Why You Should Never Own a Debit Card
Why You Should Never Own a Debit Card
Debit cards have become a very popular way to pay for everything from fast food to rental cars. The Federal
Reserve reports that debit card transactions have been growing more than 20 percent annually and have surpassed credit card transactions.
The appeal is understandable. Debit cards are quick and easy to use.
But using a debit card can cost you hundreds and even thousands of dollars. We’ll show you why you should never carry a debit card.
More Risky than Carrying Cash
In it’s 2007 Debit Issuer Study, PULSE EFT Association reported that U.S. financial institutions lost an estimated $662 million to debit card fraud in 2005. There is no end in sight.
You’d be safer carrying cash. Although you don’t have much recourse if it’s lost or stolen, but at least your loss is limited to the amount of the missing currency.
Carry a debit card, and you put the entire balance in your bank account at risk. If you link your checking account to your savings account to avoid overdrafts, you put the balance in both accounts at risk. Read more on Why You Should Never Own a Debit Card…
