Questions members frequently ask about Debit Cards

How does a Lake Trust Debit Card work?
You use a Debit Card much like you use a Credit Card, but the money comes directly from your Checking Account. The funds must be available in your Checking Account at the time of the transaction.

How do I use my Debit Card to withdraw cash?
Getting cash is easy with your debit card is easy. You can go to an ATM or just use your Lake Trust Debit Card and PIN whenever you pay for purchases at a major retailer. Most retailers, depending on their policy, allow you to get an extra $20, $40, $60 or more right at the register. Getting cash where you buy your groceries or other essentials saves you the time, hassle and gas money of making a trip to the ATM. It’s the easiest and most convenient way to get the cash you need.

Can I use my card at any ATM or Retailer?

Your Lake Trust Debit Card gives you access to your funds at Lake Trust ATMs, any ATM that accepts cards from MasterCard®°, NYCE°, Alliance One°, Co-Op networks°, and most retailers.

What if my ATM or Debit Card is lost or stolen?
Report a lost or stolen card to Lake Trust immediately. Call 517.267.7200 or 888.267.7200. To protect your card from unauthorized use, memorize your PIN, and don't keep the PIN with your card.

How much cash can I withdraw?
You can withdraw up to $500 per day, provided the funds are available in your account.

Are there any fees when I use my card for cash transactions?
There are no fees when you use your card at ATMs owned by Lake Trust. Most retailers do not charge a fee. However, when you use your cards at ATMs from other financial institutions, there may be a small fee. See our fee schedule.

What is the difference between a credit card and a debit card?
When you use a credit card, you borrow money against your available credit line. You pay that money back when you make your monthly payment. When you make a purchase with your debit card, the money comes directly out of your checking account. The funds must be in your checking account at the time the purchase is made.

Does my Debit Card have a spending limit?
Your Lake Trust Debit Card has a spending limit of $3,000 per day. The spending limit is equal to the available balance in your Checking Account minus outstanding purchases that have not posted, with a daily limit of $3,000.

What does it mean when I use my Debit Card and the clerk asks "debit or credit?"
There are two types of Debit Card transactions: debit (Personal Identification Number or PIN) and credit (signature).

When you pay for a purchase, the clerk will ask "debit or credit?" When you reply "debit" to the clerk, you must enter your PIN after the card has been swiped through a point of sale terminal. With PIN transactions, funds are withdrawn from your checking account when the transaction occurs.

When you reply "credit" to the clerk, it becomes a signature transaction. Instead of providing your PIN, you sign a slip to verify the transaction. With a signature transaction, funds are held in your checking account at the time of purchase until the transaction posts to your account in one to three days.

Is there a fee to use my Debit Card for purchases?
There's no fee to use the Debit Card to make a purchase. It's a fast and simple way to pay from your Checking Account.

How do I keep track of my Debit Card purchases?
Every time you use your card, you receive a receipt. Save the receipt and record the amount of the purchase in your check register. Even if you lose your receipt, Lake Trust details all purchases on your monthly Checking Account statement. You can also view your transaction history online with Internet Banking.

How do I return merchandise purchased with my Debit Card?
If you return an item, take your cash register receipt and the debit transaction receipt with you. The purchase price will be credited to your Checking Account. It may take a few days for the amount to be credited.

Does overdraft protection on my Lake Trust Checking Account work with purchases I make with my Debit Card?
Yes. If you have set up overdraft protection through Lake Trust, the transaction will be processed.

What if a purchase posts to my Checking Account that I didn't authorize?
You won't be responsible for unauthorized purchases. If your Lake Trust Debit Card has been lost or stolen, or you suspect unauthorized use, report it to Lake Trust immediately by calling 517.267.7200 or 888.267.7200. To protect your account from unauthorized use, memorize your PIN. Do not keep your PIN with your Debit Card.

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