Key takeaways Banks set limits for how much cash you can take out at an ATM, which can range from small amounts such as $500 per transaction to $5,000 per day. Cash withdrawal limits are designed to protect you in the event that someone steals your debit card or your PIN. Some banks will consider increasing your ATM withdrawal limit based on your needs, so call and talk to the customer support team if you know you will need a large amount of cash. = Banks set daily limits on how much cash you can ...

Core Insights - Reports of fraud are increasing, with the Federal Trade Commission noting that the percentage of individuals who reported losing money due to fraud rose from 27% in 2023 to 38% in 2024, resulting in an overall cost of $12.5 billion [1] Group 1: Fraud Trends - Fraud can occur in ordinary situations, as illustrated by a case where a person did not update their address with the bank, leading to unauthorized use of their debit card [2] - Debit cards are a primary target for scammers, with 73% of financial institutions indicating that debit cards were the most common payment method for fraud attempts in 2024 [3] Group 2: Risks of Debit Card Fraud - Debit cards are directly linked to bank accounts, allowing unauthorized charges to quickly deplete cash reserves, and delayed reporting of fraud can result in liability for the victim, potentially up to $50 or the full amount [4] - The theft of physical debit cards is less common, but other methods such as card skimming, data breaches, and unauthorized access on public computers pose significant risks [5] Group 3: Consumer Protections - Debit cards are more appealing to fraudsters compared to credit cards due to fewer consumer protections under federal law, providing immediate access to cash and often higher balances in checking accounts than credit limits [6] - Credit card companies typically monitor for fraud more closely than some banks do for debit card transactions, increasing the vulnerability of debit card users [6]

Group 1 - Affirm is applying for a bank charter in Nevada to establish Affirm Bank, which will be a Nevada-chartered industrial loan company [9] - The establishment of a banking subsidiary is expected to strengthen and diversify Affirm's platform, allowing the company to introduce new financial products and services over time [4][3] - Affirm currently offers services like a debit card and buy now, pay later (BNPL) financing, and collaborates with banks such as Cross River Bank and Celtic Bank for its lending services [5] Group 2 - The move into banking is part of a broader trend among fintech companies, with competitors like Klarna and PayPal also seeking to enter the banking space [6][7] - Klarna has positioned itself as a "global digital bank" and has introduced deposit accounts and its own debit card [6] - The application for a bank charter by Affirm reflects a growing interest among BNPL firms to expand their service offerings beyond traditional lending [3][9]

Core Insights - Financial fraud, particularly involving debit cards and checks, is a growing concern for consumers, with check fraud increasing by 10% in 2024 compared to the previous year [2][5]. Group 1: Debit Card Fraud - Debit cards are more frequently targeted by fraudsters than credit cards, leading to increased vulnerability for consumers [5]. - New scams are emerging, where victims are misled into destroying their debit cards while leaving the chip intact, which scammers then retrieve to access funds [3][4]. - Consumers face limited protections with debit cards; losses can escalate significantly if fraud is reported late, with potential losses reaching the entire stolen amount if reported after 60 days [6][7]. Group 2: Check Fraud - Check fraud is also on the rise, with consumers advised to report fraud within specific timeframes to minimize losses [8]. - Recommendations for preventing check fraud include using permanent markers for writing checks and opting for electronic payments to maintain a record of transactions [15]. Group 3: Fraud Prevention Measures - Consumers are encouraged to take proactive steps to protect against debit card and check fraud, such as monitoring bank accounts regularly and avoiding unsolicited communications that appear to be from banks [10][13]. - Installing security measures like mailbox locks and security cameras can help deter mail theft, which is a common method for obtaining checks and debit cards [11][12]. - Utilizing services like Aura for online scam tracking and fraud alerts can enhance consumer protection against online fraud, which has seen a significant increase in losses [16][17].

This story was originally published on Payments Dive. To receive daily news and insights, subscribe to our free daily Payments Dive newsletter. Dive Brief: The Federal Reserve on Friday issued a report detailing data on debit card transactions, including fees imposed on merchants by bank card issuers and card networks when consumers swipe the cards to pay for a purchase. Interchange fees charged across all debit and prepaid card transactions rose 3.9%, on average per year between 2021 and 2023, climbing ...

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Core Viewpoint - The company reported a strong earnings performance with a record of 20.41 million transactions last quarter, indicating robust consumer engagement despite broader economic concerns [1][3]. Company Performance - The company achieved a quarterly gross merchandise volume (GMV) of just under $11 billion, reflecting a growth rate of 42% [3]. - The company added 500,000 users to its debit card, bringing the total number of active consumers to over 24 million [1][15]. - The company remains profitable, with a target revenue-less transaction cost margin of 3% to 4%, achieving 4.2% in the latest quarter [8]. Consumer Behavior - There are no signs of degradation in consumer spending among the company's users, with significant growth in categories like ticketing and travel [3][11]. - The company is closely monitoring employment data, as it considers U.S. employment to be a critical metric for its operations [9][10]. Credit Underwriting Practices - The company underwrites each transaction individually, allowing for daily adjustments to credit standards based on current data [6][11]. - The average life of each transaction is approximately four and a half months, enabling the company to respond quickly to changes in consumer behavior [6][11]. - The company does not charge late fees or compounding interest, focusing instead on effective underwriting practices [7][8]. Future Outlook - The company is committed to expanding its merchant base and continues to promote the buy now, pay later model as a favorable purchasing option [14][15]. - The company is actively engaged in research and development in machine learning and AI, although it adheres strictly to legal regulations regarding credit underwriting [16][17].

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RT s4mmy (@S4mmyEth)If you want to book everything with stablecoins there are several Neo bank options available1) Setup an account using your Google/Apple Account/Email2) Deposit the stables (or crypto) into your Neo bank wallet3) Purchase a debit card from the bank; @useTria "Virtual Card" offer a low cost entry at $20, but if you want 6% crypto cashback rewards then I'd go with their Premium cardIt's accepted anywhere VISA/Mastercard/Google & Apple Pay operateI've just cancelled my AMEX because the benef ...

RT s4mmy (@S4mmyEth)If you want to book everything with stablecoins there are several Neo bank options available1) Setup an account using your Google/Apple Account/Email2) Deposit the stables (or crypto) into your Neo bank wallet3) Purchase a debit card from the bank; @useTria "Virtual Card" offer a low cost entry at $20, but if you want 6% crypto cashback rewards then I'd go with their Premium cardIt's accepted anywhere VISA/Mastercard/Google & Apple Pay operateI've just cancelled my AMEX because the benef ...