Can using a debit card be safer than writing checks?
Debit cards offer consumers who prefer not making purchases on credit, greater convenience and safety when compared with paying by check.
Convenience
Debit cards are simple to use, easy to carry and allow faster transactions. Using a debit card is the same as paying with cash because the money comes directly from your checking account. You can also use your debit card to get cash quickly by swiping your card at a store register or using at an ATM. Debit cards are great for online purchases too.
Paying by check is time-consuming because you must write one out for each transaction. In addition, checks often require some form of identification and are not accepted everywhere. A complete history of your debit card transactions will be on your statement including, the date, where you shopped, and the amount.
Security
There are numerous opportunities for security threats when using checks. This is because checks must pass through many hands before they are safely deposited into accounts. Think about what information is on a your checks: full name, address, name of financial institution, account number, the banks routing number, maybe even your driver’s license number. On some checks it can even include your SSN if it is also used as your account number. With all that important information a thief can do a lot of damage. Fraudsters may actually take your information and create their own electronic check to grab funds straight from your account.
Your debit card on the other hand has only your name and card number and contains a secure PIN number. If this gets stolen, it is much easier to file a report and track fraudulent charges. Your debit card is also monitored to detect fraud and can be put on hold if you have suspicious charges. The best part is your debit card protects you from loss. If your card is used in a fraud you will are not responsible for any charges.
Saves you money
Using your debit card is a great way to keep records of your charges. Transactions on your debit card are automatically deducted from your account so you always know exactly how much money you have available. You need to have sufficient funds in your account to use your debit card. With a check, these transactions can take days increasing your chance of overdrafting and getting charged fees.
Checks cost money and you have to remember to order more before you run out. With a debit card you don’t have these issues unless it is lost or stolen.
