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tipweek: financialfactoid_11.htm Debit Cards

Debit cards function like an ATM card and like a check.

Advantages

  • The safety of not having to carry cash.
  • Widely accepted compared to checks.

Disadvantages

  • No grace period with funds quickly deducted from your account.
  • Record keeping is more difficult.
  • No consumer protection like a credit card.

Guidelines

  • Guard your debit card and PIN number.
  • Notify your institution if the card is lost.
  • Review statements for unusual transactions.