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My bank in Australia (SuncorpMetway) just issued me a new payWave Debit card (VISA) to replace my old/expiring savings account card. My old card required a PIN for any withdrawal or purchase. I considered that pretty secure. The savings account contains thousands of dollars of my money.

Now it is a payWave Debit card, no PIN required up to $100 per transaction. I use the card twice a week, on the same day. If I drop this card on the ground it is worth $1000 per daily limit to the person who picks it up. If I don't notice the card missing until I use it next, 7 days later, who covers the $7000 loss?

How is my money MORE secure than the previous transaction method?

sharptooth
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steve
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1 Answers1

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On payWave transactions, the $100 limit applies per transaction, and your daily withdrawal limit doesn't usually apply - it's only for SAV/CHQ transactions and ATM withdrawals, and payWave transactions are counted as Credit transactions. So really, anything in your account is up for grabs.

There are a couple of options as I see it. You should see if there's a option to get an old-style Maestro/Cirrus card, with no Visa/MasterCard scheme link. You might need to push for it, but you can probably do it.

Failing that, you could see if you can open a linked savings account with no card access, and put most of your money in there, and transfer what you need into your transaction account.

Something that may also be of interest: Visa's Zero Liability policy

jimsug
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