![]() ![]() 3Ĭhime is a financial technology company, not a bank. As an added Chime security feature, you’re protected by the Visa Zero Liability Policy. You’re also protected by the Electronic Funds Transfer Act, which limits how much you’re liable for if your card is used without your permission. But if your debit card is lost or stolen – or your data is breached via card skimming – you can tap into some helpful security features to protect your money.įor example, you can lock and unlock your Chime debit card in the app and get real-time transaction alerts every time the card is used. If you lose cash, it’s usually gone for good. Just make sure you know which ATMs are in your network and be aware of any fees.Ĭhime debit cards let you withdraw funds from more than 60,000 fee-free ATMs. This allows you to take out cash, make deposits, and check account details on the go. Your debit card provides free or low-cost ATM access. Chime has a built-in P2P payment feature called Pay Anyone. Chime supports multiple mobile payment apps, including Apple Pay™, Google Pay™, and Samsung Pay.ĭebit cards also make it easier to pay friends and family through peer-to-peer (P2P) payment apps like Venmo and Cash App. You can add your debit card to a digital wallet and use your smartphone to make purchases if the merchant accepts mobile payments. When using a debit card online, you’ll enter your card number, CVV (the security code), and other details, like the card’s expiration date and your ZIP code, to complete the transaction.Sometimes, you’ll need to enter a PIN or provide a signature. When using a debit card in person, you’ll swipe, tap, or insert the card.You can use debit cards in person and online: Let’s break down how debit cards work a bit further: In-person and online transactions Once your card’s payment network contacts your banking provider, your bank will place a hold on your account to reserve the money until it clears. Chime uses Visa®, but other popular options include Mastercard, Discover, and American Express. That communication happens through your card’s payment network. When you swipe your card or enter it online, you tell the merchant to deduct the total amount from your checking account. Your spending limit is based on your available funds. But with a debit card, the money comes directly from your bank account. Like cash, checks, and credit cards, debit cards let you make payments. But be careful: Prepaid debit cards often come with many fees. Prepaid debit cards: Prepaid debit cards are not tied to a checking account, making them a helpful solution for people without bank accounts.Most credit cards have “zero fraud liability,” which means that, no matter the size of a fraudulent payment, you won’t be accountable for any portion of the charges. Fraud protection: Debit cards have decent fraud protection under the Electronic Fund Transfer Act, but credit cards have even better protection. ![]() If your bank allows overdrafting, you may still be able to complete the transaction, though there may be fees involved. If you try to spend more, the card may be declined (and you may be charged a non-sufficient funds fee). Checking account: Debit cards are tied to your checking account – you can only spend the money you have.(Just make sure it’s not easy for criminals to guess, like your birthday or 1234.) You’ll enter your PIN when making purchases to approve the transaction to add security to your account. PIN: Your debit card will come with a random personal identification number (PIN) when you receive it, but you can change the PIN to a number you’ll remember. ![]()
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