For many people, debit cards are the perfect plastic. They offer most of the conveniences of credit cards with no risk of accumulating debt. But like credit cards, debit cards are vulnerable to rip-off artists. Here's how debit fraud happens and how to protect yourself.
Personal Banking Resources Education
Americans report billions of dollars in credit and debit card fraud each year. A new technology using microprocessors called EMV chips could help curb future losses. Here's what you need to know about EMV cards.
As routine financial tasks move online, you may have fallen out of the habit of banking at a branch office. If so, receiving a paper check can be a hassle, requiring a special trip just to deposit it. Thankfully, mobile depositing is now widely offered by banks and credit unions, allowing you to put that refund from the cable company or birthday check from your uncle into your account without having to go to a branch in person.
Banks across the country are issuing new credit and debit cards with an embedded computer chip—a small, metallic square on the front of the payment card—in an ongoing effort to protect their customers and reduce fraud. The advanced security of the chip card will make it extremely difficult for fraudsters to counterfeit or copy the card.
Joint bank accounts are often viewed as an easy way to give financial caregivers the ability to manage money on behalf of older adults. In some cases, they are used so the co-signee inherits the funds upon death of the primary account holder. However, both parties rarely understand the risks associated with joint accounts or the alternatives available to them.
The majority of Americans—61 percent—pay nothing at all for bank services such as checking account maintenance and ATM access, according to a recent survey by the American Bankers Association. Most bank customers (72 percent) spend $3 or less in monthly fees—less than the cost of a gallon of milk.