Get to know your debit card

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By Alicia Barron By Alicia Barron

PHOENIX - There are many secrets about your debit card you probably don't know.

Debit cards vary from bank to bank so depending on your financial institution, some cards have different rules and protections.

With that in mind, here are some things you may not have known about your debit card.

According to www.bankrate.com, debit cards do more than make buying a little easier. They can also help you find lost receipts.

Some banks offer a service that will research your purchase and email you a receipt. Not all banks do it, but it's something you might want to check out if that receipt is really important.

Secondly, debit cards usually put you on a daily spending limit.

This limit does not include how much you withdraw from an ATM, but how much you can spend in one day.  Once you hit the limit, you can't buy anything else.
  
Debit cards also like routine. If you deviate from normal patterns, your card may not work.

For example, if most of your shopping is usually in Arizona and you suddenly buy something in Washington, the transaction may not go through.

Don't forget, debit cards are also slow. This means your balance may be smaller than it really is because debit transactions take up to three days to come out of your account, so be careful.

Finally, it could drain your savings. Most savings accounts are connected to your debit card for overdraft protection.

However, this could be a problem if someone steals your card and runs up enough transactions to wipe out your savings.
 
If you would rather ditch your debit card and go back to your regular ATM card, you still have that option.

Most folks don't know it, but many banks will allow you to do that in order to avoid some of the pitfalls.