I use Interactive Brokers, but I don’t use their debit card because I expect their fraud protections are not as good as a credit card, and I don’t want to expose ~all my net worth to an easy fraud vector.
I use a checking account and keep enough money for ~2 months of expenses, and keep the rest in my IB account. I don’t have a savings account.
I agree it’s important to keep the weaker fraud protection on debit cards in mind. However, for the use I mentioned above, you can just lock the debit card and only unlock it when you have a cash flow problem. (Btw, if you don’t use your IB debit card, you should lock it even if you aren’t using it.) Debit card liability is capped at $50 and $500 if you report fraudulent transactions within 2 days and 60 days, respectively.
That said, I have most of my net worth elsewhere, so I’m less worried about tail risks than you would reasonably be if you’re mostly invested through IB.
I use Interactive Brokers, but I don’t use their debit card because I expect their fraud protections are not as good as a credit card, and I don’t want to expose ~all my net worth to an easy fraud vector.
I use a checking account and keep enough money for ~2 months of expenses, and keep the rest in my IB account. I don’t have a savings account.
I agree it’s important to keep the weaker fraud protection on debit cards in mind. However, for the use I mentioned above, you can just lock the debit card and only unlock it when you have a cash flow problem. (Btw, if you don’t use your IB debit card, you should lock it even if you aren’t using it.) Debit card liability is capped at $50 and $500 if you report fraudulent transactions within 2 days and 60 days, respectively.
That said, I have most of my net worth elsewhere, so I’m less worried about tail risks than you would reasonably be if you’re mostly invested through IB.
That’s good, I didn’t know that!