Using Debit Cards Wisely

Just recently our FoolProof Financial Hook Up section of iLife was updated to help you guys learn more about the safety of using debit cards. Debit cards are a great way to pulse out money but need to be used with caution. You never can be too safe when it comes to your money!

In the new article, it talks about tracking your account balance. It is always a good idea to keep a checkbook of some sort and write down every transaction you make. I know myself that this can be hard and might be an unlikely expectation. So at least if you don’t have a checkbook, make sure you check your online account every day to make sure there is no fraudulent activity.

If you ever find any fraudulent activity on your account, report it immediately. Check with your financial institution for details but in most cases by law, if you report fraudulent charges on your account using your debit card within two days of the fraud, with documentation you may only be responsible for $50 dollars, within 60 days for only $500, and after you might be out the entire amount. That is a lot of money lost for no reason!

Fraud happens more than you think. And just because you’re young doesn’t mean it won’t happen to you. But knowing how to use a debit card can help you out if you are ever put in that situation. If you want to learn more about protecting your money, visit our FoolProof Information Edge site at http://informationedge.info/shellfcu/report/debit_cards.htm.