Keep a check register with your Debit card to record purchases and deduct the amount from the balance after each purchase.
- When a charge is authorized, those funds immediately become unavailable, even if the merchant doesn’t take the funds from the account right away.
- Current pre-authorization holds can be viewed in Online Banking or the Mobile App.
- Never rely exclusively on the available balance when using a Debit card.
- Use 247 Online Banking or the Mobile App as a tool to help with balancing your accounts. Don’t rely on it for an actual balance as items may not have cleared.
- Always be cautious any time your account gets low on funds.
- Be extra cautious when setting up automatic payments with merchants, they may take the funds early.
Frequently Asked Questions about Debit Cards
When I’m in a store and I’m asked credit or debit what happens?
When you use your Newrizons Debit card for a Credit transaction, just sign your name for the purchase. The purchase amount will be taken from your checking or savings account when the merchant processes the transaction. The amount could be deducted from your account immediately, in a few hours, or days.
When you use your Newrizons Debit card for a Debit transaction, use your PIN (personal identification number). When you use a PIN, the amount of the purchase could be immediately deducted from your checking or savings account.
How can I get cash back?
When you’re at the store, use your Newrizons Debit card for a Debit transaction and ask for cash back. The amount available varies by merchant.
Go to any Great Northwest Federal Credit Union branch or Swanson’s Grocery Stores for free ATM transactions. Other ATMs charge additional fees to get cash from debit cards.
Are overdraft fees charged?
If there is not enough money in your “available” balance at the time of clearing, an overdraft fee will be charged for each transaction that attempts to clear. You are responsible for overdraft fees caused by automatic payments and/or merchant mistakes.
Did you know?
Like a credit card purchase, an authorization is processed and a pre-authorization hold is placed on the funds until the merchant processes your transaction.
Sometimes merchants put a pre-authorized hold for an amount more than the actual purchase amount – this often happens at gas stations, restaurants and hotels where the actual purchase amount is determined after the service has been provided (e.g., paying for gas at the pump).
Pre-authorization holds are placed on an account when you authorize a Debit card purchase as a debit or credit transaction. The amount of the hold is deducted from your account’s” available” balance but not from the “actual” balance until the merchant processes the transaction.
How does a Debit card transactions work?
Here’s an example:
If your account balance was $100 and you make a $80 purchase with your Newrizons Debit card, the merchants will put a $80 pre-authorization hold on your account. Your “available” balance will become $20 ($100-$80) and your “actual” balance will not reflect this transaction until it has cleared your account.
When the pre-authorization expires,
- the merchant immediately takes the purchase amount from your account
- the pre-authorized money temporarily re-appears in your account but only until the merchant takes the authorized purchase amount.
Keeping an eye on your “available” balance greatly reduces the possibility of starting an overdraft cycle.
What’s the difference between “available” and “actual” balances?
“Available” balance shows pre-authorization holds and is used to determine available funds when future transactions attempt to clear your account.
“Actual” balance is the balance that includes all items that have cleared the account up to that point but does not include outstanding purchases or ATM withdrawals.
Lost or Stolen Debit or Credit Card?
Losing or having Debit or VISA cards stolen can be very scary for anyone. Here’s what to do as soon as you discover you don’t have your card.
Step 1– Call Newrizons 360-533-4760 immediately. Always call Newrizons. Leave a message if we’re closed. We’ll get back to you the next business day.
Step 2- Contact the Police Department. If it was stolen, report the loss to the local police department to best protect you from fraud. Record the case number and the name of the officer who took your report. We may need this information later if additional charges are made against your account.
Step 3– Order a New Card. Newrizons will open a new account or simply order new cards with different numbers for you whichever is the best to protect you.
Find out the answers to some of the most frequently asked questions!