Debit card issues such as stolen cards or PINs, overdrawn accounts, and fraudulent charges are common. Prevention measures include keeping track of the card, not using it online, not sharing the PIN, and recording all transactions in the check register. Some banks charge annual fees for using a debit card.
Debit cards can be convenient ways to access money in checking and savings accounts. Unfortunately, debit card problems such as stolen cards or PINs, overdrawn accounts, or fraudulent charges are also common. Some of these problems can be prevented by keeping careful track of the debit card, as well as the amount of money currently in the account.
Lost or stolen debit cards are some of the most common debit card problems. Of course, keeping track of the card and wallet is one way to avoid losing a debit card, but that doesn’t prevent the number from being stolen after the card is used. As a general rule, it’s a good idea not to use a debit card online, but to use a credit card instead. This is because it is a simpler process to remove fraudulent charges from a credit card than to replace money stolen from a checking account.
Also, do not let anyone see the PIN associated with the debit card, as this can also cause problems with a debit card. Never write the PIN on the back of the card. If someone knows the PIN, contact the bank to find out if it can be changed. Also, be sure to carefully review your bank statement each month and report any fraudulent charges as soon as possible.
Some debit card problems occur if the checkbook is not balanced. It is important to record not only all checks in the check register, but also all debit transactions. Often, an overdraft with a debit card can result in bank fees similar to a bad check, and banks are rarely willing to waive fees, even if it was a mistake. This is especially common now that many stores can process debit cards just like a credit card.
Although not necessarily debit card issues, some banks charge annual fees for using a debit card. Sometimes these fees are only charged if the card is not used a certain number of times in the year, so be sure to read the fine print when you sign up for a debit card. Being careful and diligent with a debit card is the best way to prevent problems from occurring, and it will also help ensure that there is always enough money in the checking account to cover transactions.
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