Dedit card!! help!!!?

Question

i'm getting a debit card for christmas!! What do i need to know about them!!!! help!! please!!!

Answer 1

Even tho it's a little plastic card, it represents real money coming out of your bank account. It is very possible to overdraft your account with that debit card. You need to post every debit card transaction in your check register and keep an ongoing balance. Just because the ATM machine says you have X in your account, doesn't mean you can spend that amount. Outstanding checks and debit transactions may not be included.

Do not loan the debit card or give out your PIN to anyone!! Keep your card secure. Don't leave it laying around. It's amazing how often "friends or family" take a debit card and wipe out the account.

Answer 2

If you mean a regular debit card attached to your savings account, then you need to know they're dangerous. IF you're responsible enough to use any manner of credit, a credit card is far superior to a debit card. Why?

You can get a no fee credit card. Pay the bill in full at the end of the month--no interest is charged. You have a company that will help back you on defective goods and services or bogus charges. If lost/stolen you have a $50 max liability. Sometimes you get cash back. Sometimes you get warranties or extensions on warranties of items you purchase. ALL positives. When people are foolish and take cash advances or don't pay their bills, THEN a problem, but nothing inherent in the credit card.

Debit card: no $50 max liability. Comes immediately out of your account and they really don't help you fight unfair charges or defective goods and services. No cash back to you. No added warranties that I've ever heard about.

Furthermore, and this is where people get in BIG trouble with a debit card, this is how they actually work. They place a block or a hold on your account for the amount they ASSUME will be charged when the price is not set in advance and that can last for THREE DAYS before it is cleared. Why this matters. When you go to the gas station and use a debit card, you may put $30 worth of gas in, but they may have put a block/hold of $90 on--$60 MORE than you have spent. Now let's say you're on a road trip and stop at a motel/hotel. They can put a block far in excess of your room rate on there--you could order room service, damage things, etc. They are allowed to do this. So now, MORE than you are spending is held up again. ALSO if you hold with a debit card, then pay with a credit card or something, they can keep that block on there longer and the bank treats your account as though you had SPENT that money. Result? OVERDRAFT FEES TO YOU. You actually never overspent by a penny, but because of how blocks/holds work, the bank acts as though you did.

Answer 3

It may be used as an ATM card, whereby you can draw cash from an ATM machine. You would need a secret PIN number to enter into the keyboard to do this.
It may be only a Debit card for making purchases. That is used just like a credit card, except the funds are drawn from your account immediately, as ATM cash is. You would also use a PIN number, unless you choose "Credit" on a keyboard at the store. Funds are still drawn from the account immediately, but you have to sign the sales ticket.
With a PIN number you will not have to sign a sales ticket. You also can draw extra cash at the time of purchase, above the purchase price.

Answer 4

All you need to know is your pin number..they take the money out of your checking account.

Answer 5

The main thing is that you can only charge up to the amount you actually have in the bank, so.........fear not my child.