Debit Cards – also known as Check Cards, are an effective tool in helping consumers better manage their money.

Because you can generally use debit cards at malls, supermarkets, restaurants, gas stations, online – anywhere most credit cards are accepted, debit cards are a convenient way of paying for everyday items without running up your debt. For those DMB clients looking for alternatives to credit cards, which are a “buy-now, pay-later” tool, a debit card draws funds directly from your checking account. As a result, there’s no credit involved, no interest charged, no burgeoning debt, and all of your purchases appear on your checking statement so you can easily track your spending. Additionally, since debit cards use your money and don’t affect your credit, they’re often easier to get than credit cards.

Here are eight tips that debit card users should be aware of to get the most out of their cards:

1. Know what type of debit card you have – and ask your bank whether you have a choice. Some consumers have complained that unknowingly, their bank changed their ATM cards to debit cards, which do not require personal identification numbers (PIN).
2. Always protect your debit card and keep it in a safe place, just as you would cash, credit cards or checks.
3. If your card is lost or stolen, or you suspect it is being used fraudulently, report it to your bank immediately. This reduces your liability if fraud losses occur.
4. Hold on to receipts from your debit transactions. Don’t throw them in public trash cans or even in your own trash without first shredding them. Criminals have been known to “dumpster-dive” searching for documents that have account numbers and other personal information.
5. Memorize your PIN, and do not write it on your card. Additionally, don’t choose a PIN a smart thief could figure out, such as numbers corresponding to your birth date or your phone number. And finally, n>ever give your PIN to anyone.
6. Always know how much money you have in your account and review bank statements carefully. Don’t forget that your debit card may allow you to access money that you have set aside to cover a check that has not yet cleared your bank.
7. Keep your receipts in one place for easy retrieval and better oversight of your account.
8. Never give your debit card number over the phone unless you initiated the call and are certain that the recipient is legitimate.

These eight simple, yet important tips could mean the difference between financial misfortune and success. A little financial discipline can go a long way!

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