It is a convenience and a luxury to be able to drive right up to an ATM, insert your debit card, and drive off with some cash at any time of the day or night. Having a debit card, also considered a checkcard, has become something that people are taking for granted. We’ve all been charged fees for using a different ATM or bank than our usual. Sometimes the fee can be small and other times you’re paying a dollar just to just someone else’s ATM machine. Banks make a small fortune off of those fees. Banks also make a decent sum of money from a merchant if you choose to pay for items with your debit card.
We have all been told, time and time again, to get rid of our credit cards. If we get rid of them, our debt will go away. What’s interesting, however, is that using a credit card is much less risky than using a debit card. If you can pay off your credit card balances each month, I’d recommend using a credit card over a debit card to pay for things. Think about it – credit card companies handle fraudulent purchases on a daily basis. You may not be held responsible if someone helps themselves to a shopping spree with your account number. But, if someone gets your debit card account information, you may find your bank account being drained rather quickly. At least with a credit card, you aren’t dealing with your own personal money.
A person doesn’t necessarily have to get ahold of your actual debit card. If they just get the account information and purchase online, all they have to do is type in the information. It is more difficult for them to pay in person without the debit card in hand for swiping. When you purchase something with a debit card, it is primarily treated as cash. If something goes wrong with the purchase or merchandise, your legal standing could be weaker when paying with a debit card.
There are ways that you can protect yourself and your debit card. The obvious is to never let your debit card out of your sight. Don’t leave it sitting on your desk at work or let a clerk have it for too long. It only takes a moment for someone to get the information that they need to drain your account. If you tend to make purchases online, don’t use your debit card. Use a regular credit card. Don’t keep all of your money in one account. Make sure that you have a savings account or possibly even a second checking account, just in case you need to fall back on it. You just never know, and it is much better to be safe than sorry.
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