Choose wisely. There is only one correct answer to each question.
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1.
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.
2.
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.
3.
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.
4.
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.
5.
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.