Here's What to Do When You're a Victim of Debit Card Fraud - 216

Your Money, Your Wealth

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2.3 • 681 Ratings

🗓️ 9 April 2019

⏱️ 41 minutes

🔗️ Recording | iTunes | RSS

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Summary

Ashley Patrick (former police detective and creator of BudgetsMadeEasy.com) on how debit card fraud happens, what to do when your ATM card is compromised, and ways to avoid it happening in the future. Plus, Joe & Big Al answer your money questions: how do you determine a good pre-tax to Roth savings ratio? Are trading apps and online trading services a good idea? Can you "retire," take money from your retirement plan, then return to work for the same company? And the age-old pension question: should you take the lump sum or the monthly annuity payment? Transcript & show notes: http://bit.ly/YMYW-216

Transcript

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0:00.0	Today on Your Money, Your Wealth, Joe Anderson, CFP and Big Al Clopline CPA, talk about this strategy
0:05.6	to determine how much to save to your pre-tax accounts versus your rock, whether or not to use
0:10.8	trading apps and online trading services, whether to take the lump sum or the monthly
0:15.2	annuity payment from your pension and much more. But for the moment, I've asked the fellas
0:19.9	to give me a little time to tell a story.
0:22.2	I'm producer Andy Last, and Friday the 29th of March was payday. The following Monday, the rent was due,
0:28.0	and on the weekend in between, I got robbed. On Sunday, I went to Grant Sabatier's San Diego
0:33.8	meetup for his book Financial Freedom, and then I tried to get money from my ATM,
0:42.8	and it said my withdrawal limit was reached. And I hadn't used my debit card in six weeks.
0:47.6	And I found out that money had been withdrawn from a local ATM the day before on Saturday,
0:56.1	two hours after my bank closed for the weekend. And then another bunch of money was taken out the next day, Sunday, while I was at the meetup. And so I was able to freeze the bank card through the bank's website, but I couldn't
1:00.8	use my debit card or even report the theft until the bank opened 9 a.m. on Monday. So debit card
1:07.4	fraud. It is something that happens regardless of where you bank, regardless of how much
1:11.9	money you have in your account, and I knew nothing about it, so I decided it was time to contact
1:16.8	somebody who could tell us a little bit about it. So our guest is Ashley Patrick. She's the founder
1:21.3	of BudgetsmadeEasy.com, helping families eliminate debt using simple strategies so they can stress less and live the
1:28.7	life they want. But before she started, Budgets Made Easy.com, Ashley was a police detective for 10
1:34.1	years in North Carolina and helped victims of financial crimes, like this one, sexual assault
1:39.6	and domestic violence. Ashley, welcome to the show. Hi, thanks for having me. Absolutely. Thank you for joining
1:45.7	us. And now, according to FICO, the rate of debit card fraud has almost doubled every year over the last
1:51.4	three years. And since that makes budgeting hard, hopefully you can explain to us how ATM fraud
1:56.9	happens, what to do when it does, and how to avoid it happening in the future.
	...

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