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Do You Have a Debit Card? Two Ways Debit Cards Work Be Aware

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Do You Have a Debit Card? Two Ways Debit Cards Work Be Aware • Using a debit card means you may no longer ebit cards are also known as check Do You Have a Debit Card? Two Ways Debit Cards Work What You Should Know cards. Debit cards look like credit cards have to stock up on traveler’s checks or cash when you travel. Before You Use a Debit Card Dor ATM (automated teller machine) You may not realize that you have a debit card. With a PIN: You provide your personal cards, but operate like cash or a personal check. Many banks are replacing their standard ATM identification number, or PIN, at the time • Debit cards may be more readily accepted by 1. Know if it is a credit card or a debit card. merchants than checks, even when you travel. Debit cards are different from credit cards. While cards with upgraded ATM of sale. Also, decide whether you want a PIN-only a credit card is a way to “pay later,” a debit card cards that have a debit Without a PIN, or PIN-less: You sign a • The debit card is a quick, “pay now” product, debit card or one that can be used with either is a way to “pay now.” When you use a debit feature. You may also receipt for the purchase, as you would giving you no grace period. a PIN or a signature. Ask the card issuer about card, your money is quickly deducted from your receive in the mail with a credit card. • As with credit cards, you may dispute your options. what looks like a checking or savings account. Some debit cards are designed to work only unauthorized charges or other mistakes within 2. Know if there are fees applied to using the credit card when 60 days. You should contact the card issuer if Debit cards are accepted at many locations, with a PIN, others can be used with either a PIN card. Some financial institutions charge a in fact it is a debit a problem cannot be resolved with the monthly fee or a per-transaction fee, others including grocery stores, retails stores, gasoline or a signature. PIN-only debit cards offer greater card. merchant. However, using a debit card may do not. These fees are set by the card issuer stations, and restaurants. You can use your card security because it’s more difficult for unauthorized people to use them. Cards that can mean you have less protection than with credit and must be disclosed to consumers. anywhere merchants display your card’s brand card purchase for items which are never What Is the Difference work both in the PIN and PIN-less methods offer 3. Know about your liability for the name or logo, even on the Internet. They offer Between a Debit Card and a more flexibility, especially when dealing with delivered, are defective, or were unauthorized use, theft, or loss of your debit an alternative to carrying a checkbook or cash. misrepresented. Credit Card? merchants who do not have the card. Ask if the issuer has any special liability equipment needed to process PIN • Returning goods or canceling services policies and how they work. purchased with a debit card is treated as if Use Your Debit Card for ... It’s the difference between “debit” and “credit.” transactions. 4. Know how problems with nondelivery, the purchases were made with cash or a Debit means “subtract.” When you use a debit In either case, the funds defective merchandise or misrepresentation check. card, you are sub- are automatically will be handled. This is especially important tracting your money deducted from your when you use a debit card to purchase goods from your own bank account within a Be Aware or services for future delivery, rather than on account. Debit cards short time. a “cash and carry” basis. Ask the issuer about allow you to spend If your debit card works with either a PIN or a its policies for these types of disputes. only what is in your bank signature and the store accepts both, you choose account. It is a quick transaction between the What You Should Know which way to use it at the point of sale. merchant and your personal bank account. About Debit Cards Shopping If you choose “debit” on the Credit is money made available to you by the • Obtaining a debit card is often easier than merchant’s terminal and bank or other financial institution, like a loan. obtaining a credit card. “swipe” your card through, The amount the issuer allows you to use is you will be asked for your determined by your credit history, income, debts, • Using a debit card instead of writing checks PIN. If you choose “credit” on ATM and ability to pay. You may use the credit with saves you from showing identification or the terminal and swipe your Transactions the understanding that you must repay the giving out personal information at the time of card through, you will be asked and Getting the transaction. Cash charges, plus interest, if you do not pay the to sign a receipt. “Credit” does not account in full each month. You will receive a • Using a debit card frees you from carrying mean that you will be billed, as with Instant Banking monthly statement detailing your charges and cash or a checkbook. a credit card. The money will be debited from payment requirements. your account automatically. even faster provisional credit for lost funds, What if My Card Is Lost or Safety. Seven Tips for Using Debit in as few as five business days after Stolen? notification. Cards Responsibly Security. • You may not know that your debit card or its In the event that your card is lost or stolen, you number has been stolen until checks you have Social Conscience. 1. If your card is lost or stolen, report the need to know the extent of your protection. written have bounced. Be aware that the issuer loss immediately to your financial Government regulations is not required to waive bounced check institution. require debit card issuers to set charges or cover any fees that may be imposed Join the League Today 2. If you suspect your card is being a maximum liability of $50 if by the recipients of checks that unintentionally Founded in 1899, the National Consumers DEBIT fraudulently used, report this the debit card is reported bounced because a debit card was stolen. League is America’s pioneer consumer lost or stolen within two Many banks do, however, refund these fees organization, protecting and promoting social immediately to your financial institution. and economic justice for consumers and days of discovery. as a measure of good customer service. 3. Take your receipts. Don’t leave them Liability increases to workers in the United States and abroad. CARDS Debit cards offer the consumer many for others to see. Your account number $500 if the lost or stolen NCL is your advocate when it comes to many conveniences. They are more readily accepted may be all someone needs to order debit card is reported consumer issues, including: financial services, by merchants than checks, especially when you Beyond Cash & Checks merchandise through the mail or over within 60 days. Neglect to Internet fraud, health care, sweatshops, e- are out of your own state or in other countries. commerce, migrant farmwork, food safety, and the phone at your expense, especially notify the bank of the You are not required to provide identification or consumer education. theft within 60 days if the card can be used without a PIN. give personal information when using a debit after a bank statement Your $20 annual membership shows how much 4. If you have a PIN number, memorize it. card. This makes the transaction quicker and is sent, and you could lose everything in your you care about educating consumers — allows you to keep personal information to Do not keep your PIN number with your checking and overdraft accounts. especially those who are most vulnerable — and card. Also, don’t choose a PIN number yourself. strengthening consumer protections to meet the Check with your financial institution about your that a smart thief could figure out, such However, because the money spent using a debit challenges of today’s marketplace. liability. Many debit card issuers offer consumers card comes directly from your bank account, you Members receive the bimonthly NCL Bulletin, as your phone number or birthday. better protection than the government regulations need to be careful in order to prevent fraudulent discounted and free publications, reduced require. Some even offer consumers “zero 5. Never give your PIN number to anyone. use of your card number. conference registration, and a voice in Keep your PIN private. liability” in cases of fraud, theft, or other determining NCL’s priorities. unauthorized card use if the cardholder reports 6. Always know how much money you Log on to www.nclnet.org or call the problem within a certain time. have available in your account. Don’t 202-835-3323 to join today! If a problem arises, remember that it is your forget to consider money that you have money that is at stake. set aside to cover a check that has not yet cleared your bank. • Under government regulations, financial National Consumers League institutions may have up to 20 days to provide 1701 K Street, NW, Suite 1200 7. Deduct debits and any transaction fees provisional credit to consumers for losses due Ask for the Details of Washington, DC 20006 from the balance in your check register to debit card theft or unauthorized use of the phone: 202-835-3323 • fax: 202-835-0747 immediately.
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