Choose wisely. There is only one correct answer to each question.
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1.
The financial institution that issues your debit card is required to disclose to you all fees that it charges for the use of the card.
True. By law, it must.
2.
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?
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.
3.
Which currently offers more protection to you in the event of unauthorized use due to fraud?
A credit card. Between the two types of cards, credit cards offer better protection.
4.
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?
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.
5.
You should review your debit card statements _______.
As soon as they arrive. The earlier you catch any errors or suspicious charges, the less you will be liable for covering.