vania-janet/multiturn-rag-retrieval-data huggingface dataset:
Contrary to what many people think, credit card companies pass nearly all fraud costs via purchased goods onto the merchant who sells them. As a result, they stand a very high chance of getting the money from a fraudulent purchase of a specific purchased item back, as they just chargeback the merchant who has to stomach the cost. This is not the case for cash transactions obviously, where as soon as the money leaves the ATM fraudulently it is as good as gone. As a result, the risk profile of the two types of transaction is wildly different, and the credit limits of each reflect this.
For those who don't know, credit card checks are blank checks that your credit card company sends you.  When you fill them out and spend them, you are taking a cash advance on your credit card account.  You should be aware that taking a cash advance on your credit card normally has extra fees and finance charges above what you have with regular credit card transactions. That having been said, when you take one of these to your bank and try to deposit them, it is entirely up to bank policy how long they will make you wait to use these funds.  They want to be sure that it is a legitimate check and that it will be honored.  If your teller doesn't know the answer to that question, you'll need to find someone at the bank who does.  If you don't like the answer they give you, you'll need to find another bank. I would think that if the credit card is from Chase, and you are trying to deposit a credit card check into a Chase checking account, they should be able to do that instantly.  However, bank policy doesn't always make sense.
I would recommend pre-paid debit cards. Every quarter a fixed amount of money is loaded onto the card (or a new card is issued). This prevents any large-scale fraud from occurring.
Check with your bank, usually a statement is either at the same day of month (e.g.: every 15th of the month), or every 30 days (e.g: March 15th, April 14th, May 14th, so forth). From my experience, most credit cards use the same day of month strategy. Keep in mind that if the day is not a business day (e.g.: weekend), the statement is closed either the previous or the next business day.
"Money in a U.S. checking account is FDIC insured, so it's ""safe"" in the sense that you don't have to worry about a run on the bank or going out of business. Purchase fraud is something else entirely -- you need to check with your bank and see what their policy is for unauthorized charges made with your debit card. Federal rules apply: report fraud within two days and your liability is limited to $50. The maximum liability rises to $500 after that. But many banks have a $0 fraud policy. Look at their web site and see what the policy is for your bank. source: http://blogs.wsj.com/totalreturn/2015/05/19/fraud-worries-debit-vs-credit-cards/"
I'm aware of how credit cards work, in fact I basically said the same thing in my original comment.  &gt;because you get this nifty smartphone pluggable credit card swiper, you end up paying more than the alternate options. Granted I am in no way knowledgeable of the alternates (as in, mobile credit card machines?), but I assume they aren't as easy to set up.  -Square costs more -Other options aren't easy  I guess my inquiry should be more targeted towards how regular credit card transactions are processed in the mobile space.  Honestly I have no idea, and I assume that's why Square is popular.  I still see some places at the farmers market with the carbon copy slider thing, but then I also see some rocking what seems to be a regular credit card swiping gizmo.  Making 0% on a nonsale vs 90% on a square sale obviously makes sense, but I'm wondering if there's a less convenient, although more profitable sale (regular 97% Visa/MC) that people simply aren't aware of.
A negative balance in your Debit Account means you owe money to the bank - and yes, it probably means you have used more than what you had in your account ( overdraft ).
As revised,  the answer is still that you're asking the wrong question. If your father wants to make money available on your debit card, all he has to do is deposit the money into your checking account. Where he gets that money from -- as an AmEx casH advance, by selling your bicycle for you, or simply out of one of his own bank accounts -- is irrelevant.
The fee to withdraw cash from an ATM using your credit card (as opposed to your debit card) is akin to the merchant fees paid by any business that accepts your credit card as payment. These fees range from around 2.75% of the transaction to upwards of 5%, and are charged to the merchant. The fees are split among the various vendors that provide the infrastructure to conduct the credit card transaction — resulting in the merchant receiving the money and the charge on your credit account. These fees are used by each vendor to cover their costs and, ultimately, generate a profit. (Note: Most vendors in the value chain DO NOT receive any revenue from any interest you may pay on your outstanding balance.) Therefore, when you withdraw cash from an ATM, you are paying the merchant fees instead of whatever merchant you are purchasing goods/services from with the cash withdrawn.
The T&C that comes with the card would usually tell you whether the card allows ATM withdrawal, though my experience with prepaid debit cards is that it usually does not. If that's the case, you have two options -
Essentially speaking, when you purchase goods worth $100 using your card, the store has to pay about $2 for the transaction to the company that operates that stores' credit card terminal.  If you withdraw cash from an ATM, you might be charged a fee for such a transaction. However, the ATM operator doesn't pay the credit processor such a transaction fee - thus, it is classified as a cash transaction.  Additionally, performing cash advances off a CC is a rather good indicator of a bad financial health of the user, which increase the risk of default, and in some institutions is a factor contributing to their internal creditworthiness assessment.
"One advantage of the chip cards is that the card information needed to make purchases can't be easily skimmed or ""stolen"".  Another is that it is more difficult to create a fake physical card.  These advantages still exist regardless of what form of verification is used (or even if no verification is used). The type of fraud you're describing, in which your card is physically lost or stolen, is a relatively small proportion of total fraud (14% according to this site).  One reason this is not as big a problem is that often, if you lose your card or get robbed, you know the card is compromised and you can cancel it.  (Even if it takes you a while to do this, at least you are on the alert.)  The real danger comes when your card info is stolen without your knowledge, and this is harder to do with a chip card. It's also worth noting that there are more ways for a fraudster to get nabbed than being caught red-handed entering the wrong PIN at the point of sale.  The credit card companies are still tracking card usage and watching for unusual purchases that might indicate fraud.  Also, sometimes fraudsters do surprisingly dumb stuff, like use the card to buy something online and mail it to themselves.  So it's not correct to say that there is ""zero risk of getting caught"".  With both stripe and chip cards, you can catch the person by tracking them via their usage of the card. The biggest security risk with the new cards is that many vendors don't actually require use of the chip at all -- they still let you swipe.  However, with changes to credit card liability policies, this is a risk for the vendors, not for you."
There generally isn't much in the way of real identity verification, at least in the US and online.  The protection you get is that with most credit cards you can report your card stolen (within some amount of time) and the fraudulent charges dropped. The merchant is the one that usually ends up paying for it if it gets charged back so it's usually in the merchant's best interest to do verification.  However the cost of doing so (inconvenience to the customer, or if it's an impulse buy, giving them more time to change their mind, etc) is often greater than the occasional fraudulent charge so they usually don't do too much about it unless they're in a business where it's a frequent problem.
Even if you can get a credit card with a $0 limit, that doesn't necessarily mean that the charges won't succeed. Some of my credit cards have gone over limit by a significant amount (e.g. 140% of limit) without any transactions being declined. The limit just means that the bank is allowed to decline the transaction, but they are also allowed to approve it anyway. So basically what you would have is a credit card where any transaction can always be declined or approved.
Credit unions operate for the benefit of their depositors, who are the actual owners of the institution, whereas conventional banks operate for the benefit of their shareholders, who of course are not necessarily depositors. So credit unions will typically give a benefit or service for free if it is free or extremely cheap to them, whereas conventional banks will charge for it if they think it will not lose them depositors.
I operate in a manner similar to you - I use a debit card or credit card (I only have one of each) for nearly all transactions in daily life, I use electronic payments through my bank to pay my regular bills and mortgage, and I receive my paycheck by direct deposit. There have been periods where I haven't written or received paper checks for so long that I have to hunt for where I put my checkbook! Even though I use a debit card for most store purchases, the bank account behind that debit card is actually a checking account according to the bank. Again, the system defaults to paper checks and you have the option of going electronic as well. Before we judge anyone who doesn't use direct deposit or who prefers to be paid in cold hard cash, consider that direct deposit is a luxury of stability. Steady job, home, etc. Direct deposit doesn't make sense for a contractor or day laborer who expect to work for a different person each day or week. I don't think this is all that unique to the US. There are people in every city and country who don't have long-term employment with a single employer and therefore prefer cash or paper check over electronic payments. I'd be willing to bet that this applies to the majority of people on the planet, actually.
Is that really a surprise? Merchant fees are typically around 2-3% (article says 1-4%) of the transaction sometimes with per transaction fees too. However, if you are paying 4% get a new CC processor. I am paying 2.75% for swiped/chip transactions for almost no volume with Square (I don't sell much, have it for convenience just in case).  https://squareup.com/pricing  I would be willing to bet that the ratio of overdrafts compared to not overdrafts is very low. I know I can't use my visa debit card when there is no money in the bank, and really, how many people use checks anymore?
"Credit Cards typically charge interest on money you borrow from them. They work in one of two ways. Most cards will not charge you any interest if you pay the balance in full each month. You typically have around 25 days (the ""grace period"") to pay that off. If that's the case, then you will use your credit card without any cost to yourself. However, if you do not pay it in full by that point, then you will owe 19.9% interest on the balance, typically from the day you charged the payment (so, retroactively). You'll also immediately begin owing interest on anything else you charge - typically, even if you do then pay the next month the entire balance on time. It's typically a ""daily"" rate, which means that the annual rate (APR) is divided into its daily rate (think the APR divided by 365 - though it's a bit different than that, since it's the rate which would be 19.9% annualized when you realize interest is paid on interest). Say in your case it's 0.05% daily - that means, each day, 0.05% is added to your balance due. If you charged $1000 on day one and never made a payment (but never had to - ignore penalties here), you'd owe $1199 at the end of the year, paying $199 interest (19.9*1000). Note that your interest is calculated on the daily balance, not on your actual credit limit - if you only charge $100, you'd owe $19.90 interest, not $199. Also note that this simplifies what they're actually doing. They often use things like ""average daily balance"" calculations and such to work out actual interest charged; they tend to be similar to what I'm describing, but usually favor the bank a bit (or, are simpler to calculate). Finally: some credit cards do not have a grace period. In the US, most do, but not all; in other countries it may be less common. Some simply charge you interest from day one. As far as ""Standard Purchases"", that means buying services or goods.
They charge merchants a transaction fee, typically between 1% and 3%, for processing every credit card transaction. And of course they make money on interest charged to customers even if they pay on time, as long as the customers don't pay off their balance in full every month.
From PayPal's Q&A The PayPal Debit MasterCard is the fastest way to withdraw money from   your PayPal account. As a MasterCard, Amazon is beside the point. You can use it at any store that takes MasterCard Debit cards. And there would be no fees at all. It's your money.
"AIUI this is not terribly abnormal. There are authorisations (sometimes reffered to as ""pending charges"" or ""holds"") and actual charges. An authorisation reserves money but doesn't actually take it. Normally what happens when you pay by card is that the merchant gets an authorisation immediately. Then some time later the authorisation is converted into an actual charge when the merchant takes the money. Sometimes merchants are slow in taking the actual charge, either deliberately (some merchants won't charge your card until they actually supply the goods to reduce the chance of having to process a refund) or because of administrative snarlups somewhere. When this happens the authorisation can time out before the actual charge is taken. So you get the pattern you see, first the authorisation appears then it times out and dissapears and finally the actual charge shows up."
There are quite a few advantages to credit cards in the uk. But don't borrow on them past the grace period. Set up a direct debit to pay amount in full.
"Schwab is a highly diversified operation and has a multitude of revenue streams.  Schwab obviously thinks it can make more off you than you will cost in ATM fees and it's probably safe to assume most Schwab clients use more services than the ATM card. It's not worthwhile to discuss the accounting of ATM/Debit/Credit card fee norms because for a diversified operation it's about the total relationship, not whether each customer engagement is specifically profitable.   People who get Schwab accounts soley for the ATM fee refunds are in the minority.  In 2016 10-k filing Schwab posted $1.8B in net earnings, 10 million client accounts with a total of $2.78T in client assets.  A couple grand in ATM fees over several years is a rounding error.  ""ATM"" doesn't even appear in the 2016 10-K."
This gives you a profit of $500. 2. a customer buy something of worth 1000 but gives me 500 what is debit and credit Your cash (asset) goes up by $500 (Debit), your debtors (asset) goes up by $500, your inventory (asset) goes down by $500 (Credit), your Sales revenue (income) goes up by $500 (credit). This also gives you a profit of $500. 3. if I buy a product from supplier worth 1000 and pay equally what is credit and debit I assume you mean pay cash: Your cash (asset) goes down by $1000 (Credit), your inventory (asset) goes up by $1000 (Debit). There is no profit or loss here - you have swapped one asset (cash) for another (inventory). 4. if I buy a product from supplier worth 1000 and don't pay what is credit and debit Your creditors (liability) goes up by $1000 (Credit), your inventory (asset) goes up by $1000 (Debit). There is no profit or loss here - you have gained an asset (inventory) but incurred a liability (creditors). The reason for confusion is that most people only see Debits and Credits in one place - their bank statement. Your bank statement is a journal of one of the banks liability accounts - its their liability because they owe the money to you (even loan accounts adopt this convention). Credits happen when you give money to the bank, they credit your account (increase a liability) and debit their cash balance (increase an asset). Debits are when they give money to you, they debit your account (decrease a liability) and credit their cash balance (decrease an asset) . If at the end of the period, you have a credit balance then they owe money to you, a debit balance means you owe money to them. If you were keeping a book of accounts then your record of the transactions would be a mirror image of the bank's because you would be looking at it from your point of view."
Imagine the following scenario: You have a credit limit of $1000 and you want to by a tablet from a store. It costs $600. You then walk next door and buy a TV for $600. You would expect that you would go over your limit and the second transaction will be rejected. As long as that hold is in place, you don't have access to those blocked funds. That makes sure that you can't promise to pay more than you have funds on the card. Holds can get in the way if you are close to your credit limit. People run into this problem if they reserve a hotel room, rent a car, or purchase gasoline. The hold is set at a specific level to make sure you have enough funds for the typical transaction. This distance between vendors is not relevant. The bank is blocking funds based on a request from a vendor. They have to block the funds because you might use the multiple times in the same store. It is possible that the card company might release the hold based on the request by the vendor, but they generally don't.  If this is a debit card linked to a bank account, the bank can have access to the overdraft system or a linked savings account. If is is a credit card they can decide to to increase your credit limit, and offer you what is essentially a loan. Plus they can hit you with fees. But if the card is a prepaid debit card or gift card they don't want to allow you to go beyond your limit.  If this is a card that you plan on recharging, you could put extra funds on the card to allow both the old hold and the new hold to co-exist.
Let's say that you have a checking account and a credit card account. Your checking account, named CHECKING, has $2,000 in it currently. Your credit card currently has nothing charged on it, because you've just paid your bill and haven't used it yet this billing period. YNAB reports the balance of your credit card account (we'll call this account CREDITCARD), as $0. Every dollar in CHECKING is assigned to a category. For example, you've got $200 in ""groceries"", $100 in ""fast food"", $300 in ""rent"", $50 in ""phone"", $500 in ""emergency fund"", etc. If you add up the balance of all of your categories, you'll get $2,000. Let's say that you've written a check to the grocery store for $100. When you enter this in YNAB, you tell it the name of the store, the account that you paid with (CHECKING), and the category that the expense belongs to (groceries). The ""groceries"" category balance will go down from $200 to $100, and the CHECKING account balance will go down from $2,000 to $1,900. Now, let's say that you've spent $10 on fast food with your credit card. When you enter this in YNAB, you tell it the name of the restaurant, the account that you paid with (CREDITCARD), and the category that the expense belongs to (fast food). YNAB will lower the ""fast food"" category balance from $100 to $90, and your CREDITCARD account balance will go from $0 to $-10. At this point, if you add up all the category balances, you'll get $1,890. And if you add up your account balances, you'll also get $1,890, because CHECKING has $1,900 and CREDITCARD has $-10. If you get your checking account bank statement at this time, the account balance of $1,900 should match the statement and you'll see the payment to the grocery store, assuming the check has cleared.
Visa and Mastercard are not consumer-oriented companies. They do not consider individual consumers as their direct clients, and do not sell directly to them. Instead, their clients are financial institutions who participate in their networks (which is what they're selling). The institutions target the individual consumers (merchants and credit card holders). American Express, for example, has a different business model. AX doesn't only sell network services to financial institutions, but also services to individual consumers. You can get a AX credit card/merchant account directly with AX, or through their client bank.
Skimmers are most likely at gas station pumps.  If your debit card is compromised you are getting money taken out of your checking account which could cause a cascade of NSF fees.  Never use debit card at pump.    Clark Howard calls debit cards piece of trash fake visa/mc That is because of all the points mentioned above but the most important fact is back in the 60's when congress was protecting its constituents they made sure that the banks were responsible for fraud and maxed your liability at $50.  Debit cards were introduced much later when congress was interested in protecting banks.  So you have no protection on your debit card and if they find you negligent with your card they may not replace the stolen funds.   I got rid of my debit card and only have an ATM card.  So it cannot be used in stores which means you have to know the pin and then you can only get $200 a day.
A hotel can accept the debit card because each night they can withdraw the money. If you don't have sufficient funds they can instantly lock you out of your room. They an also limit your ability to access room service, and other extra expensive options. The rental car can't do that once you have the car. Plus they never know if you will bring the car back with damages, toll charges, and an empty tank of gas.
In my business (estate planning law practice), probably 60-70% of my income is in the form of checks, with the balance as credit/debit cards. I prefer to get paid by check so I don't have to pay the approx 2.5% merchant fee, but I don't push clients to choose one method over the other. I offer direct deposit to my employees but most of them choose to be paid by check. Also, check processing is becoming more and more electronic - when I get paid by check, I scan the checks in a dedicated desktop scanner, and upload the check images to the bank at the end of the day, and the checks are processed very quickly. I also make deposits to my personal credit union account by scanning checks and uploading the images.  So, yes, there's technically a paper check, but I (as the merchant/recipient/depositor) keep the check for a few months to make sure there's no problem with the deposit/payment, then shred them. The bank never sees the actual paper check.