When you are using a debit card, the bank takes money from your bank account. Debit cards allow you to spend only what is in your bank account. Debit cards can have monthly or per transaction, you should check the conditions of having a debit card.
A debit card is a card that works like a credit card at supermarkets, gas stations, restaurants, or in pharmacies. When used as a credit card, you must sign a receipt just like a regular credit card. When used as a debit card, you must enter a PIN. Visa has created a line of cards with the Visa logo that can be used everywhere Visa are accepted. Most, but not all transactions are verified to see if there are sufficient funds. Instead of using a PIN number, you must sign a receipt, as you would with a credit card.
Credit is the available money put by a bank or other financial institution as a loan. The amount of the issuer allows you to use is determined by your credit history, income, debts, and the ability to pay. You can use the loan with the understanding that you pay the amount, plus interest. Receive a monthly statement detailing the charges and payments. Credit cards are protected by the Fair Credit Reporting Act (United States), but debit cards are not. The Visa ™ Debit Card is linked to your checking account. Visa Check Cards ™ have a zero liability policy that protects consumers, but not all banks have this protection (depending on your country).
If your debit card is lost or stolen, report it to your bank immediately. If you live in the United States government regulations require the owner of the debit card has a maximum liability of $ 50 if this is reported lost or stolen within two business days. Your responsibility will increase to $ 500 if reported lost or stolen within 60 days. If you do not notify the bank robbery after 60 days you could lose your bank account, money orders and checks.
Here are six tips to protect your credit and debit cards:
1. If your card is lost or stolen, immediately notify the bank.
2. If you suspect your card is being fraudulently used, report it immediately to your bank.
3. Always check how much money you have available in your account. Please note that your debit card may allow you access to the money reserved to cover the balances of a bank check that has not yet authorized.
4. Save your receipts from your credit card transactions and debits. A thief can use a receipt for your name and card number to order products by mail or telephone. They do not need your card to buy with it.
5. If you have a PIN number, memorize it. Do not keep with your card or your wallet. Also, do not choose easy to guess PIN numbers such as phone numbers and birthdays.
6. Keep all your receipts in one place so they are not easily seen by others and can also verify your statement.
Be careful when using a debit card because of some banks process transactions even though they do not have funds in your account, which will turn your debit card transaction as a credit. This is because laws are not required to process this type of transaction. A consumer may be charged $ 30 for each transaction and this happens when your account is without funds or overdrawn. So think twice before using a debit card when you do not know how much money you have in your account.
{ 0 comments... read them below or add one }
Post a Comment