photo from TalkforFinance
We’ve talked about credit cards in New Credit Card Laws go into Effect August, 2009, and Your Credit Card is Canceled.
But we haven’t talked about Debit Cards. Do you use one? Do you know the danger if you do?
For example, if you use the card and don’t have enough money in your checking account to cover the charge, you can be fined up to $39 every single time you exceed your balance.
May not sound like much but, if you’re out shopping and charge 5 or more times, it adds up!
And, many banks don’t debit your account in transactional order. What I mean is, you could have $400 in your account and make several $20 purchases. Later in the day, if you charge $350, you’re over for the day. You would think that the three $20 purchases would not incur a fine, but, if the bank takes out your last charge first, you’ll pay a fee for every purchase made that day.
