Banking While Away

[Palarran]

I really like Chase. The smartphone app is great and allows us to do almost everything I could think of. The online access is also excellent. They do advertise 100% fraud protection, though probably if you ever use it there will be some disclaimer - I hope not.

We also have a Capital One account to use for ATM withdrawals and credit card charges as they do not charge a foreign transaction fee. The exchange rate is exactly the same as Chase. When getting an ATM withdrawal, your supposed to select the option to let your bank do the conversion, not the ATM. I've never compared the two but it's recommended. For both our withdrawal daily limit is $500.

[BandB]

Originally Posted by Palarran

I really like Chase. The smartphone app is great and allows us to do almost everything I could think of. The online access is also excellent. They do advertise 100% fraud protection, though probably if you ever use it there will be some disclaimer - I hope not.

We also have a Capital One account to use for ATM withdrawals and credit card charges as they do not charge a foreign transaction fee. The exchange rate is exactly the same as Chase. When getting an ATM withdrawal, your supposed to select the option to let your bank do the conversion, not the ATM. I've never compared the two but it's recommended. For both our withdrawal daily limit is $500.

Actually I've known people who had fraud against their credit cards and others against their checking accounts. Various banks. And all have been reimbursed by the bank. Debit cards use to have a $50 amount you were responsible for or something but don't think any more. The key is checking and informing them quickly. I'd advise all to not only check their accounts very frequently but set up alerts that notify you of any charges over a certain amount and other things you set. Then you quickly know if it's legitimate or now. Notifications can be by email or text or both.

[Palarran]

Good point BandB and another kudos for Chase. They have very many alert options and methods of alert, phone calls, text, or e-mail. Another reason we keep the Chase and Capital One is that the Capital One doesn't have much cash available and a small credit limit. Worst case is they get me for $5 grand. Lot of money but won't wipe me out.

[BandB]

Originally Posted by Palarran

Good point BandB and another kudos for Chase. They have very many alert options and methods of alert, phone calls, text, or e-mail. Another reason we keep the Chase and Capital One is that the Capital One doesn't have much cash available and a small credit limit. Worst case is they get me for $5 grand. Lot of money but won't wipe me out.

Well, the real fear is not that you don't get the money back. It is that you're left helpless somewhere for the moment. You're in Turkey when card or account is compromised. You reach the bank, so they shut the card down and tell you to just go to your local branch and get a new card. You reply you're out of the country. They say, then we'll send it to your address on record. You say again, I'm in Turkey, can't you send it to me here somehow. Then they explain that they aren't allowed to do that, which makes sense.

As prevalent as fraud and compromises of systems have become, one must have a backup. I was behind a lady in a store who had a cart full of Christmas shopping done. Presented her Chase card (this was immediately after the Target breach) and it was rejected. She was terribly embarrassed, moved aside, and then was told by Chase that they were limiting debit cards to $100 because of the breach (first day...next day they changed it to $400).

56 Million cards have been exposed in the Home Depot breach. All banks have warned about that breach, but I don't know that any have taken any protective action yet. Some of them may check to see if you've shopped at Home Depot during the period and automatically issue a new card. Others may just mark the accounts and be on an alert. I put $7 on a debit card at Home Depot in August. I'm expecting BOA to do as they did after target and issue a new card. That then means changing the card in any places you use it for regular payments. Fortunately, I don't.

[Palarran]

It's funny that you used the Turkey example. My wife and I went to Istanbul on a cruise ship. Dumb me put my wallet in the back pocket and it got lifted. Freaking out, I called Citi and canceled both the cards. This is where I screwed up, my wife had hers and we could have gone to an ATM, withdrew cash, then canceled them.

In any case, Citi did send $500 to a Western Union in about 1 hour so we had some money for the rest of the trip. Probably like you, we have a good collection of cards that we don't use often. It might pay to keep one hidden on the boat for emergencies.

[dpddj]

BandB - I shop frequently at Home Depot for my business. I have not seen any odd activity to my CC. I did get a notice in the mail from Barclays (the card company) that they were sending me a replacement card, just in case. Nice to see someone proactive.

[BandB]

Originally Posted by dpddj

BandB - I shop frequently at Home Depot for my business. I have not seen any odd activity to my CC. I did get a notice in the mail from Barclays (the card company) that they were sending me a replacement card, just in case. Nice to see someone proactive.

That's the same thing BOA did with target. I'm on my third card in two years and have never had any fraud against me. One was caused by the Target thing. The other was caused by a one cent authorization showing up and not knowing who it was. It could have been a sign of someone seeing if the card was valid before trying fraud. Cancelled and replaced before any charge.

I think considering all that is happening, the banks are doing an amazing job in minimizing losses.

[zeehag]

where are you able to get those things cashed???
in 2010, my bank would not even consider letting me have any, despite my requests.

[Amapola]

We bank with Wells Fargo and Bank of America and have never had a problem. Both charge a small foreign transaction fee. We let the banks know when we leave the country and they note our itinerary on our account. We carry a small amount of cash.

[hellosailor]

Two banks, two accounts, keeping one as a "just in case" so that you have access if the primary one screws up, as they all do sooner or later for whatever reason.

I would argue vehemently against Citibank, who will swear they never make any mistakes, only their customers do. Citibank refused to open an account for me, claiming my social security number was invalid, even though they already had opened a prior account with the same number and everyone else on my credit history has no problem with it. Appeal? No, the customer is wrong, period.

BoA is almost as bad. I tried to cancel a stolen card and it took over SIX MONTHS to get the boneheads to cancel it, report any use would be fraud, and issue a new card. BoA apparently hires monkeys who don't always know how to transfer phone calls.

There are plenty of other large banks but I'd also suggest that whether it is a bank or a credit union, go meet the local manager, explain that you will simply not be around in person, and see if that challenges them. Yes, managers change, but some banks tend to pay more, and hire brighter help. Who aren't afraid to say "I can fix that for you" and make it right.