ATM cards have become pretty common nowadays. However, not everyone knows everything that they have to offer. Here are some hidden secrets about the ATM card that you probably did not know about.
1.It may have fraud and theft protection
ATM cards are at very high risk of getting stolen and even more at risk of having someone else use them for their own gains. Therefore, some banks do offer theft and fraud protection against your ATM card.
2. It can help find receipts
There is a little-known feature which some banks offer to ATM card holders, such as the debit card holder where the holder can get his or her old lost receipts back. All the cardholder has to do is to ask the bank for the receipt and the bank will research and email that receipt to you.
3. It has a daily spending limit
This is a feature which may be a problem as you may not get the money immediately when you need it. However, you can plan ahead for your spending by simply spending a certain amount each day.
4. May get cut off if unusual usage found
This is perhaps the greatest hidden secret about an ATM card. It is especially great because if your card is stolen, the person who is using the huge amounts of money will not be able to use it anymore. This is also rarely done so it does not create too many problems with its inactivity for you.
5. Money exits your account quickly
This is an advantage with ATM cards. Any withdrawals you make from your account will quickly be registered. Therefore, you will be aware of the money that exits the account, and how much balance remains.
6. Linked to savings account
Sometimes a checking account will be linked to your savings account but this is actually a disadvantage as sometimes when the two are linked, someone can drain both accounts if they get the card without the owner’s consent.
These are just some of the advantages and disadvantages of ATM cards that you may not be aware of. It is crucial that you have all the knowledge before taking an ATM card as opposed to a credit card as your circumstances may warrant a feature which may actually not be available and this is important for you.