By Adam Dachis How to Avoid Getting Screwed When Using Your Debit Card
In general, credit cards are safest. If you have a credit card or charge card (read an explanation of the difference here), you're better off using that for the majority—if not all—of your purchases. Credit and charge cards tend to come with better rewards and you don't have to worry about fees for exceeding your limit. They better protect your money because you aren't technically paying with your money until you've seen the charge, whereas your money is instantly removed when using a debit card. All of that said, there are many reasons why you might need or want to use a debit card. If you don't need to use your debit card, don't. If you have a good reason for using it, read on. We're going to talk a look at the rights you have and the risks you take as a debit card owner, as well as what you can do to stay safe and avoid fees from your bank and general fraud. Know Your Changing Debit Card RightsThe Few Varying Rights You Have
Overdraft Fees: When They're Allowed and How to Prevent Them
How to Lower Your Chances of Debit Card FraudAvoiding Fraud
In the event your card is lost or stolen, you need to be prepared to handle the situation as quickly as possible (we'll discuss why shortly). Be prepared to call your bank and the credit processor (VISA, Mastercard, AMEX, Discover, etc.). It's best if you compile the necessary information, such as numbers you'll need to call and information you'll need to provide. Once you do, print it out and keep it somewhere handy or save it in an application like Evernote or Simplenote so you have it easily available on your smartphone or computer. If you're still using a regular cellphone, most have a notes feature where you can store small amounts of text, so it may help to keep the information there as well. If not, you can always store important numbers in your phone's address book, assigning the business name as the first name and something like CARDFRAUD for the surname. This will keep the numbers together and easily accessible in case of a problem. Generally the numbers you'll need will be on the back of your card, but to help you out here are guides for VISA, MasterCard, and American Express. Fraud Protection Dissolves with Time
Even if you are well-protected by your bank, they'll only help you out for so long. Good protection may be contingent on your reporting possible fraud within 48 hours, and your bank is not required to help you at all 60 days after receiving your monthly statement. Again, be sure to call and find out your bank's specific policies, but the important takeaway is this: check the charges on your account regularly and call your bank if something is unfamiliar. It may not be fraud and it may just be a charge you'd forgotten about, but you're protecting yourself simply by calling to ask about it. Often times your bank can help you get more information on the charge and figure out what it is. You're better safe than sorry in this situation, since all you're doing is spending a few extra minutes on the phone. If waiting on hold sounds horribly tedious, consider using a tool like LucyPhone to avoid waiting on hold altogether. Even if it isn't necessarily fraud, it's always worth double-checking your statement because sometimes you can get overcharged by small amounts. Sometimes tips on restaurant bills get misread (or intentionally increased), companies accidentally process certain transactions twice, or the cashier forgot to close out the previous transaction and it got added to your bill by accident. You should get into the habit of checking your statements regularly to help avoid these more common issues as well. All this information points to one thing: increased awareness. Pretty much every debit card problem you could encounter can be prevented by simply staying aware of how you're using your card, the restrictions imposed on your card, and what fun new things your bank is dreaming up. Stay informed and aware and you'll be able to avoid getting screwed. Sources
| January 17th, 2011 Top Stories |
Monday, January 17, 2011
How to Avoid Getting Screwed When Using Your Debit Card
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