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Basics Beginner: Introduction to Debit Cards

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1.
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?
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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.
2.
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.
3.
A disadvantage of using a debit card is that you might inadvertently run up a big balance.
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False. You cant run up a big balance on a debit card.
4.
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.
5.
When you are reporting a lost debit card, the bank must be notified in writing.
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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.