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Basics Beginner: Introduction to Debit Cards

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1.
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.
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?
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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.
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.
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.
5.
If you opt out of overdraft protection on a debit card, what will happen if you try to make a purchase when there is not enough money in your account to cover it?
Choose wisely. There is only one correct answer.
The purchase will be declined. You will not be able to follow through with it.