10 things you don’t know about debit cards

Almost any time you open an account, the bank will issue a debit card to you. While you may think of this as the Automatic Teller Machine card to draw money out of your account, it can be used for so much more. While utilising the card is convenient, there are some things that you should know to make sure you are using it properlyand not costing yourself money because of it, according to www.supermoney.com. ATM fees will cost you: While you probably have free access to the ATMs that are a part of your bank’s network, you will find that using your debit card to withdraw cash at an ATM outside of that network will come with some fees. If you know that you will need cash, plan ahead and get the cash out at your bank’s ATM so you don’t get stuck running to the nearest ATMand 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 bank’s rules and fees connected to debit card usage. Immediate removal of funds from your account: Even though it may look like a credit cardand probably can be used as credit, it is a bit different. When you use your debit cards, funds are almost immediately removed from your account. Don’t expect a lag time when making a transaction, even though you get paid in a few days; that money may not be in the account in time to cover a transaction that you are making today. It is extremely important to keep track of your account balance so you don’t overdraw. Debit can be used as credit: Perhaps you didn’t think that it made a difference as to how you use this card, think again. The way the transaction goes through can make a huge difference. If using the card as debit, you will have to enter your personal identification number to complete the transaction. If using as credit, you will have to sign, j