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Basics Beginner: Introduction to Debit Cards

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1.
If your debit card goes missing and someone else uses it for unauthorized transactions before you report it missing, how much of those unauthorized charges are you legally liable for?
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It depends. It depends on when you reported it lost. Your liability can be anywhere from $50 to $500 to the full amount of unauthorized transactions. Some banks, however, will limit your losses to $50, though the law does not require them to do this.
2.
What is the interest rate on purchases made with debit cards?
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0%. Debit cards do not charge interest rates on purchases.
3.
Which of the following are some fees that debit cards charge?
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All of the above. Fees vary according to the card, and some cards have additional fees.
4.
The safest place to store your debit cards PIN is _______.
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In your mind. Putting it in a physical location can make it vulnerable to theft.
5.
When you use a debit card, funds are _______.
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Taken out of an account of yours. In accounting talk, those funds are debited.