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WASHINGTON,
DC
– Debit cards are
convenient and safer to carry than cash, and they're more widely
accepted by merchants these days than personal checks. But just
because they look and feel like a credit card doesn't mean they
work exactly like one, and not understanding the differences
could cost you, warns tips featured
this month
in the National Consumers League’s “2008
Consumer Calendar: Do We Have Tips for You!”
NCL teaches consumers
how debit cards work and how to use them wisely with tips, such
as:
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Know your balance, and know what overdraft fees you'll face
if your bank lets you withdraw more than you have. When
making a purchase with a debit card, make sure there's
enough money in your account to cover it. Deduct debits from
the balance in your check register promptly.
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Don't forget about checks you've already written. Even if
they haven't cleared yet, consider that money gone.
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Know if there's a cost for using the card. Some card issuers
charge monthly or even per-transaction fees that are
automatically deducted from your account.
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Notify the issuer immediately if the cost is lost or stolen.
Under federal law, the amount you could lose if someone uses
your debit card depends on how quickly you report the loss
once you discover it. Your card issuer may have "zero"
liability policies that give you extra protections.
The nation’s oldest consumer advocacy organization,
NCL works to educate people about how to make wise decisions in
today’s marketplace. Each month, NCL’s Web site,
www.nclnet.org, will
feature the calendar and tips for the month. Covering a range
of subjects from medication safety, to avoiding scams, the tips are sponsored by major companies, government
agencies, and organizations. The April tips about debit cards were sponsored by
Visa and its Practical Money Skills for Life program.
All of the calendar tips are archived at
www.nclnet.org/calendargallery,
along with a “Resources for Consumers” page that provides
contact information for government agencies, consumer groups,
and calendar sponsors. The print version of the calendar was
distributed to consumers free of charge through agencies and
organizations around the country.
There are no printed copies of the calendar remaining.
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