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Tips to Use Debit Card Wisely

Here are 8 tips from The Dollar Stretcher magazine:

1.Keep receipts, and note debits in your checking register.2.Check your account balance frequently either online or through the bank to avoid overdraft.3.Beware of bank overdraft policies and fees. Customers can decline the bank's "convenience" coverage for overdraft, which could cost high fees if they overdraw their accounts. Instead, sign up for overdraft protection that is covered by a savings account.4.Most debit cards now have "zero liability" protection that exceeds what the federal laws call for, so security is a lesser issue. Still, consumers should check with their banks to see how debit transactions are processed. Only those going through the Discover, MasterCard or Visa networks may be covered by zero liability.5.PIN transactions are more secure than signature transactions, although most don't qualify for reward points.6.If consumers pay off their credit card balances each month, they're better off using a credit card with better rewards for purchases than a debit card or check card.7.Find out what the bank's daily limit for usage is for your checking account. 8.If a cardholder's balance is low, it's best not to use debit for purchases such as gas, where a hold of $50 will be placed on the card.

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