BANKING AFFAIRS

Detailed explanation-1: -You can’t use your debit card if your bank account is empty (unless you sign up for overdraft protection), but you can use a credit card. When you use a debit card, the money is automatically taken out of your checking account.

Detailed explanation-2: -Some banks and credit unions might let you sign up for “overdraft protection.” That means you can use your debit card even when you do not have enough money to pay for the things you are buying. But you might have to pay a fee to the bank.

Detailed explanation-3: -If your checking account is not enrolled in Debit Card Overdraft Service and you don’t have enough available money in your checking account or in accounts linked for Overdraft Protection, ATM and everyday (one-time) debit card transactions will be declined at the time of the transaction.

Detailed explanation-4: -A prepaid debit card is tied to a bank account you own but not issued by that bank. Instead, these cards need to be loaded with funds before they can be used. Most cards can be used the same way a regular debit card is used, but some have fees for various services.

Detailed explanation-5: -Don’t use your debit card when shopping online. A debit card links directly to a checking account, “you have potential vulnerability” if you have problems with a purchase or the card number gets hijacked. For the same reason, avoid using your debit card for phone orders.