For The Safety Of Your Money, Avoid These 6 ATM Mistakes

While debit card is convenient, there are some things that you should know to make sure you are using it properly and not costing yourself money, according to www.supermoney.com.

ATM fees will be high

While you probably have free access to the ATMs that are a part of your banks network, you will find that using your debit card to access cash at an ATM outside of that network will come with high charges. If you know that you will need cash, plan ahead and get the cash out at your bank’s ATM so you do not get stuck running to the nearest ATM and paying a premium to do so.

Debit transaction fees can also add up fast

Some banks will give you a certain number of debit transactions that you can use within a certain month and then there are fees associated with additional debit transactions. Do the research and make sure you understand your banks rules and fees connected to debit card usage.

Security issues

Even though your debit cards have a PIN, if your card is lost or stolen, and the thief learns your PIN, he will have immediate access to your money. Make sure when you enter your PIN at any transaction terminal, you don’t let others around you see what you are entering.

Get cash back

When you are using your debit card to pay for groceries or other household items, many retailers will give you the option of getting cash back. Because it is a debit card, you do have access to your funds immediately. So this is a great way to get cash out without worrying about ATM transaction fees.

Liability for fraudulent purchases

This is where debit can get a bit risky. When you use your card as debit, you are personally liable for the transactions because it requires a PIN and allows immediate access to your account. So if your card is lost or stolen, you may not have much protection from fraudulent charges, although some banks do offer protection if you notify them immediately. Typically, if the card is fraudulently used as a credit card, you will have liability protection.

Issues with dispute of charges

If you have used your debit card to purchase goods or services and then there is a dispute, you may not be able to get your money back. Once funds have cleared your account, there may not be a way to get them back. For instances, when making purchases online, you may want to opt for paying with credit so the transaction is protected.