Little Known Facts About Your Debit Card
Today, most people use debit cards for all types of purchases and reasons. Debit cards are an encompassing cash, credit and ATM card all in one, making it easy and convenient in today’s fast-paced world. But not all debit cards are created equally; they can vary depending on issuer, brand and your banking history. Here are some quick facts you may not know about your debit card.
Did you know that most debit cards offer you fraud and theft protection? Debit cards can provide you zero-liability protection against theft; however you may need to use a debit card with a signature, rather than a PIN. Signature purchases tend to take a little longer to show up on your account’s balance, so keep this in mind if you choose this option.
Another useful unknown is that a debit card can help you find lost receipts. By contacting your bank, you can request a “research and email” of any past purchases you need confirmation of. Of course, there may be some stipulations depending on your institution, such as a small fee or delivering the receipt by mail. Contact your bank to find out more.
Lastly, your debit card could provide you with a daily spending limit, a pretty common practice with most banks that most are unaware of. Depending on you, your balance and your usual spending activity, your institute may cap your debit spending. Once you hit that “magic number”, no matter how much is in your account, it may cut you off. If you know you’re going to make a large purchase on your debit card, you may want to contact your bank ahead of time to prevent this. They won’t ever deny you, as they want you to use the card so it’ll rarely be an issue.