debit cards. what is a debit card? typically issued by large established credit card companies...
Post on 25-Dec-2015
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DEBIT CARDS
What is a Debit Card? Typically issued by large established credit card
companies (like Visa and MasterCard) through participating banks. When a consumer makes a purchase with a debit card,
the funds are electronically transferred from the account holder's checking account to the merchant's bank account - almost instantaneously.
2 Types of Debit Cards:1. Cards designed for ATM withdrawal only (PIN
required).
2. Cards designed for ATM withdrawals as well as purchases (signature sometimes required).
Acquiring a Debit Card
When opening a checking or savings account, you will be automatically offered a card!
Debit Card Example (Front)
Debit Card Example (Back)
Tips for responsible debit card use!
Be smart with your debit card: Choose a unique Personal Identification Number (PIN). Keep your PIN private. Know your current account balance. Record your transactions in your check register as soon
as possible. Review your statements carefully. If your card is lost or
stolen, contact your card issuer immediately.
Safer than using cash. More convenient than
carrying checkbooks or large sums of cash.
Widely accepted. No interest accrues when
you use it. Easier qualification. Requires very close
attention to your spending habits.
More susceptible to fraudulent use than credit cards because they sometimes do not require a signature.
Debit cards do not carry the same protection as credit cards. A stolen debit card carries greater liability.
No deferred payment option. Funds are withdrawn from an account real time.
Cannot be used to build stronger credit.
Some businesses do not accept PIN-based debit cards.
Advantages Disadvantages
The Changing Face of Debit Not too long ago, debit
cards could only be used for one purpose: to withdraw cash from an ATM.
Today, they are, in essence, an electronic version of a check.
Debit Card Usage NOW!!!
So Who Has Them?
Debit Card Providers
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