Credit or debit -- what's the difference between the two?

Updated: 02/10/2014 7:34 AM
Created: 02/10/2014 7:29 AM WHEC.com

There have been several recent security breaches at Target, Neiman Marcus and Michael’s stores. If a thief goes on a shopping spree with your card, could you be responsible for the charges?
By law, the maximum liability for fraudulent charges on credit cards is $50 but with debit cards, the longer you wait to tell your bank the more it could cost you.

If you report it right away and there are no charges, it costs you nothing and if you tell the bank within two days, you are liable up to $50. But if 60 days go by and you don't report it to your bank, you're liable for all the money that has been taken from your accounts.

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