But I'd like to answer the question here, too, since Google seems to think more of this blog, ranking-wise, than some other spots on my site.
Yes, Your Debit Card Has a Daily Spending Limit!
Or, at least, it's very, very likely that it does. The amount of the limit varies from bank to bank, or from credit union to credit union. Sometimes it's $500. Other times it's $2,500. Or more.
What this means is that even if your checking account balance is $10,500, if your bank's debit-card daily purchase limit is $1,000, then your $1,025 nuclear-powered GPS navigation and automobile missile-defense system purchase at Best Buy isn't going to go through. You'll be left standing at the register, dazed, confused, and GPS-less.
So if you aren't sure what your bank's daily purchase limit is for their debit cards, you might want to call them and find out. It could save you a fair amount of hassle down the road. It's also worth knowing whether this is something that, in a pinch, they could override with a phone call.
And oh yes — be sure to inquire how long such an override would take. (In my experience, it takes about 3-5 minutes for the override to kick in with the Visa/Mastercard system. But I've heard a few banks tell customers that they'll have to wait 'til the next business day to make use of a temporary higher limit.)
Labels: Banking, Credit Cards, Debit Cards
