I believe these are the federal minimum standards, so states or your bank can have lower limits or more generous policies. But don’t count on it – check out the fine print, or ask appropriate gov’t types before you run into this. [Luckily, my one stolen wallet the thieves were some highschoolers who chickened out before using the cards. But not until after I'd had to find all this out and get very worried.]

http://www.fivecentnickel.com/2009/12/02/is-it-time-for-cash-to-make-a-comeback/

I have also heard that it IS possible to overspend on a debit card–that sometimes even when your account shows no money, the bank still runs the charge thru and then kills you with fees.

I carry a debit card only in the event that I need cash and don’t have it—-parking at sporting events, going places where using an ATM itself incurs fees, etc. For the rest, I still use credit.

Last I heard there are no debit cards out there with a 1% cash back feature.

I like having a record, in addition to my receipts, of every transaction I make. Unlike many people, I spend less with my debit card than I do when I have cash. Cash just runs through my fingers like water. I’m probably hyper-vigilant about what I spend via debit, looking over the online banking transactions every day or so.

But as jdp above recommends, my husband and I do have our savings easily accessible and in a bank entirely different from the bank where we have our checking account. Just in case.