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Debit Cards
Money in the Bank
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#22 Stay in Check
Always know your current bank account balance and available funds. And don't forget about checks that haven't cleared your account.
If you're comfortable accessing the Internet, consider opening an online banking account that allows you to manage debit card purchases,
checks and bill paying all at once. You'll have a one-stop shop for managing all the ins and outs on your account.
When using a debit card don't forget to:
Always take sales receipts or copies.
Record your transactions in your check register as soon as possible or check transactions online.
Remember to account for any bank fees that may apply.
Review statements carefully. If you suspect a mistake, call your financial institution immediately. And always follow up with a
confirmation letter.
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#23 Know Your Limits
Many debit cards have daily spending and cash withdrawal limits. These limits are meant to protect you in case your card is stolen. But
remember, your card might be declined if you exceed your limits even if you have enough money in the bank. Know your limits and contact your
lender if you need to raise or lower amounts.
Also remember to track your spending. When you make a purchase, withdraw money from your account or pay bills that exceed your account balance,
you may be subject to "overdraft fees." Some financial institutions offer overdraft protection, and they'll cover your check or debit
transaction so it doesn't bounce. But this protection often comes with a price tag, too. You may be charged a fee for each purchase that uses overdraft,
as well as an additional fee for being overdrawn. Balance your account regularly to avoid added fees.
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#24 Stop Surcharges
Many banks charge a fee if you use another institution's ATM with your debit card, and they usually charge non-account holders to use their
ATMs. Instead of paying extra, choose a bank with ATMs convenient to where you live and work or use your debit card to get cash back when
making purchases.
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#25 Be Secure
For maximum security, remember to take advantage of free alerts for your debit card. Most financial institutions offer the same free, automatic
updates by phone or email for debit cards as they do for credit cards.
Receive customized alerts when:
ATM withdrawals or any debit card activity exceeds your set dollar limits
Your online ID or passwords change
Large transactions are made
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#26 Keep a Secret
Your debit card will require a Personal Identification Number (PIN) for security. Choose a unique number. Avoid obvious choices like your
address, phone number or birth date.
Always keep your PIN private. Memorize it. Don't write it down anywhere. And never tell it to anyone. If you feel your PIN has been
compromised or someone may have identified it, change your number immediately by contacting your financial institution.
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#27 Hit the Road, Plan Ahead
Like credit cards, debit cards are accepted at millions of locations worldwide. Remember for your protection, usage across state and international
lines can cause a fraud or security alert with your financial institution if it's different than normal spending patterns. If possible, let your
bank know your travel plans in advance.
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#28 Know When They Hold Them
Some transactions — like hotel stays — won't be immediately cleared. Banks place a "hold" on the transaction when the
final amount isn't known.
So, when you go to a hotel and your card is authorized before any long-distance phone calls or room service charges are applied, funds are
earmarked to cover potential additional costs. This protects you and the hotel owner. Most transactions have a less-than-24-hour hold, and all holds
are removed within 72 hours.
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