The hidden cost of using a debit card 💳
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- Опубліковано 19 жов 2022
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If you don’t have enough money on your debit card to purchase something, the purchase will still go through. The bank covers it for you, and instead you have to pay a $30 overdraft fee. Usually, if you call the bank and let them know they can waive that fee for you!
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Funny how I'm being taught the EXACT opposite in my financial math class currently.
Misinformation like I’ve never seen it before I love it
Most debit card accounts typically have optional overdraft, dont forget to mention that.
Credit cards get declined...? But... what about negative bal...BRO YOU SAID THE COMPLETE OPPOSITE!
🤨 it's literally the opposite. Most debit cards decline and credit just run to ur credit limit. Also they have NEVER waved the fee for anyone I know
Hum isn't that the opposite wtf
Overdraft is optional so if you aren't using it, the card will just decline if you don't have enough money.
Use debit cards when you’re teaching your child to be mindful of money. Use credit cards when you’re an adult.
Me: buys a lambo when i have 2 cents in my account
Credit cards crying as their use has been forgotten
I was so confused on why the debit card was the one going through when it should’ve been the credit card going through but the overdraft cleared it up
Mine is the opposite if i pay the amount that is more than what my account hold, its gonna refuse it
I believe most debit cards in the US are a fusion element that work like a credit card to the bank. In my country, which is located in Europe, banks typically offer three categories: exclusively credit, with an applied limit, where the card holder pays back the bank with their checking account; 'hybrid?' cards where you own the money deposited on the card, but the bank can cover up to say €100 so you are not leaving empty handed from the store; and exclusively debit cards that WILL get declined if the funds do not cover the amount.
You can actually make the choice when opening a checking account so it won’t go through if you buy somthing that cost more that what you have in the bank
Is this only in America because ive had debit cards decline many times
In my country it's the opposite. Debit cards are used to pay with the money from your account and by credit cards you just borrow money from the bank and then pay it off.
In Ukraine, credit cards can usually have personal funds alongside credit limit.
Yea it's the complete opposite
Fun fact if you use an online back like current or upgrade you wont get charged, lots of the time they wont let it go negative, also some have overdraft protection