No. of Recommendations: 1

Visa has a written policy that establishes zero liability for fraudulent charges conducted over Visa's network for either credit or debit charges. Charges conducted over ATM networks with your PIN are not covered.

However, you have to report the fraudulent charge within a "reasonable time" after your statement is issued.

What NPR was referring to is that there's a legal restriction that credit card companies must credit back fraudulent charges if they're reported within 60 days of the statement being issued, while with debit cards the legal requirement is that they credit back fraudulent charges reported within 48 hours of your learning of them. However, Visa's policy seems to be more lenient than the law requires.

I would recommend reporting any fraudulent charges immediately, both by phone call and in writing, regardless of the card type. However, given Visa's current policy, it's unlikely that if you're on top of things you'll have a real problem with a Visa debit card.

-- Mark
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