Managing debit cards closely avoids future issues

Scrutiny of lobbyists is similar to what should be applied to our debit cards.

10:26 08 June 2013

 

Scrutiny of lobbyist groups continues in recent news, reminding the public that they should keep a watchful eye on things of that nature. This shouldn’t come as surprising news since other things we manage on a day to day basis also require close and nearly constant scrutiny. Debit cards, for instance, also require constant monitoring.

 

• Unauthorized activity-we are used to online banking and may even check our account frequently, but we don’t always scrutinize our statements for any unusual or unauthorized activity. This is our first line of defence is something is amiss with our debit cards, so careful perusal of statements is always a good idea. 

 

• Fees-sometimes there are multiple fees involved with banking accounts, some of which apply to debit card use, or lack of debit card use. If you aren’t familiar with all the different policies of using debit cards for your bank, keep an eye out for any fees. 

 

• Rewards-some banking institutions may provide special rewards for those who use their debit cards frequently. There may be a point system which later may translate to purchasing power, or it could be a programme which offers discounts for certain items, or visiting particular vendors. 

 

• Generics-in addition to watching for anomalies with your debit cards, there’s the typical management of your funds status to avoid things such as overdraft fees, and to ensure that recurring payments come out when scheduled.

 

• Expiration dates-many of us don’t pay much attention to the expiration dates of our debit cards, even though we may often shop online using them. We usually assume that the bank will send us our replacement cards in a timely manner, but this isn’t always the case, and mail delays can also occur.

 

Check your expiration date once in a while to ensure that you know when to expect your replacement card. If it doesn’t arrive within a week of the expiration date, contact the bank to inform them and check status.