Debit Card Terms for Safety

Answered by:

Question:

We issue Visa debit cards. We monitor for suspicious activity such as excess cash withdrawals, excessive denials for cash withdrawals and rejection of PINs. Should our disclosures and applications state "the account can be closed at our discretion"?

Answer:

Answer by John Burnett:
It's always a good idea to include this sort of provision in deposit account contracts. I also recommend including it in any contract covering your issuance of a debit card or ATM card.

Answer:

Answer by Andy Zavoina:
Additionally you should say that the card is the property of the bank and may be taken back at any time.

First published on BankersOnline.com 06/7/04