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Debit cards
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There are many reasons why people acquire a prepaid or reloadable debit
card. Many businesses prefer to pay their employees electronically. Direct
deposit lowers payroll distribution costs. Employees are free from having to
leave work to cash their pay checks and pay fees to check cashing
establishments. Many people can't open a checking account because of a
banking issues such as having been reported to ChexSystems or Telecheck.
The new breed of debit cards are issued with out a
credit-check. The issuers are banks that use Visa and MasterCard debit, they
(debit cards) are accepted just like a credit-card even though there is not
a credit line attached.
Not having a credit-line limits overspending and is an additional cure for spending funds you don't have. Some debit cards can only be used as a private label ATM, however the Visa and MasterCard debit card can be used to get funds at ATM machines as well as for online shopping and bill paying.
Some folks like to get a prepaid debit card as a gift for a student or teen. This allows safe and effortless money transfers. Funds can be transferred from one debit card account to another by telephone or online, depending on which bank you choose. Another advantage of using a debit card is to track expenses. Some debit cards have rewards options or incentive offers. Compare costs, certain stored value cards are very expensive.
I have had clients that have family members that reside in other countries Due to the international nature of Visa and MasterCard funds can be direct deposited in an account that is provided by the debit card company. The family member abroad can access the account using the Visa, MasterCard or ATM card that is issued. This is common place for family members in Mexico, Central and South America and Canada. Envio companies here in Los Angeles charge as much as $15.00 per hundred dollars to send funds-to other countries.
I wouldn't recommend off shore pre paid debit card issuers because there is little recourse if they close or move as far as getting your money refunded. There may be astronomical costs for a simple phone call to customer service, if you can reach them at all. Be safe, bank and trust your money with an American bank! I was pleased when I found this pre paid debit card on the Internet.
- Obtaining a debit card is often easier than obtaining a credit card.
- Using a debit card instead of writing checks saves you from showing identification or giving out personal information at the time of the transaction.
- Using a debit card frees you from carrying cash or a checkbook.
- Using a debit card means you no longer have to acquire traveler's checks or cash when you travel.
- Debit cards may be more readily accepted by merchants than checks,
especially in other states or countries wherever your card brand is
accepted.
- Returning goods or canceling services purchased with a debit card is treated as if the purchase were made with cash or a check.
Tips for using debit cards
- Report the loss or theft of your debit card immediately to your financial institution.
- Fraud happens! Check your statement and report any suspicious activity to your financial institution.
- Keep your receipts from all your debit card transactions. A thief could get your name and debit card number from a receipt and order goods by mail or over the telephone. Your card does not have to be missing in order for fraud to occur.
- Protect your PIN number, memorize it. Don't write the number on your
card or keep your PIN number with your card. Don't choose a PIN number
that a smart thief could figure out, such as your phone number or
birthday.
- Keep in mind how much money you have available in your account. Don't forget that debit cards may allow you to access money that you have set aside to cover a debit which has not cleared your bank yet.
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Updated
07/09/08