacturers warranty on items I purchase with the card, rental car insurance coverage, etc. And aside from the cashback, those are pretty normal CC perks. And things like car rental-- some rental companies will actually do a credit check (!!) if you try to use a debit card to secure a car rental.