Endlessly Amazed
Endlessly, you know, amazed
- Joined
- Aug 6, 2020
- Messages
- 1,379
- Location
- Arizona, USA
Ringo – I suspect that laws and customs about banking actions are different in different countries. What you suggested will not work the way you envision in the US. Have you ever been defrauded in your bank account, debit card, or credit card? I have been, for a total of probably under $700US, in forged check cashings and credit card fraud, in maybe 10 transactions over 40 years. All the money was recovered for me. My goal is never again.A few points to say/ask:
Why don't you just open another account in the same bank? You keep all your assets in account one and have a set amount transferred over to account two every month (or transfer over when you need to). You then get a debit card connected only to account two and use this for your daily transactions. We have online banking and in my bank app I can open and close new accounts myself. I can block my card for overseas transaction and/or online transactions. If I want to buy something online, I unlock the card in the app, make the internet purchase and then can lock the card again.
Card transactions are free here even for tiny amounts. So I would rather carry a card and "blipp" it for a small transaction than carry coins and notes in my pocket.
In the US, personal accounts, not business accounts (but sometimes these as well) are linked by the primary holder’s identification. So, all amounts in all accounts a person has in the same bank are linked. This means that ALL the funds in all the accounts can and WILL be drawn upon by the bank to pay a debit charge, check, or whatever, fraudulent or not. If it is fraudulent, and the account holder formally informs the bank about it, police investigation is done, etc., then the money will be returned.
In the meantime, any legitimate automatic withdrawals such as for a home mortgage, will not be paid. This can create a real hardship until the bank processes the fraud and returns the funds to you. It also may affect your credit score, at least temporarily, until the matter is resolved. Credit scores affect how much one is charged to borrow money.
How long does a return of fraudulently taken money take in Sweden? In the US, in my experience, it can take up to a month or more.
I have several credit cards, used for very specific different purposes. This way, if a card is used for a fraudulent purpose, and the bank automatically cancels the charge, all the other functions with other cards continue with no disruptions. I deliberately keep my online or phone app options very limited as a control mechanism.
As you do, I also use a (credit) card for most daily transactions. But cash is necessary for some transactions, usually away from cities, and always for transactions one wishes to keep private. (And no, I am not going to write what the purpose of those private transactions are, because they are private.)
I actually only use credit unions in the US, not banks. Cheaper, better options, more rigorous safeguards.