BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Opens your account to credit fraud
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Its small and convenient to use
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Allows you to carry less cash
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Allots for overspending
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Detailed explanation-1: -Here are some cons of debit cards: They have limited fraud protection. According to the Federal Trade Commission, if your debit card is stolen and you notify your bank within two days, you could be responsible for up to $50 of any fraudulent charges.
Detailed explanation-2: -Disadvantages of debit card There are certain disadvantages associated with using a debit card: No credit allowed: A debit card is linked to your bank account. There is no possibility of making any transaction on credit. All transactions and withdrawals are limited to the balance available in your account.
Detailed explanation-3: -Service of providing 45 days credit is given to the card holder is not a salient feature of debit card.
Detailed explanation-4: -No debt. One of the positive things about using a debit card is that you won’t have to go into debt. With this type of card, you will only be allowed to spend according to the amount of money that you have in your account and that’s it. If you run out of money, your spending will have to stop immediately.