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Basics Beginner: Introduction to Debit Cards

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1.
You should review your debit card statements as soon as they arrive because the sooner you see and report any errors or suspicions, the less you will be liable for losing.
Choose wisely. There is only one correct answer.
True. The law provides some protections for those who report early.
2.
When you are reporting a lost debit card, the bank must be notified in writing.
Choose wisely. There is only one correct answer.
True. The federal Electronic Funds Transfer Act provides specific guidelines for providing written notice. Failure to adhere to them will result in liability for any unauthorized use of your lost or stolen card.
3.
Many health savings account plans let you pay for qualified expenses with a debit card. What will normally happen if you decide to use your card for a non-qualified purchase?
Choose wisely. There is only one correct answer.
You must pay tax on it. Because your health savings account is funded with tax-deferred money, if you dont use it as the plan dictates you will lose the tax deferral.
4.
When you use your PIN for a purchase with a debit card, you _______ for the purchase.
Choose wisely. There is only one correct answer.
Need not sign. The PIN works in lieu of a signature.
5.
A disadvantage of using a debit card is that you might inadvertently run up a big balance.
Choose wisely. There is only one correct answer.
False. You cant run up a big balance on a debit card.