Choose wisely. There is only one correct answer to each question.
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1.
When you are reporting a lost debit card, the bank must be notified in writing.
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.
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.
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.
4.
What is the interest rate on purchases made with debit cards?
0%. Debit cards do not charge interest rates on purchases.
5.
The safest place to store your debit cards PIN is _______.
In your mind. Putting it in a physical location can make it vulnerable to theft.