The convenient and popular way to access your money daily is to use credit and debit cards. If the credit card has requirements that mean not everybody can get one, a debit card is much easier to obtain, and is therefore is a popular card to use at automated teller machines (ATMs). And almost at every payment counter there to access to the debit card machine.
The safety factor also means that there is no need does to carry a lot of cash which makes it more convenient and can be used anywhere. In fact, some parents can control their children’s pocket money every month through debit cards.
However, there are several things that must be followed when using a debit card. The goal is to use a debit card effectively and efficiently, without exceeding the limits. Moreover, this debit card is to your bank account directly. This is where the difference in credit cards and debit cards, where the credit card will attract a loan from a bank to pay for goods or services you have purchased.
Monitor and consolidate your balance
Utilise your bank’s online banking facility – you can check your balance, plus incoming and outgoing funds – also a great way to easily transfer your funds, into a savings account, for example.
Carefully understand hidden charges that may occur
If you withdraw cash amounts regularly, make sure that the bank you choose has it’s own, or partner bank ATM’s nearby to where you work or live. Other branches of banks, or non-bank service providers will charge you a fee to use theirs.
Take advantage of security facilities
You need to use to the maximum the security of the facilities offered by the bank, for your debit card. make time to change the PIN number on a regular basis. Some banks even provide automatic notification services through email or short message service (SMS).
Notifications / warnings can also be received by the owner of the debit card, when there is unnatural activity withdrawals through ATM machines that exceed the specified limits, the PIN (password / password) you changed without your knowledge or when the transactions occur in large numbers.
Changes in circumstances – keep your bank informed
Debit card transactions can be a versatile tool in almost all places in the world. However, the bank has set up security for you within the maximum limit. Unnatural activity directly will result in having your debit card blocked.
An example is when you travel abroad and want to use your debit card – but if your bank does not know that you are in a different country, the transactions will ring alarm bells with them, they can block your card (for safety) and your debit card can not be used for a while until you contact your bank, identify yourself and explain your situation – much easier to inform them before you travel.