Big Bank Debit Cards

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Q: I recently tried to make an online investment with my TD Bank debit card however it was declined, two times. It isn’t a brand-new card and there’s a balance in the account. Why’s my card getting decreased when buying on the Web? – Patrick W.

A: There are a number of possible reasons that your debit card was denied.

One reason is that you’ve actually currently hit the everyday spending limit on your debit card. Banks put everyday spending limits on debit cards to lessen the monetary harm that can be done to your financial resources if your debit card is lost or taken.

On signature transactions (the type that often takes location with online investments), TD Bank puts a $5,000 day-to-day spending restriction on a routine Visa debit card or $10,000 on a Visa Platinum debit card. TD Bank clients are allowed to increase their everyday spending restrictions by submitting a request over the phone or by safe messaging through electronic banking.

However, unless you’ve actually spent that much currently during the day, this probably is not really the reason that your debit card was decreased.

On the other hand, it’s quite typical to have any card acquisition declined when the card issuer presumes an unauthorized acquisition. It’s an easy safety measure that kicks in automatically when a purchase is unusually huge or happens at a location that’s far from your place of home.

A fast call to the card company will lift the security block temporarily.

In the most extreme situation, your checking account was frozen without notice. There are different reasons for why the bank would do that. If your account had visible scams or highly suspicious task, the bank is likely to take such an extreme action.

Again, you ‘d need to call your bank if this is the case.