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Basics Beginner: Introduction to Debit Cards

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1.
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.
2.
You should review your debit card statements _______.
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As soon as they arrive. The earlier you catch any errors or suspicious charges, the less you will be liable for covering.
3.
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.
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.
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.