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Originally Posted by dimpleguy  Thread: There should be a rule prohibiting banks from issuing cards that customers do not nee what is the fees? I ever asked for a replacement for my damaged DBS saving card, they asked me for $5 to have the card replaced... If it is free, better take it. |
The danger is however in the absence in the need for a pin number (unlike ATM cards/ via the local NETS system) to access one's funds through the debit card at the checkout counter (signature only is enough)- via the Visa/ Master/ Amex funds transfer systems.
Unlike credit cards which have a defined 'credit limit' that limits purchases, the 'purchase limit' of a debit card is whatever balance that exist in the depositors saving's account at the time of the transaction- a person with S$15M in his savings/ current account could theoretically sign a transaction to purchase a small airplane or a luxurious yacht using his debit card I believe- no security pin number required- all paid up instantly through the Visa/ MC/ Amex funds transfer system.
Perhaps the small print said that the customer would be liable for all transactions made with the said card until and unless the card is reported lost/ misplaced- and some replacement fee might then apply.
DBS is endangering the security of its depositors by dishing debit cards so flippant and frivolously if my interpretation oi this instance is correct.
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10Apr2012: There should be a rule prohibiting banks from issuing cards that customers do not nee
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