Deseret First Credit Union

Cash, ATM cards, check cards, debit cards, credit cards, checks... kind of confusing. Maybe this can help you better understand payment options.

Option Pros Cons

Cash
Accepted almost everywhere

Increases impulse spending
No protection if lost or stolen
May not work outside of the United States
Personal danger
No record of purchase on your account

Checks
Has carbon record of purchases and check register to quickly see how much money is left in account
Lower ease may help inhibit impulse spending
Member Privilege protection*
Optional overdraft protection

Slower transactions
Not accepted at many merchants
Limited fraud protection
Displays your account and bank routing number

Debit (or Checking) Card
Accepted almost everywhere
Fraud protection when you sign rather than giving a PIN number**
Member Privilege protection*
Optional overdraft protection
Easy to cancel and replace if lost

No immediate register (but record is maintained in your online account)
Convenience may increase impulse spending
Not accepted for certain travel needs like rental cars

Credit Card
Convenient and accepted almost everywhere
Immediate access to funds up to credit limit
Fraud protection
Provides income to the credit union at no cost to you***
Easy to cancel and replace if lost

Temptation to spend money you haven't earned (i.e. to credit limit)
No immediate register (but record is maintained in your online account)
Convenience may increase impulse spending

ATM Card
Most people now use checking cards to access ATMs

* Member Privilege »

When you spend more than you have in your account, you normally get Not Sufficient Funds (NSF) fees from two parties: the merchant where the purchase was made and the financial institution. With Member Privilege you automatically have $600 of overdraft insurance (unless you decline it). This means the financial institution will cover the payment to the merchant. You will avoid the merchant fee and only get the fee from the financial institution.

To avoid all fees when you spend more than your account has, you need to sign up for overdraft protection, which is a line of credit that pays the amount you overspend.

** Fraud Protection »

When you use a Visa credit card for a purchase, you automatically have some fraud protection. Your Visa debit card can also have protection, but only if you choose to process it as a credit card.

For example, in grocery stores, you can either use your debit card with your PIN number or you can use it as a credit card and sign the receipt. When you use it as a credit card, you have some protection.

See Credit Card Benefits for more details.

	Toll-Free: 800-326-3328 Salt Lake Area: 456-7000