New Law: You Must Opt In For Atm And Debit Card Transactions
Prior to 2010, many banks and financial institutions automatically enrolled their customers in overdraft protection programs. Often you had to affirmatively say “no” in order to end the coverage. That changed in mid-2010. Now, if you want overdraft protection for standard debt and ATM transactions, you must affirmatively opt into the program.
These rules don’t apply to writing checks or automatic bill payments. If you don’t want overdraft protection for writing checks with insufficient funds or automatic bill payments, talk to your bank.
How Can You Avoid Overdraft Fees
Though you cannot overdraft savings accounts or credit cards, its beneficial to be careful with your checking account, so you avoid overdraft fees. A few ways you can elude overdraft fees include:
- Opting out of overdraft protection
- Enabling low-balance alerts, so you know when you are at risk of overdrawing your account
- Linking your checking account to your savings as a backup.
You can also use financial apps to manage your various accounts and keep a watchful eye on your financial situation. If you have a low balance with no choice but to pay a necessary expense, then Earnin allows you to access up to $100 per day from your paycheck before the typically scheduled date without taking out a loan. Likewise, Mint is helpful for budgeting, and Peak can help you visualize your financial goals.
Youre not alone if youre worried about overdrafting, but rest assured, you cannot overdraft a credit card or savings account.
This article originally appeared on Earnin.
Please note, the material collected in this blog is for informational purposes only and is not intended to be relied upon as or construed as advice regarding any specific circumstances. Nor is it an endorsement of any organization or Services.
Protect Your Card Information
U.S Bank will not ask for sensitive account information such as your PIN, password, or account number via e-mail, phone, or text message. Beware of e-mail scams that try to steal your personal banking information by claiming there are problems with your unemployment payment, with your debit card, or with your account.
If you receive a phone call, e-mail or text asking for any such information, forward the note to and then delete the message. If you believe you may have accidentally shared your information, or if you have questions about your debit card, call U.S. Bank ReliaCard customer service at 800-657-6343.
For more information regarding schemes that target debit card users, or to learn how to recognize common scams and what you can do to avoid them, visit:
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Using Your Dua Debit Mastercard
After you receive your DUA Debit MasterCard®, you must activate it immediately by doing the following:
- Visit the online activation page. Your initial username for online activation is the last 6 digits of your DUA debit card number.
- When prompted, create a 4 digit Personal Identification Number to use at ATMs
- Sign the back of your card as soon as you activate it
- Your debit card is valid for 3 years after activation. Keep it in a secure location even after you stop claiming benefits. If you need to reopen or file a new claim, your benefits will be deposited on the same card.
What Does Your Overdraft Say About Your Finances
If you commonly incur overdrafts, it may be an indicator of poor financial health. Bank overdraft protection services are designed to help people cover their expenses in special circumstances. Every now and then, finances get tight and thats okay. But if youre using overdraft protection services all the time, you are likely spending more than you can afford on a regular basis.
If you are using bank overdraft protection services frequently, there are ways to break the cycle and prevent a downward spiral into debt. The best thing you can do is keep track of your finances by budgeting and frequently reviewing your bank balances. This way you can ensure you have money in your account when you know a withdrawal will be occurring soon. Sometimes people incur overdrafts often because of a serious financial issue that is being ignored. If this is you, consider seeking professional help to get out of debt.
It is important to handle issues with frequent overdrafts sooner rather than later. Your current financial decisions could be impacting your financial health in the future. By getting your finances on track today, you will have better finances tomorrow.
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What Is Overdraft Protection
If youve ever had a transaction declined while in public, you know how mortifying that can be. Adding overdraft protection to your account might help you avoid embarrassment or give you the added sense of security in case your account runs short. Instead of your transaction being denied due to lack of funds, your bank will cover the cost. However, although this might sound ideal, long-term you could end up paying a slew of costly fees.
Early Debits Of Scheduled Payments
Gym memberships, insurance payments, even medical bills can be scheduled for automatic payment from your bank account. You usually get to choose the date for the withdrawal. However, each of these payments can be claimed up to 4 days early! If you were counting on your mid-month paycheck, and a holiday is coming up, you can expect those draft payments to go through BEFORE your paycheck comes in. This, of course, can overdraw your account.
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When You Will Receive The Card
If you are eligible, we will issue your first payment approximately four weeks after you apply for benefits. You should receive your ReliaCard in the mail within 10 business days after we send your first payment to U.S. Bank. After the first payment, you should receive payment on your ReliaCard account within two business days after we process your payment requests.
If you qualify for unemployment benefits, you will receive a ReliaCard if:
- You do not sign up for direct deposit or you selected debit card as your payment option, or
- You signed up for payment by direct deposit, but there was a problem verifying your bank account information.
Go to Changing Your Payment Option to change how you receive your benefit payments.
Lost Stolen Or Damaged Card
To request a replacement card, call ReliaCard customer service at 800-657-6343. If your card is lost or stolen, be sure to call immediately to prevent unauthorized charges. Your new card should arrive within 10 business days. You may request an expedited card, which should arrive within 2-3 business days. The cost to expedite card delivery is $12.50. Normal card replacement is free.
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Debit Card Tracking Link
Waiting on your new ReliaCard®? You can track the status of your ReliaCard® using U.S. Banks Check My Card Status. Use Card Tracker to:
- Find out if your card is in production
- Find out if it has been mailed
- View the date your card was mailed
- Find out if U.S. Bank has received the enrollment request from TWC.
To use Card Tracker, select the Card Tracker icon on U.S. Banks ReliaCard website: www.usbankreliacard.com. On the Check My Card Status page, select Texas Workforce Commission from the Select your Program drop-down menu, enter your date of birth and Social Security number in the marked fields, then select submit. Card Tracker is available on U.S. Banks website and on the mobile app.
U.S. Bank will also email you when they create your account to let you know they will be mailing your card soon IF your email address is on file with TWC. Make sure to update your contact information with TWC to include your email address if you want U.S. Bank to notify you about your new card.
Overdraft Protection Transfer Fees
When the overdraft protection transfer is made from a linked deposit account , there is no fee. For most U.S. Bank checking accounts, this fee is no more than $12.50 if the transfers are made from a linked U.S. Bank credit account .
Ways to reduce or avoid overdraft protection transfer fees:
- Set up account alerts and receive email or text messages when your balance is low or when payments are due.
- Monitor your account and transfer funds into your checking account on your own before an overdraft occurs.
- Explore your checking account options by visiting your local U.S. Bank branch or by calling 800-USBANKS.
- Download the U.S. Bank Mobile App to your mobile device.
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Whats The Difference Between Overdraft Protection And Standard Overdraft Coverage
Overdraft protection lets you link accounts so you can transfer funds to your checking account if a check, debit card or ATM transaction exceeds the available balance in your account.
The term standard overdraft coverage at U.S. Bank refers to how we will handle the transactions. If a transaction takes your accounts available balance below zero, we look to your standard overdraft coverage selections to decide how we will handle the transaction. U.S. Bank may authorize and pay overdrafts for these types of transactions for a fee:
- Checks and other transactions using your checking account number
- Automatic bill payments
- Recurring debit card transactions
We will not authorize and pay overdrafts for these types of transactions unless you say “yes” to ATM and debit card overdraft coverage:
- ATM transactions
- Debit card purchases
Each overdraft item we pay on your behalf will be subject to “Overdraft Paid Fees”. Please see your Consumer Pricing Information disclosure for more information.
How To Install Emerald Card H& r Block On Your Ios Device:
Tap on the GET button to the right of the app to start downloading it.
If you are not logged in to the iOS app store app, you will be due to your Apple ID and/or password.
After Emerald Card H& R Block is downloaded. Hence, you can see an INSTALL button to the right. Tap on it to start the actual setup of the iOS app.
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How To Avoid Overdrawing Your Debit Card
There are a few ways to prevent overdrawing funds on your debit card. First, you can prevent your account from allowing purchases to clear when your account has insufficient funds. Depending on the financial institution, this may be something you choose to opt in for.
Some lenders allow you to link one or more backup accounts to your debit card, and if the main account does not have enough money to pay for a transaction, the backup accounts will instead be used to cover the difference. This typically incurs a fee.
Similarly, you can have a line of credit backing your debit card. While you wont pay any fees on the transaction, you will likely have to pay interest on the overdraft difference. There is also likely a credit limit. For example, Capital One offers an overdraft credit line with a maximum limit of $1,000.
If you know your account will not cover the purchase, an alternative method is to use your debit card as a credit card. Generally, this means the transaction will not go through for two or three days, giving you enough time to add money to your account. As a bonus, you will likely benefit from more security measures than the typical debit card purchase.
Finally, keeping tabs on your account can help. You can create a personal budget or simply try to live frugally. You can also set up your account to text or email you when your funds drop below a certain amount.
Understand Your Bank’s Overdraft Fees
Most banks charge you a fee for each overdraft on your account, and some charge additional fees for each day your account is overdrafted. If you’ve bounced checks, then you may also have to pay returned check fees as well. Fees and policies vary across financial institutions, so be sure to contact yours to get an understanding of the fees they’re charging you. You’ll be responsible for paying any fees in addition to the negative balance on your account.
The average overdraft fee in the U.S. is around $30.
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Higher Risk Of Having Your Account Closed
If a consumer runs up multiple overdraft fees and ends up with a negative bank account balance, the bank will eventually close that account. Once your account is closed, it is much harder to get another account at a different bank.
According to the CFPB study, those with overdraft coverage are 2.5 times more likely than those who don’t opt into coverage to have their bank accounts closed due to negative balances.
Overview Of The Direct Express Card
The Direct ExpressÂ® card gives you the advantages of direct deposit even if you don’t have a bank account.
- It’s Safe: No need to carry large amounts of cash and no risk of lost or stolen checks.
- It’s Easy: Your money is automatically deposited to your card account on payment day each month. You won’t have to wait for the mail to arrive.
- It’s Convenient: You can make purchases anywhere Debit MasterCardÂ® is accepted and get cash back at retail locations, banks and credit unions, and ATMs throughout the world.
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International Use Of The Direct Express Card
Yes. You can use your Direct ExpressÂ® card outside the United States, wherever Debit MasterCardÂ® is accepted. See question 3.1 for information about fees that apply when you withdraw cash or use your card to make purchases outside the United States. The United States includes:
- All 50 states
- Puerto Rico
- US Virgin Islands
Surcharge fees may apply when using your card at an ATM outside the United States or in a location that does not offer a large Direct ExpressÂ® ATM network at this time .
Getting Cash From Unemployment Cards
You have three options for getting cash from your debit card. The first is to visit an ATM and withdraw your money using your PIN. The second is to bring your card to a bank and ask the teller to either transfer cash from your card to your bank account or give you the cash directly. The third option is to make a purchase at a store that offers cash-back at checkout.
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Will Netspend Cards Let You Overdraw Your Account
Netspend lets cardholders overdraw their accounts, but only if they have previously enrolled in its overdraft protection service. Otherwise, Netspend does not allow you to go over the amount authorized on your card.
Netspend cards are prepaid debit cards that allow cardholders to make purchases worldwide using the pre-funded money deposited into their accounts.
Beware Costly Overdraft Fees
Your debit card company will probably offer you an overdraft protection plan. That will allow you to make purchases for more than you have in your account, but youll owe the company for the part of the purchase it covered, PLUS a hefty overdraft fee. And you could be charged that fee several times in a single day, every time you make another purchase.
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Can You Overdraft A Debit Card Online
Similarly to swiping your card at a store, you can also overdraft your debit card when you make online purchases. Of course, the transaction will go through only if you opted-in for an overdraft protection program and the transaction amount is within your overdraft limit. In this case too, an overdraft fee of $35 will be charged for every time your card is processed.
There Is No Direct Express Overdraft
Second, If you have a traditional bank account and are used to debit card overdraft, you may be wondering if that applies to the Direct Express Card Account.
Unlike a checking account, the Direct Express card cannot be overdrawn in most cases.
If the card has insufficient funds, the payment will normally be denied.
However, it is possible to overdraw your account if you use your card to pay for gas at the pump.
That is why when buying gas with your Direct Express card, it is advisable to go inside the gas station to pay with the attendant.
There are no overdraft fees with the Direct Express Debit Card.
Also, you will NOT have to deal with insufficient funds or declined transaction fees.
In order to avoid the frustration or perhaps embarrassment of a declined transaction, you should sign up for alerts about low balances.
This is especially important if you plan to use the card to make automatic online payments, such as for regular utility bills.
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Request Your Money From A Bank Of America Branch
Walk yourself into any BofA branch and request the money.
Note: You will need to know the exact amount on the card, since BofA doesnt have this information.
I recommend that you ask for twenties in lieu of hundreds, because if you are handed a counterfeit $100 dollar bill, BofA will not reimburse you for your loss.