Page 50 - Book6E

There are plenty of ways to get ahead.
The first is so basic I’m almost embarrassed to say it: spend less than you earn.
— Paul Clitheroe
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9. Never give your PIN to anyone. Keep it private.
10. Always know how much money you have in your account, and review bank statements carefully. Don’t forget that your debit card may allow you to access money that you have set aside to cover a check that has not yet cleared your bank.
11. Keep your receipts in one place for easy retrieval and better oversight of your account.
12. Never give your debit card number over the phone unless you initiated the call and are certain that the recipient is legitimate.
Remember, Keep Track of What’s in Your Account
When using a debit card, it can’t be over- emphasized how important it is to always know how much money you have in your account. Here’s why: According to research conducted by the Center for Responsible Lending (www.responsiblelending.org), debit card purchases at point-of-sale (POS)
machines are the leading cause of overdrawn accounts, exceeding over- drafts by paper checks, ATM withdrawals, and online bill payments. In addition, debit card overdraft loans are proportionally more expensive because they carry the same high flat-rate fee for what is generally a smaller value transaction.
The Center for Responsible Lending (CRL) says banks have the tech- nology to warn customers or merchants at the time of a debit card POS purchase or ATM withdrawal that the customer’s account has insufficient funds—but most do not. They can also decline the trans- action and save the customer the overdraft fee—but most do not. Yet in a survey of consumers, CRL found that most people would prefer that the bank deny their withdrawal or purchase when they don’t have
Using Debit, Check and ATM Cards