Finance News
Debit cards are easy to use, comfortable, and accepted in most shops. But also, are certain: did you know that can protect against theft and help you better manage your money? If you are informed about the characteristics of your debit card you can get the most out of your banking experience.
Today, debit cards include numerous security measures. If you have your photo on your card is more difficult than others to use in case the lost or stolen, because at any store is easy to identify you as the cardholder. Through a fraud monitoring reviews how and where your card is being used and this helps to block potential fraud when they detect certain patterns. Check if your bank offers these measures and if you repay the money from those purchases that have not done. Especially if you buy online or that you are traveling, make sure you protect your bank when you need it most. Bank of America reimburses clients in case of fraudulent transactions made by credit card. Protection in the debit card is a measure that is automatically included for all customers.
“We want our customers to be one hundred percent sure we do everything possible to protect your accounts from fraud and theft,” said David Owen, chief executive of the Department of Payments and Bank of America products. “Use a debit card safely should not be complicated, and gestures as simple as adding a photo ID can make a big difference”.
Good to know what charges may charge your bank and how you can avoid them. Some people get into trouble when using your debit card without sufficient funds in your account to make a purchase. This small error can lead to unexpected bank charges add up quickly. Make sure your bank offers resources such as online banking, balance alerts, or text message banking, to help you maintain control of your finances in any situation. These tools allow you to transfer funds between accounts, pay bills and check your balance at any time and anywhere. Knowing how much money you have in your account and transfer funds when your balance is low will help you avoid unexpected overdraft charges on your debit card.
The new regulations are forcing some banks to change their policy in regard to overdraft fees, and that could affect the way you manage your finances. Make sure you know how your bank handles transactions when you do not have enough money in your checking account. Nobody likes to find a cup of coffee $4 has cost $40 because you did not realize that the purchase would overdraw your account.
Some banks are taking the initiative to help customers. Bank of America, before the new regulations, has made some changes so that your customers do not spend more than they have with their debit card. When customers do not have enough money in your checking account, the daily transactions made with debit cards (such as grocery shopping) will not cause declined to unexpected overdraft fees. Starting this fall, automated teller machines (ATM) customers will have the opportunity to continue with your transaction in exchange for a fee if you do not have sufficient funds or not to continue with the transaction and avoid the fee.
Recently, Martin Eakes, consumer advocate and CEO of the Center for Responsible Lending said the following regarding the new policy of overdrafts at Bank of America: “It’s really a great event. As the leading issuer debit cards in the country, Bank of America has demonstrated true leadership by listening to their customers, and now has the largest debit card operation safe and easy to use by the consumer”.
Some customers may choose to enroll in Overdraft Protection service that links a checking account to another account, such as savings or a credit card, and thus ensure that their transactions will be declined. The bank will automatically transfer available funds from the linked account to cover the overdraft, in exchange for a small fee.
When it comes to fully understand your checking account and its advantages have to consider many points. Ask your bank about free security measures and make sure you understand how the overdrafts. You can protect your money by simply knowing what to expect and how to avoid surprises.