12 Basic Things You Should Know About Debit Cards


Debit cards are a common consumer tool – and their popularity makes them a target of thieves seeking access to a victim’s bank account.

To help you understand how a debit card may impact your finances, how to safely use a debit card – and assist you in thwarting thieves seeking to steal your money, Victory State Bank is highlighting 12 basic things you should know about debit cards:



1)      You can use a debit card and personal identification number (PIN) to withdraw cash from an automated teller machine (ATM), make deposits, or transfer funds between accounts.


2)      Some ATMs charge a fee if you are not a member of the bank’s ATM network.


3)      Retail purchases can also be made with a debit card.


4)      Be cautious about using your card online, if your card will be out of your sight (sit down restaurants), places where the final amount is uncertain (hotels), or where the card slot could have been tampered with (self-pay kiosks).


5)      Although a debit card looks like a credit card, the money for the purchase is transferred immediately from your bank account to the store’s or service provider’s account.


6)      Federal law does not allow you to stop payment on debit card purchase.


7)      Be suspicious of “shoulder surfers,” people who lurk around while you are using your debit card at an ATM or point of sale machine. If you suspect criminal activity, stop your transaction and walk away.


8)      If you suspect your debit card has been lost or stolen, call the card issuer immediately.

       Your liability for unauthorized use of your ATM or debit card will vary, depending on how quickly you report the loss.


9)      If you report a debit card missing before it is used, you are not responsible for any unauthorized withdrawals.


10)   Your liability is limited to $50 if you report the loss within two business days after you realize your debit card is missing. It increases to $500 if you report the loss between two and 60 days.


11)   If you have not reported an unauthorized use of a debit or ATM card within 60 days after the statement documenting the unauthorized use, you could lose all of the money in your bank account and the unused portion of your line of credit established for overdrafts.


12)   Sign up for text message or email alerts each time your debit card is used, so that you can know immediately if it has been used fraudulently. Check the policies of your card issuer; some offer more generous protections from fraud.

      SOURCE: USAGov’s “Consumer Action Handbook”




VSB Bancorp, Inc. (OTCQX: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island, including the main office in the community of Great Kills and branches in West Brighton, St. George, Dongan Hills and Rosebank.

A planned sixth branch, to be situated in Meiers Corners, has received both regulatory and building department approvals.

For additional information, Victory State Bank may be reached at 718-979-1100, or visited online at www.VictoryStateBank.com.

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