Through a Valleystar Credit Union debit card, you can enjoy more than simply a business tool, for instance, a convenient way of transacting. Nonetheless, as with any other financial product, there are various charges that you must know about. Learning these costs, and importantly how they can be avoided, is important in ensuring you utilise your account effectively and are not caught by surprise with some additional costs.
About this topic, we will discuss the associated costs of your Valleystar debit card, their payment and most importantly what you can do to stay away from the costs. Whenever you are buying groceries from Kroger, personal care products at the pharmacy, or doing payments online, this article will address all aspects of using a debit card efficiently.
What Are Debit Card Fees?
Let’s start with debit card fees and define them. In broad terms, these are transaction services that you would pay so as to use the debit card to swipe and make a purchase. They can be as general as a monthly fee of account maintenance to very specific ones such as ATM fees, overdraft fees and international fees to some extent.
Below are some of the common charges you may pay for a debit card;
- Monthly maintenance fees: As the name suggests, these fees are paid for the maintenance of the active account.
- ATM fees: If you withdraw money from ATMs other than those owned by Valleystar Credit Union, you may incur a charge for every transaction enacted.
- Overdraft fees: An overdraft fee may apply where your payment attempt or withdrawal request exceeds the available balance in your account.
- Foreign transaction fees: When abroad it’s not uncommon to pay a fee when using your debit card in addition to the fees that you pay for the service.
These charges should be put at the forefront as they will help in making sure that there are no surprise alterations. By controlling your expenditure and balance maintenance, most of them can be skipped entirely.
Common Debit Card Fees at Valleystar Credit Union
At Valleystar there are several charges which are associated with one or more debit cards. To mention just a few, take a look at these detailed explanations on some of the common ones.
1. Monthly Maintenance Fee
There are some accounts at Valleystar that will put up a fee on a monthly basis, unless of course a certain provision has been met. For example one is required to maintain a set minimum balance or an account has direct pay cheques. Such agreements should be perused at account opening to understand any chances of avoiding the charges. SimplyWise explains precisely where to go to see whether your account is eligible for not having a fee.
2. ATM Fees
Using an ATM even slightly away from the Valleystar network pays a price. To cut back on these charges, look for ATMs that either belong to the Valleystar Credit Union Identity Hoppers or their associated department shops. As an example, Kroger shops have ATMs in their shops which do not charge fees if you belong to specific networks.
3. Overdraft Fees
An overdraft, which Valleystar can protect against, is incurred when someone tries to withdraw more money than what they have. Breaching an overdraft limit comes with a penalty. Considering this, it is crucial to keep an eye on the remaining account balance and set up alerts via the Web and Mobile Banking Features. SimplyWise even suggests that a broader alert system should be considered in case of overdrafts, for example low balance alerts.
4. Foreign Transaction Fees
The use of a debit card when travelling outside does not come without its own fees. Other fees from Valleystar may be incurred if one makes a purchase or withdraws cash from ATMs in a different country. Always ensure that when going for an international trip, you check your debit card statements and know what these transactions will cost.
How to Avoid Debit Card Fees
The key to avoiding debit card fees lies in effective account management and wisely using the available options on offer. The following are a few tips that can help you maintain your account in a healthy condition and stay away from unnecessary costs.
1. Maintain a Minimum Balance
It is relatively simple to avoid having to pay certain fees by keeping a minimum balance. Many of the Valley Star Credit Union accounts fall into this category. In conclusion, as long as the account is active enough, you won’t incur any monthly fees.
2. Use In-Network ATMs
Use only brand ATMs, so you do not spend any money on using cash points. Should you be buying items from a retailer like Kroger, see if appliances are included in the brand’s networks. Cash points that are in the network increase the likelihood of not having to pay further charges for being able to access cash.
3. Set Up Direct Deposit
In the same sense that the money paid to you by the government and your employer gets deposited into your accounts. Valleystar is known to waive off certain fees provided certain conditions are fulfilled which include a certain amount being deposited on a monthly basis.
4. Avoid Overdrafting
Whenever one goes overboard with spending, such an incidence attracts an overdraft on one’s spending account. So in order to avoid such instances, it is advisable to keep an eye on your accounts and watch what you spend. Thanks to the invention of various applications that allow people to access their accounts no matter where they are and assist them in monitoring their finances.
Understanding Your Debit Card Statement
Let’s say you owe in payments and tasks for your bank in a duration of under a calendar month as per the debit card statements to outline all the charges made against the account. Here’s how to read it effectively:
1. Review Your Transactions
Remember I told you a statement forms part of the documentation, your credit card statement or forms part of the statement documentation, the debit card statement would cover all your transactions made during your statement period. Search for extra fee charges that may not fall within your budget or unusual payments made that may have cost your account dearly. There are instances that the user mistakenly overlooks to reconcile the items purchased or might want to avoid a ton of issues that may have cost them.
2. Verify Charges with Your Receipt
When a charge on a debit card goes up regardless of what the person has spent, they typically do not forego having the receipts with them in case the charge is justified, if however the charge is outrageous and they resent it so much you have it pending, examine those receipts and check to see if their records would be accurate.
Ideally, if the dairy products purchased on a Kroger coupon were intended to be shopped, then the expense of such groceries should also be consistent with the actual charge. Thus, no account will ever have a charge pending if the transaction had never been completed.
3. Contact Valleystar If Something Doesn’t Add Up
Call Valleystar Credit Union in case there are any questionable charges. They can help you resolve any disputes concerning fraudulent activity as well as assist in settling issues with any inaccuracies on your debit card records.
How to Maximize Rewards with Your Debit Card
The Kroger Family of Companies Rewards is an example of a debit card programme that gives you points for daily purchases you make. There are methods for better application of these programmes:
1. Shop at Kroger and Affiliates
Earning benefits through Kroger’s Family of Companies is possible when you make purchases from different retailers of Kroger. For instance, the Kroger family of companies rewards programme lets you earn free groceries by simply earning points.
And if you think one estimation is great, a turn of 100 dollars for cash back or a statement credit is better. It is worth watching what is spent on a regular basis as items could cosset bonuses in the form of food, dairy products, personal care items etc., and this could be lucrative change in thriving for the coupons.
2. Use Your Debit Card for Everyday Purchases
Cash or your debit card you decide to use impacts your rewards, so if you are buying meat or bakery items or household items you consider essential, swipe that debit card of yours, and every time you don’t it earns you a reward.
3. Redeem Your Rewards
Your rewards can be redeemed depending on the programme through various options. You may apply them towards offsets of loads on statements or use them for descriptions for the load statement, and for the next time’s purchase, coupons are a go to option. There are some features in certain programmes which you may find helpful, such as receiving a dollar’s worth of credit towards your statement or an offer for your pharmacy.
Protecting Yourself Against Fraud
Everyone could lose money due to fraud. Fortunately, Valleystar protects you from fraud by debiting any of its card users. Here are measures on how you can protect your account:
1. Monitor Your Transactions
A very smart approach against fraud is to try and monitor activity in your accounts. Don’t forget to set alerts in online banking which will notify you for strange activities.
2. Report Fraud Immediately
Once you recognise a fraudulent charge on your debit card, reach out to Valleystar Credit Union immediately without second thoughts. Remember, the earlier you report it, the higher the chances that the dispute about the charge will be effective. SimplyWise will quickly scour for the chances of fraud and will even recommend measures concerning response plans for further inquiry.
3. Secure Your Card Information
Keep your debit card somewhere safe so as not to disclose your account information and avoid giving it out. Also, when making online purchases, check that the 256-bit encrypted website is being used to safeguard your details.
My Opinion
These are essential steps to get control over the debit more fees as well as uncovering the items and utilising the card. Be it casual expenses such as purchasing at Kroger and normal or sufficiently large expenses where using one’s card isn’t ideal, doing these aid in preventing unnecessary charges and in ensuring a sense of safety with regards to your finances.
It is important to remember that Valleystar Credit Union is on hand should one encounter difficulty or seeks clarification concerning any issue relating to the debit card statement as well as fees. As long as you are being aware and taking the initiative, you are able to utilise the privilege of making payments through debit card without the risk of incurring hidden costs.
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