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Financial Peace of Mind - Part 18

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Shopping online with your Debit card:
I have said many times that you need to get rid of your credit cards; however shopping online with plastic is something that you need to be careful doing. Credit cards give you the added theft protection that may not be available with your debit card, check with your financial institution and clarify what protections you have when using your debit card online.

You must be careful that the person you are doing business with does not have the ability to withdrawal large sums of money from your bank account because he/she has access to your debit card information and you have no protection against lose of funds.

And as if were not enough… just think what could happen if someone emptied your account and then the scheduled payments that you made started to come out. Now you are looking and overdraft fees & potential late payment fees on items not covered.

The above situation just supports another reason why you must establish your $1,000 emergency fund and keep those funds separate from all other monies.

I use my debit card on a regular basis but I also log on to my financial institutions web site and check my account just as often. My back even offers a free service where you can text a certain number and they will text back your current balance and your last five transactions.

Feel free to send me a PM if you have questions or you can add them to the comments section if you feel others can benefit from the discussion.
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