Originally Posted by
Mountain Trader
And having, say, $1,000 in the cash management account means I am only exposed for $1,000 in purchases. Glad we agree, and that's why I asked FIDO to eliminate purchases. Which they couldn't do.
Exactly. And once your account is drained, you're going to have trouble getting cash for a few days ... or longer. Because the balance is zero. Though I suppose if you have an investment account you could sell something and wait for funds to clear.
Originally Posted by
Mountain Trader
Counting on pickpockets and other theives to be too stupid or lazy to use cards is a strategy I had not considered. Glad it worked for you.
And of course there is the other situation (common in the Americas, if not Europe), where you are kidnapped and taken to an ATM with a gun pointed at your head (or simply mugged at the ATM itself). And again, a $500 daily limit means your temporary loss is limited (and maybe there will still be money left when you receive your replacement card).