Think Twice Before Using That Debit Card

Visa says it definitely does have a "zero liability" policy -- but only if your debit transaction goes over its Interlink network. That's a key distinction, but one that a consumer is simply not able to make when entering a PIN at the merchant.

Visa says about 40% of all debit transactions are done over its Interlink network, while the balance travel over various other banking networks.

Its zero liability policy is not in effect if your transaction goes over those other networks!

That's a huge distinction from using a credit card, where the card issuer is automatically initially on your side in dealing with a merchant in a disputed transaction.

"Consumers should always sign for their purchases to be guaranteed of zero liability," a VISA spokeswoman says.

My New Approach to Debit

When you use your debit card, you're always presented with a choice of using your PIN or asking for a credit receipt. By signing, you turn your debit purchase into a transaction that must go over the VISA network. That's what I've been doing since I learned these distinctions, and I think you should, too.

And that's The Savage Truth!