8 secrets about your debit card
It could tap your savings account
At many banks and credit unions, one option for low-cost overdraft protection involves linking the checking account to a savings account.
The problem for consumers: When the two accounts are linked, anyone with access to the debit card can drain them both, Sherry says. While the upside is cheaper overdraft protection, "the downside is getting your savings wiped out, as well as your checking account, if anyone else gets your card," she says.
Her advice: If you want to use this form of overdraft protection, keep the bulk of your savings in a third account that's not linked to anything. Link your checking account only to a savings account that holds just enough money to be an overdraft bumper.