Dangerous convenience Debit card
June 27, 2022
I’m Miriam Neff and I’m Valerie Neff Hogan with Wise Women Managing Money
M We all love conveniences that simplify our lives. A debit card is a convenience. No check writing. Swipe and pay. But there’s a danger here. Money goes out immediately: the entire amount. With credit cards, the bill comes later and if you are short of funds you can pay a partial amount.
V The overdraft charges for debit card swipes that cannot be covered are large. Typically $35.00 per swipe. And they can charge that for each day until you put in money. Your protection is know whats in your bank account and NEVER use your debt card to buy something not fully covered in your account.
M We keep repeating KNOW IT. What’s in your account requires oversight. God entrusted that account to you. Let’s be good stewards.