3/26/2017

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Debit Cards

The use of debit cards is a worldwide phenomenon.

For many consumers, debit cards have become the choice of currency for paying bills, buying groceries, clothing and accessories, shoes, jewelry, and travel expenses such as hotel and car rentals.

The use of debit cards has also skyrocketed for withdrawing money directly from bank accounts. Drive up and walk up ATM machines are used more today than any time in history and people are loving the convenience of not having to go into a bank to make money withdrawals or to deposit cash and checks.

2006 was the fist year that saw debit card purchases top the one trillion dollar mark. People all over the world are using debit cards and debit cards are, in many cases, taking the place of the checkbook.

This is huge for both retailers and shoppers. It shows that people are not shy about pulling out their debit cards and paying their bills.

This is great but what many of people don't consider is the high overdraft fees that are charged each time a debit card is used when there are insufficient funds in the account. Overdraft fees add up over time and make the use of debit cards very expensive.

You can save money by making sure your bank account has sufficient funds in it before using your debit card to withdraw cash. You should balance your bank account the same as if you are using a check book. By keeping a detailed record of each of your transactions every time you use your debit card, you can keep insufficient fund fees down to minimum while staying in good standing with your bank.

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