Frank Abagnale Jr: No Debit Card
on Tuesday, February 18, 2020Frank Abagnale Jr Money Quote saying debit cards are riskier than credit cards because someone could access your cash, not the bank’s money. Frank Abagnale Jr said:
“Never, ever use a debit card….. a debit card is certainly and truly the worst financial tool ever given to the American consumer. Why? It’s simple: Every time you use one, you put your money and your bank account at risk” — Frank Abagnale Jr.
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In this quote, Frank Abagnale Jr. seems to be strongly advising against using debit cards due to security risks. By stating that a debit card is “certainly and truly the worst financial tool ever given to the American consumer”, and that each use puts “your money and your bank account at risk”, Abagnale implies debit cards expose users to potential fraud and losses.
The quote conveys Abagnale’s perspective that debit transactions directly access and deduct funds from one’s checking account, unlike credit cards where the user is not liable for fraudulent charges, making debit a riskier option.
Overall, Abagnale appears to be arguing from experience that debit cards provide little recourse if compromised compared to credit, and that consumers’ bank balances are more vulnerable as a result when using debit for payments rather than relying on credit lines alone that do not immediately debit available cash.