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Financial Fitness: Best Practices for Using A Business Debit Card

Texas Gulf Bank is pleased to offer business debit cards as an added convenience for our business banking clients.  A Business debit card offers great benefits for owners who like the convenience of a credit card, but would rather not incur the associated debt or fees. Business Debit Cards are:
  • Quicker, cheaper and more convenient than using a check;
  • Safer than paying with cash;
  • Smarter than petty cash.
Just like credit cards, debit cards should be used wisely. Here are a few tips for managing your business debit card.
  1. Track your expenses. Keep good records of your transactions. If your employees are using debit cards encourage them to turn in all receipts as they would with petty cash. The added benefit of using a business debit card is that you can easily compare tracked expenses with your monthly downloadable statements and detailed reports from online banking.
  2. Know your users. Do you want unlimited spending abilities tied to your business debit card, or would you prefer to set a spending limit? With the Texas Gulf Bank business debit card you can set individualized limits for each card you issue to select employees.
  3. Debit versus credit. When asked "Debit or credit?" by a merchant, know the difference. If you choose "debit" and punch in your PIN, the transaction is processed immediately. If you choose "credit" and sign instead, the transaction may not be processed in your account until several days later – remember to track your expenses so you know how much money you have available in your account at all times.
  4. Check your account regularly. Examine your account online on a regular basis. This will ensure in the instance of fraudulent charges you will be aware of them right away. Texas Gulf Bank business debit-card holders are afforded protection in the event of fraud, or if a card is lost or stolen. With the click of a mouse or a simple phone call, you can halt any further purchases if you identify any suspicious activity to your card.
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Texas Gulf Bank, N.A.  1-800-467-7216   Contact Texas Gulf Bank