Ok Need Help With Debit Cards

[Beavis]

Ok so I got my new debit card and now it hit me how does paying it off go? How soon can I use it? I just transfered money today after business hours.

[whiskeywoman]

Korn,

A debit card does nto have to be repaid.

it is kinda liek a pre paid credit card, you can only spend as much as you have on it.

the more money you have in your account, the more you can spend.

pretty straight foward actually.

even if you use it as credit, it will subtract the money from your acount.

And sadly, you do not build credit with it.

if you have any further questions, feel free to shoot me a mesage.

I have like3 or 4 of em.

[Amylynn920]

Yes as WW said debit cards are basically a permanent plastic "check" if you use it, money comes directly out of whatever account you have it linked to. And no you do not build credit with it.

[Tyger]

This IS a debit card, and not a credit card, right? Be careful, because sometimes, on debit cards, charges don't show up until 48 hrs later, so be sure that you keep careful records. I've had to check a few times because I got double-charged, or money added into my account that I didn't add, so it's very very important to watch your balance. A debit card isn't like a credit card. True, it has a Visa or MasterCard logo on it, but that's in cases where you need a card like that (for online shopping, for instance). But, that doesn't mean you can spend over your account balance. If you try to do so, your charge would be decline, same as a credit card. You really should read the literature that your bank gave you on all of this.

[mystofpric]

This IS a debit card, and not a credit card, right? Be careful, because sometimes, on debit cards, charges don't show up until 48 hrs later, so be sure that you keep careful records. I've had to check a few times because I got double-charged, or money added into my account that I didn't add, so it's very very important to watch your balance. A debit card isn't like a credit card. True, it has a Visa or MasterCard logo on it, but that's in cases where you need a card like that (for online shopping, for instance). But, that doesn't mean you can spend over your account balance. If you try to do so, your charge would be decline, same as a credit card. You really should read the literature that your bank gave you on all of this.

Check with your bank about "over spending" I know when I got my debit card as long as there was money in the account (even if it wasn't enough) they'd let me spend away. Most banks will put a stop to this if you jus ask. BUt yes like everyone said it's just like a check or atm card, if the money isn't there it's a no go. Weekend spending usually won't show until monday or tuesday. Also it might show your actually balence is "$250" but you know you've spent money, that's because they might put a hold on on your account for that "$50" new toy that you bought before they actually take the money out. SO be carefull and keep careful records.

[Guest eminatic]

yeah what everyone else said, its a card linked directly to your account, when you buy something the money is automatically subtracted. SOME stores might only accept credit, or choose to run the transaction as a credit (if you card has a credit logo) or if you use it online, it will be run through as a credit. with these transaction the same rules apply, but it will usually take 48 hours for the money to be taken (so if you were to check you balance a day after it might tell you that you have more money than you actually do)

and as a warning, no one will notify you if you do not have enough money in your account. your transaction might still go through, but later you will end up with an overdraft fee.

and for the love of god, steer clear of BofA!

[Beavis]

No worries, I only plan on buying one thing at a time with it and I will be checking my account before each purchase and calculting the deduction. I just was unsure if I had to do monthly payments or no, and you all have cleared that up for me. Thank you.

P.S. Eminatic what is Bofa?

[pappyld04]

Read your agreement well! Some banks charge you for checking the balance by ATM!

[pappyld04]

BofA= Bank of America

[Kinky Twinkie]

Debit cards ( aka check cards) should be treated like a check item, you make your purchase and subtract it from your check book register. More people get in trouble with these things because of poor nomey managment skills. At least they not as bad as the the credit cards but treat them like cash.

Now you need to be aware that they are a visa product and there two computer system involved and if one is down you can be stuck not being able to make your purchase. You might have the money but the system dosnt know that because it can not tap into the bank main frame to check the availability of funds. I don't think they go down as much now as they did about ten years ago but I still always carry a blank check around just in case of emergencies.

But if for any reason that card needs to be run through the machine again because it didnt take the first time I recommend you take note and check that charge with your bank. save that receipt. Hopefully you do this regularly anyway but beaware of the type of account you have and what is in that depository agreement you get at the bank. Don't expect the banker to be famialier with it either. They should be but they as clueless as many of the customers. Some accounts allow you to have so many free balance confirmations before they assess a fee.

I can only tell you about Wachovia for the most part as an employee but other banks work pretty much the same way.

Glenn