Tuesday, October 20, 2009

Interac and Credit card mistakes

Although banks set daily debit limits, one of the biggest mistakes consumers make when they are paying for a transaction by debit is not double checking the amount that has been inputted by the merchant, to make sure it is correct. I've personally had the experience of almost debiting the amount of $5008 for a $50.08 purchase (it would not have gone through because my daily debit limit is $1000.) I noticed before I continued on with the purchase transaction and it was cancelled. Consumers have to be wary and vigilant.  Most consumers would only notice the large amounts like my $5008 and would probably think well what's a penny here or there? But a penny here and a penny there adds up, and besides, it is your money. Why pay more for something you don't have to?

Credit card purchases are also another opportunity for merchants to make mistakes when inputting your tab. Before signing for your purchase, ensure the purchase amount is correct. With a credit card, after signing, you are declaring that the amount is correct. If an error cannot be rectified with the store, then it should be corrected with the credit card company. You will have to provide proof of the error.

Noticing these mistakes before you complete your transaction will not only save you money it will save you time and energy. Keep any eye out, pay attention and you will experience less headaches and annoyances on your next shopping trip.

Happy Shopping!!

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