Page 45 - Book6E
P. 45
DEBIT CARD
1 When you use your debit card, the money is taken directly out of your checking account. You don’t have to worry about holding on to it until you get your statement. ......................................
2 There is no interest because there is no balance to carry over.
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3 If a person or merchant uses your debit card to make a purchase they are not entitled to make, you must notify the bank within 2 days. If you wait more than 2 days, your liability becomes $500 instead of $50. Some banks are generous and allow you a longer period of time, but make sure you check with your bank to see what the time period is for you.
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5 Purchases you make with a debit card are usually not insured.
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6 If you avoid having a lot of overdrawn charges on your account, you will improve your relationship with your bank, which can help you when you apply for a loan. However, debit card use will not affect your credit report.
Debit cards are better for everyday purchases as they help you avoid accumulating debt.
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Plastic Money Title Here 37
