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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.
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Need not sign. The PIN works in lieu of a signature.
2.
What is the interest rate on purchases made with debit cards?
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0%. Debit cards do not charge interest rates on purchases.
3.
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.
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True. The law provides some protections for those who report early.
4.
Which of the following are some fees that debit cards charge?
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All of the above. Fees vary according to the card, and some cards have additional fees.
5.
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?
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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.