How to fix de­clined bank card is­sues

The Punch - - BANKING PERSONAL - Source: fi­nan­cial­

HAV­ING your debit card de­clined can be one of those em­bar­rass­ing and frus­trat­ing events that many won’t want to re­call.

We will look at the dif­fer­ent sce­nar­ios when your debit card can get de­clined and com­mon tips to avoid debit card de­clines.

There is no doubt that debit cards pro­vide one of the most con­ve­nient ways of mak­ing pur­chases at any point of sale. Un­like credit cards, us­ing debit card in­curs no in­ter­est pay­ments.

How­ever, just like when us­ing credit cards, some­times the mer­chant can de­cline your trans­ac­tion when you swipe your card. Rea­sons why your debit card de­clined

Let us look at the most prob­a­ble rea­sons why your debit card can get de­clined, and how to fix a de­clined debit card.

In­suf­fi­cient funds: Not hav­ing suf­fi­cient funds in the ac­count is one of the most com­mon rea­sons why your debit card can get de­clined. If you do not keep con­sis­tent track of your spend­ing, you may run out of cash and not be aware of it.

Nonethe­less, you may still be able to pro­ceed with the trans­ac­tion if you have over­draft pro­tec­tion. Over­draft pro­tec­tion en­sures that your trans­ac­tions or with­drawals go through de­spite hav­ing less amount in your ac­count.

In some in­stances, you will have your debit card de­clined but charged. What is the rea­son? Well, in most cases, this rep­re­sents a pend­ing au­tho­ri­sa­tion.

It means that there is an un­pro­cessed pay­ment and the pend­ing charge will dis­ap­pear af­ter the pay­ment is pro­cessed.

Use an app like Trim to help you au­to­mat­i­cally trim ex­penses like your cable bill, sub­scrip­tion ser­vices, util­i­ties and more. It’s com­pletely free and will help you save more money each month.

How to fix it:

Keep­ing track of your bank bal­ances is the best way to fix an in­suf­fi­cient bal­ance is­sue. Find quick ways to get up to date with the cur­rent bal­ances af­ter ev­ery trans­ac­tion through mo­bile or on­line bank­ing.

If your fi­nan­cial in­sti­tu­tion has a mo­bile app, then you can down­load it on your smart­phone. This can help you to quickly check your bal­ance when shop­ping and know what you can be able to pay with your debit card.

Also, you can make sure that you al­ways have money in your ac­count by us­ing apps to man­age your per­sonal fi­nances.

Mul­ti­ple in­cor­rect PIN en­tries: Do you know your debit card PIN off the head? A PIN is a 4-digit num­ber that is usu­ally added as an ex­tra se­cu­rity fea­ture. When you have your debit card de­clined, but money in the bank is enough to com­plete the trans­ac­tion, in­cor­rect PIN might be the rea­son.

The PIN helps to en­sure the per­son us­ing the debit card is the real owner of the check­ing ac­count. And, if you have not mem­o­rized your pin num­ber, you may end mak­ing wrong PIN en­tries.

When you en­ter the wrong PIN mul­ti­ple times, the card provider may block the card. This is be­cause en­ter­ing the PIN in­cor­rectly mul­ti­ple times sends the card is­suer a fraud alert.

The card provider then blocks it if they sus­pect that your card has been stolen or is with an unau­tho­rized per­son.

How to fix it:

Mem­o­rise the PIN to avoid en­ter­ing the wrong one or mak­ing wrong mul­ti­ple en­tries. If you have more than one ac­count linked to that spe­cific card, mem­o­rise each PIN and avoid con­fus­ing them.

Never write down the PIN on the card or keep it to­gether with your card in your wal­let. This could make it eas­ier for a mug­ger to ac­cess your ac­count if they steal your wal­let.

If you have for­got­ten your PIN, you can con­tact your card is­suer to re­set it.

You have reached your daily with­drawal limit

Most fi­nan­cial in­sti­tu­tions have im­posed a 24 hours with­drawal limit on their cus­tomers’ ac­counts. This helps to pro­tect the cus­tomer’s funds from fraud­u­lent ac­tiv­i­ties.

Some­times your debit card may be de­clined be­cause you have reached your daily with­drawal lim­its.

How to fix it:

You can fa­mil­iarise your­self with the daily with­drawal lim­its on your ac­count. If you plan to make huge pur­chases or with­drawals, you can talk with your card provider to ex­tend the daily limit.

If you in­form your bank ahead of time, they may al­low you to trans­act be­yond your lim­its.

The card has Ex­pired: Debit cards have ex­piry dates. If you trans­act with an ex­pired card, it won’t be ac­cepted when mak­ing pur­chases or ATM with­drawals.

For in­stance, so many peo­ple flock the In­ter­net with ques­tions on why they got their debit card de­clined.

And, although peo­ple may think of all the other pos­si­bil­i­ties, the card’s ex­piry date does not nor­mally click in their minds.

It is never in the first list of pos­si­bil­i­ties.

How to fix it:

Keep track of your card ex­piry date. When you are aware of the date the card is due, you can re­quest a re­place­ment from your card provider in time. You will not lose ac­cess to your ac­count, and your card won’t get de­clined if it has not ex­pired.

De­stroy all the old cards af­ter re­place­ment be­cause they may still con­tain some per­sonal in­for­ma­tion that can be mis­used by unau­tho­rised peo­ple.

The in­for­ma­tion you have en­tered does not match your per­sonal de­tails

En­ter­ing any in­for­ma­tion in­cor­rectly when us­ing your debit card can make your card get de­clined. This mostly hap­pens when mak­ing on­line pur­chases. Most mer­chants re­quest you to en­ter some per­sonal de­tails, in­clud­ing the name on the card or your ad­dress.

If you have made any wrong en­try or have sub­mit­ted the wrong in­for­ma­tion, then your pur­chase won’t go through. When shop­ping on­line, you may be re­quired to en­ter your zip code.

How to fix it:

Al­ways en­sure that the in­for­ma­tion you have en­tered matches what is on the card or what the bank recog­nises be­fore hit­ting the sub­mit but­ton.

If you re­lo­cate or any in­for­ma­tion about your changes, make sure that you up­date the in­for­ma­tion on your fi­nan­cial ac­counts. Your bank was sus­pi­cious of the trans­ac­tion

When is­su­ing debit cards, most fi­nan­cial in­sti­tu­tions have a clause where you agree that they re­serve the right to de­cline any trans­ac­tion if they no­tice any­thing sus­pi­cious. Some­times that can in­clude spend­ing more than nor­mal.

Such a se­cu­rity fea­ture could cause de­lay, but this keeps you safe in case your debit card ends up with some­one who wants to steal from you.

•L-R: Head, Odua Group Hu­man Re­sources, Dr Mo­rakinyo Oloyede; rep­re­sen­ta­tive of Man­ag­ing Di­rec­tor, Odua In­vest­ment Limited, Mr Bim­bola Alagbe; Chair­man, West­ern Ho­tels Limited, Al­haji Ganiyu Liadi; Direc­tors, Mrs Fun­mi­layo Fiddi and Mr Baba­jide Oye­bola, dur­ing the 24th An­nual Gen­eral Meet­ing of West­ern Ho­tels Limited in Ibadan­cently. Photo: Odua In­vest­ment Limited

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