In addition to writing, Donna loves to read and watch old movies. She is employed as an accountant by a large corporation. She is also learning to build websites. Check out her latest endeavour related to Picture Framing Tools at www.pictureframingtools.net.
Americans have quickly made debit cards the chosen form of plastic in this economy. Debit cards are indeed convenient. But they do come at a price, some of which you may not be aware of. Here are four dangers to beware of when using debit cards.
- Overdraft charges - Many banks provide instant overdraft protection whether you ask for it or not, but at a very high cost. Some banks charge as much as $39 for each overdraft! Fortunately, some of the bigger banks now limit how many times they charge these fees and you are given the choice of opting out of the overdraft protection. To prevent being hit with overdraft fees, you should kept a minimum amount in your account as a cushion to protect against overdrafts. You can also also sign up with your bank for text and e-mail alerts when your balance gets low.
- Out-of-order transactions - Instead of debiting your bank account in the order the transactions occurred, some banks debit the transactions in order of amount, starting with the largest amount. If you go over your limit on the first transaction of the day, you could be hit with several other overdraft charges for the day's activities. Your solution to this problem is to only use a bank that charges your account with transactions in chronological order.
- International fees - Using a debit card abroad can result in foreign transaction fees of 2% to 3% per transaction. Online purchases from foreign vendors can also trigger these fees. Shop around and use a bank that does not charge these fees.
- Limited protection - There are United States laws that protect users of credit cards from liability if a purchased product is damaged or if you never receive the product ordered. But there are no such protections for users of debit cards. The solution is to only use credit cards for on-line purchases or for larger dollar purchases that you make.
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