


When a debit card has been lost or stolen, report it to the bank or credit union immediately to limit losses from unauthorized use.

Credit cards offer what is essentially an interest-free loan if the balance is paid in full each month. Students who use credit cards should pay them off at the end of each pay period when possible to avoid paying interest fees. Most credit cards also offer cash advance services at a higher interest rate.

Lost or stolen credit cards should also be reported immediately. However, there is a $50 limit to the consumer’s liability on fraudulent charges with stolen credit cards.

ATM cards allow users to withdraw cash from their accounts when the bank or credit union is closed. Most banks and credit unions charge a fee when ATM cards are used at a machine not owned by that institution’s network, and those fees can add up. Students should not use an ATM card outside their network unless absolutely necessary.

KHEAA is the state agency that administers Kentucky’s grant and scholarship programs, including the Kentucky Educational Excellence Scholarship (KEES). It provides financial literacy videos at http://itsmoney.kheaa.com. KHEAA also provides free copies of “It’s Money, Baby,” a guide to financial literacy, to Kentucky schools and residents upon request at publications@kheaa.com.





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