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You stop at the grocery store for just a few items, but the next thing you know, you have a cart full of food and only a few bucks in you pocket. That when you notice that you left your ... at hYou stop at the grocery store for just a few items, Guest Posting but the next thing you know, you have a cart full of food and only a few bucks in you pocket. That when you notice that you left your checkbook at home, but it’s not a problem you have your debit card with you.You slide your card, punch in a few numbers and your on your way. A few days later you notice that you don’t have your debit card and now instead of enjoying its convenience, you’re worried about how much in fraudulent charges you’ll be responsible for.Debit cards have become extremely popular as the plastic of choice for paying for many types of purchases. According to consumer experts more than 2/3rd of Americans have a debit card in their wallet and, in 2003, debit card purchases topped $1.48 trillion, outpacing credit card purchases by nearly $300 million.The convince of sliding a card instead of writing a check has been a boon for retailers, but its also been a boon for debit card fraudsters and identity thieves. Last year the American Bankers Association (ABA) reported that fraud involving debit cards cost banks nearly $51 million and many bankers believe that this is just the tip of the iceberg. If you’re one of those people who prefer using your debit card instead of writing a check, then you need to know that you’re at risk of losing money every time you slide your card or present it to pay a bill. How much you can lose depends on the type of card you carry and when you report the loss or theft.

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What’s your responsible for fraudulent charges on your card?Since your debit card is tied to your checking or savings account, if it’s lost or stolen and someone else uses it, the consequences could be financially devastating. The amount of fraudulent charges you could be responsible for depends on how quickly you report the card lost or stolen to the issuing bank.If you determine that your card has been lost or stolen and report it to the issuing bank within 2 days, of discovering the loss, you’ll only be held responsible for up to $50 of fraudulent charges made on your card.If you report the card lost or stolen in 2 to 60 days, you can be responsible for up to $500 in fraudulent charges.If you wait more than 60 days after receiving a bank statement that includes an unauthorized transfer, you can be held responsible for an unlimited amount of fraudulent charges on your card, but you will not be held responsible for any funds withdrawn after you notify your bank that the card was lost or stolen.Debit cards with the Master Card or Visa logo offer a higher level of protection for some consumers. Visa and Master Card have both placed a voluntary limit of $50 on debit cards bearing their logo where the transactions are signature based.Steps to take if your debit card is lost or stolenIn the event that your debit card is lost or stolen, there are certain steps you need to take immediately to limit your responsibility for fraudulent charges.First, call the issuing bank and cancel the card immediately! If you contact the bank and cancel the card before any charges are made on the card you won’t be held responsible for any charges. Even if you think you lost the card and that you may find it, it’s safer to cancel the card and limit your liability. Make sure that you keep a written record of the date, time and who you spoke to at the issuing bank.

Second, file a police report. Whether or not your bank requires it, you should file a police report with your local police department. In the event that a negative entry is made on your credit report about charges that were fraudulent, you’ll need the report to prove that you didn’t make the charges.The best way to prevent fraudulent charges on your card is to keep your card and account numbers out of the hands of thieves. Identity thieves are extremely sophisticated and they don’t need to have the physical card to drain your account, all they need certain information from the card. Here are some steps that you should take to protect yourself from card thieves.Be aware of your surroundings. If you use your debit card at an ATM machine, make sure that you’re aware of who is around you and shield the keyboard with your body when entering your personal identification number (PIN).When using a drive up ATM, make sure that the area is well lit and is in view of passing traffic. Don’t use an ATM in a neighborhood you feel uncomfortable in.Check out the ATM machine. If there is a transparent overlay on the ATM keyboard don’t use the machine. ATM thieves use keyboard overlays to capture PINs. Also, if there is a detached card reader next to the machine, take your business elsewhere: these devices are used to capture debit card data. Don’t use your debit card for online purchases, use your credit card. If online thieves get your debit card information they can drain your bank account; if they get your credit card information they can only make charges up to the credit limit of the card. It’s much easier and less costly to dispute credit card charges than charges than withdrawals from your bank account.Commit your PIN to memory, don’t write it down. Don’t give your PIN to anyone, not even someone at the issuing bank.Using your debit card to pay for purchases is convenient and fast, but it also exposes you to numerous risks. Be card smart: keep track of your debit card, monitor your bank account on a regular basis, take precautions when using your debit card, and, if your card is lost or stolen, report it immediately.Are you in the process of determining whether or not to get a credit card, a debit card, or an bank card for your self, or for your son or daugther who is going to be leaving town to attend university? Wondering how the finances will be handled...

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Are you in the process of deciding whether or not to secure a charge card,Guest Posting a debit card, or an ATM card for your self, or for your son or daugther who's going to be leaving town to attend college or university? In the following paragraphs I will show 3 reasons besides debit card cash back, or debit card rewards, why utilizing a debit card is preferrable for the majority of purchases, from the wider perspective of an individual holding the debit card, from the viewpoint of the bank, and from the viewpoint of the service provider.When you finish reading through, you ought to have a far better feel of what advantages you'll find for you whenever you choose to get a new debit card, specifically a debit card with a cash back or an ATM card with a cash back built in.Rewards for individuals for obtaining debit card cash back, or debit card rewards The principal reason why a consumer would wish to use a debit card rather than a credit card is since it encourages smart spending. Short of using an overdraft allocation on your bank checking account, it will end up out of the question to pay out much more funds than is held in your bank checking account. This induces considerate spending. Making use of an bank card also makes one appreciate far more of what one currently has in one's posession.

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Bank's perspective on debit card charges and debit card money back Banks would like to have you convert from your credit card purchases to "credit" sort debit card purchases. Why? To begin with, there's no loan risk in it to deal with. Whilst a credit card charge often carries a associated risk of not being paid back, an atm card "credit" purchase bears no such possibility, but it still provides the 3% transaction fee for the bank. Debit card "credit" transaction is a lot like a totally free lunch for the bank. That is why banks are happy to provide 3% and even five percent money backs on selected product or service. Along with various other charges that come up, they'll make the income.Are you in the process of determining whether or not to get a credit card, a debit card, or an bank card for your self, or for your son or daugther who is going to be leaving town to attend university? Wondering how the finances will be handled.Are you in the process of deciding whether or not to secure a charge card,Guest Posting a debit card, or an ATM card for your self, or for your son or daugther who's going to be leaving town to attend college or university? In the following paragraphs I will show 3 reasons besides debit card cash back, or debit card rewards, why utilizing a debit card is preferrable for the majority of purchases, from the wider perspective of an individual holding the debit card, from the viewpoint of the bank, and from the viewpoint of the service provider. When you finish reading through, you ought to have a far better feel of what advantages you'll find for you whenever you choose to get a new debit card, specifically a debit card with a cash back or an ATM card with a cash back built in The principal reason why a consumer would wish to use a debit card rather than a credit card is since it encourages smart spending. Short of using an overdraft allocation on your bank checking account, it will end up out of the question to pay out much more funds than is held in your bank checking account. This induces considerate spending. Making use of an bank card also makes one appreciate far more of what one currently has in one's posession.

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However there are far more benefits to get a debit card. Within the recent years, bankers came out with various varieties of incentives for the debit card holders, such as checking account sign on bonuses. Most recent, and apparently the most successful incentive is debit card cash back, or debit card rewards card: based on the total amount of funds spent every month, you are eligible to receive 1%, 2%, 3%, or even 5% reward on all of the dollars spent that month through your check card in certain common categories, such as gas, groceries, and even your best cup o'Joe at Starbucks.Remarkably so, the incentives and benefits for debit card or check card users are getting close to the ones from the very best credit cards offered. Retailer's viewpoint on debit card rewards payments The shops love to take debit cards since, through PIN based transactions, they bear a very modest, $0.10 financial transaction fee or similar. With a so called "credit" transaction through your cash back ATM card, they, even so, incur a a lot higher service charge of $0.30 + 3% of the buy value, or thereabouts. As much as the merchant disfavors forking over these charges, as lengthy as they generate a new client who desires debit card money back, the retailer will make money from the notion of cash back ATM card still.Bank's perspective on debit card charges and debit card money back Banks would like to have you convert from your credit card purchases to "credit" sort debit card purchases. Why? To begin with, there's no loan risk in it to deal with. Whilst a credit card charge often carries a associated risk of not being paid back, an atm card "credit" purchase bears no such possibility, but it still provides the 3% transaction fee for the bank. Debit card "credit" transaction is a lot like a totally free lunch for the bank. That is why banks are happy to provide 3% and even five percent money backs on selected product or service. Along with various other charges that come up, they'll make the income.Ah, the “good old days”. If you are a baby boomer, like me, then you probably remember how important it was to rush to the bank on payday. You had to get there before the teller lanes closed so that you could have your “cash allowance” for the week. Otherwise, if you needed cash you had to write a check, then go to the bank, and “cash” the check for real cash.

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Fortunately the days of the mad rush to get cash from the bank are long gone. We now enjoy the convenience of using a nearby automatic teller machine (ATM) or you can even get “cash back” at your local grocery,Guest Posting hardware or convenience store.The card you use at the ATM is known as a debit card. When debit cards first appeared it was easy to tell them apart from credit cards. Debit cards didn’t have a credit card company logo on them; instead, they usually just had your bank name, your account number and your name. Today debit cards look exactly like credit cards even carrying the same logos. Both types of cards can be swiped at the checkout counter , used to make purchases on the internet, or to pay for the fill-up at the gas pump.When you use your debit card to make a purchase, it’s just like using cash. The account that is attached to your debit card, in most cases your checking account, is automatically debited when you use your debit card. The cost of your purchase is deducted from the funds you have in that account.On the other hand, when you use your credit card to make a purchase you are using someone’s else’s money, specifically the issuer of the credit card, usually a banking institution .In effect, you agree to pay them back the money you borrowed to make your purchase. In addition you will also pay interest on the money “loaned” to you at the rate which you agreed to when you applied for their credit card. This is known as the annual percentage rate (APR).While the two cards might act and look alike, the levels of consumer protection that each type of card provides can be different. Under federal law, if someone steals your credit card you're only responsible to pay the first $50 of unauthorized charges. However, if you notify the credit card issuer before a thief is able to make any charges you may be free from all liability. If the credit card is not physically present when an unauthorized or fraudulent purchase is made, such as over the internet, you’re also free from liability for those charges .MasterCard and Visa offer zero-liability protection where you won’t pay any charges if someone uses your credit card to make an unauthorized purchase. The protection offered to debit card fraud is similar but with a few exceptions. For example, your liability under federal law is limited to $50, the same as for a credit card, but only if you notify the issuer within two business days of discovering the card's loss or theft. Your liability for debit card fraud can jump up to $500 if you don’t report the loss or theft within two business days.