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Basics Beginner: Introduction to Debit Cards

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1.
When you are reporting a lost debit card, the bank must be notified in writing.
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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.
Which currently offers more protection to you in the event of unauthorized use due to fraud?
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A credit card. Between the two types of cards, credit cards offer better protection.
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.
When you use a debit card, funds are _______.
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Taken out of an account of yours. In accounting talk, those funds are debited.
5.
When using a debit card to pay for a medical expense out of a flexible spending account, remember that _______.
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Some expenses are eligible and some are not. If you purchase something that is not eligible, you will lose your income tax deferral for that amount of money and will have to pay it back.