From the course: Financing Your Business

Unlock this course with a free trial

Join today to access over 22,600 courses taught by industry experts.

Debit cards

Debit cards

From the course: Financing Your Business

Start my 1-month free trial Buy for my team

Debit cards

“

- I've mentioned a couple of times, the piece of plastic that can be risky for your business, it's a business debit card. Business debit cards are the only type of cards that do not carry protection under federal law if lost or stolen. Let me repeat that. A business debit card is the only type of card that does not offer fraud protection under federal law. Now, if your card is co-branded one of the major card brands, they have zero liability policies, but remember, if a crook uses your business debit card, the money is out of your account. You have to try to get your bank to put it back in your account. In the meantime, you may have bills to pay. I was in a workshop where a business owner shared with me that his business debit card was compromised. He told me he was standing in the lobby of the bank with the app opened on his phone, watching the money drain out of his account. He described it as a surreal experience.…

Contents