Re:The Fed Is Behind the Capital One/Discover Merger
by PH95VuimJjqBqy on Saturday February 24, 2024 @02:46AM
(#39489919)
> They have with more aggressive reporting requirements (2 days)
between 2 days and 60. read it closer.
this is called backpedaling, as I predicted. we've now gone from "prove debit cards have federal protections!" to "but but but ... they're different!".
they're protected mr fintech family who had no idea.
https://news.ycombinator.com/newsguidelines.html
However, I appreciate the CFPB link. Having worked in fintech I'm familiar with them.
The link does corroborate that debit card protections are weaker than credit card protections. They have with more aggressive reporting requirements (2 days) and higher potential liability ($500, or even as much as the full amount in some circumstances, though unlikely).
This document has a handy table that compares the protections side by side. As you can see, debit card protections are weaker. Scroll down to the table "Federal Protections for Unauthorized Transactions":
https://www.experian.com/blogs/ask-experian/are-credit-cards...