The insurance is available only for Credit card by default and not with Debit cards and generally banks don't offer that with debit cards.
-----Original Message----- From: [email protected] [mailto:[email protected]] On Behalf Of Geetha Shamanna Sent: Wednesday, December 22, 2010 5:42 PM To: [email protected] Subject: Re: [AI] Debit cards Hi Subramani and all, Credit and debit cards normally come with inherent insurance coverage. My credit card details were stolen during an online transaction and were subsequently misused about two years ago. About 400 Euros or 20000 Rupees was spent from my card. I blocked the card two days after this occurred. Citibank conducted an investigation and found that the card was fraudulently used. I did not have to pay the 20000 Rupees to Citibank because the card insurance covered it. Before you take an extra piece of insurance over your existing card, please check with your respective banks as to whether the facility is already available for your card. Geetha ----- Original Message ----- From: "Kotian, H P" <[email protected]> To: <[email protected]> Sent: Wednesday, December 22, 2010 12:01 PM Subject: [AI] (no subject) Card protection planHai Harish: Hello I am copying the mail below on behalf our member. Harish Kotian. -----Original Message----- From: Subramani L Sent: Tuesday, December 21, 2010 4:20 PM To: '[email protected]' Subject: Card Protection Plan Hai folks: Thought this info would interest many of you. One of the problems most debit card users face is what would happen if the card is stolen? If the card happens to be the 'Visa' variety, then there is always cause for concern. Because unlike the Master card, Visa card can be used by anyone to purchase things without needing to present the identity verification and so on (Master debit cards require pin number for purchases). Of course there is regulation from the banks to check identities before accepting payments through visa cards, but shopkeepers and sales reps cannot worry more when someone swipes the card and pays for the purchase. In October, I lost my Corporation Bank (Visa) debit card and didn't realise I had lost it for nearly two days. By that time fraudulent transactions had taken place and I lost nearly Rs. 8,000. Obviously, the card is our responsibility and the bank is in no way obligated to return the money to me. Though this happens to everyone, blind and sighted, people tend to view such things as a consequence of being blind and being a terrible loser (this is by far the biggest amount I had lost to fraud in my 15 years of working life... Touch wood). No amount of running around to police stations and numerous visits to the bank has yielded anything, except increasing my frustration and disappointment over the way our system (especially law enforcement) works. Nearly two months later, I get this news and thought how come I didn't find this out two months before? For the past four months, I have been a customer of Kotak Mahendra Bank (KMB), whose service I should say has been exceptional. They have assigned me a relationship manager who activated my debit card and internet banking without raising a finger. She calls me up regularly to find out if I would like to sign for online payments through Visa Bill Pay facility and I had been thinking this was good. But now I got the news that KMB is offering what is called a Card Protection Plan (CPP), a kind of insurance against your debit card. The beauty is, this applies for any debit card of any bank. For paying just Rs 1,295, you are given upto Rs 1 lakh in the event of you losing your debit card and are unable to prevent fraudulent transactions. You can use the service to immediately block the card and ensure no further transactions take place. In case there are further thefts after you had blocked the card, you are entitled for Rs 20 lakhs, since the onus of protecting the account is with the bank once you block the card. The annual service is automatically renewed each year unless you respond to one of the SMS messages alerting you about the renewal and decide to terminate it. I am not sure if this is offered to those who don't have KMB bank account. If not, I feel you all have to take a Kotak account and see if you can avail this service to protect yourself from loss of card and with it considerable sum of your earnings. This is particularly good for visually challenged persons since we are under no power to save our belongings if someone intentionally wants to steal. Pl enquire about this at Kotak Mahendra Bank and verify if the service is available to one and all and if so, avail it. Also, pass this on to other VI friends and let them be benefited by it. 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