PSECU - Question About Visa/Check Card Never Noticed Before!

[Gudziel]

I have had a Checking/Savings with PSECU for a couple of years now. In January I applied for the combo and was denied. Also, my account had gone dormant (never added money into my account since opening) and before applying, I had to apply for my account to be taken out of dormancy and also applied for deposit through external account feature.

 

I was able to reactivate my account and I deposited a couple of hundred into there at the time of applying.

 

I logged into my account this morning to get my FICO score, and see that there is a new section below "ADD A SHARE"/"ADD A LOAN"/"ADD A CERTIFICATE" that is labeled "Cards".

 

In there, it shows my Visa Check Card with an ATM Limit of $500.00 and Purchase Limit of $1,500.00. Weird thing is that both of these limits is above my current balance????

 

Is this a credit card?

 

With my other banks, the VISA/Debit card was always a means to use your debit card where ever VISA was accepted on purchases. But my limit was my checking account balance. Why is it labeled this way?

 

Can someone please explain this to me? Thanks guys!

Edited April 9, 2014 by Gudziel

[Chupacabras]

Those are the daily limits of the debit/atm card. If you have the money to cover it, you can withdraw $500 from an ATM and/or make a purchase for $1,500.

 

All debit cards have some type of atm/purchase limit. At least, so far as I know.

Edited April 9, 2014 by Chupacabras

[Gudziel]

Oh ok. I have had this card since I opened the account originally but just noticed that now. Had me hoping..... Thanks for your help

 

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[cezarius30]

I am not a member of PSECU but I am pretty sure those are your daily spending limits. The ATM limit of 500 means that you can not withdraw more than 500$ per day from an ATM and the purchase limit is exactly what it says, you can't make purchases with you card in excess of your 1500$ limit per day, regardless of how much money you have in your account. Almost every bank these days has daily spending limits, do a little research on your other bank accounts and you will see that you have limits on how much money you can spend with your check card per day.

[shifter]

those are just daily limits. all debit cards have daily limits for security. sometimes you can call and have those limits raised if you need to.

 

certainly, having the funds available in the account is a prerequisite.

[Gudziel]

hahaha... this just goes to show you have often I use my debit/Visa cards on large purchases! I barely use my check cards at all. They stay at home and I only use credit (my own personal preference).

 

Thanks guys. I appreciate your help!!!!

[gca]

I just notice that as well today. The check card wasnt listed before under my accounts.