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Debit Card Charges
One of the increasingly popular fads these days is the use of debit cards to make all transactions that are carried out without the use of or with little use of paper. This is something banks and other financial institutions have encouraged. With the increased awareness of the use of paper and plastic as mode of transactions including using money notes, the use of debit cards are something that is seeing a rapid rise in all financial aspects. But the use of debit cards is not without its own rack of drawbacks. One of the common notion is using one is any day better than using a credit card. When one uses a credit card, the credit is paid for by the bank or the service provider. But when it comes to the use of debit cards, the money is taken from one's own current or savings account. Debit cards too have its charges implied. Depending on the ATM at which it is used to the number of times one used the facility in a day, the charges could be none to some. Lately one of the changes which were made in the Indian RBI rules was to allow all savings account holders to use the ATM banking facility irrespective of the bank. But after encountering problems they withdrew this and got people to abstain from doing this practice freely as there was widespread misuse of this feature. Other reasons when the charges for debit cards come into effect is for increasing the allowed number of transactions per day which in effect could affect the usage allowed per month. If the minimum balance which is specified by the banking partners are not maintained, then too the debit card charges are levied and the bearer will have to take responsibility for the same. Many a times the users of debit cards are not monitored. This will lead to unaccounted transactions which will cause future concerns when it comes to checking of the account which should be done regularly by the account and the debit card holder. Debit card charges are a necessary evil in keeping a check on the misuse of the facility and also when it comes to having to deal with many transactions. But this problem can be solved by maintaining a higher minimum balance in one's bank account. Usage of the debit cards to make purchases in the digital world is usually advised against. As the safety concern is primary here. Also, many merchants levy debit card charges when it comes to transactions. This may not be so when it comes to the use of credit cards.
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