Debit card

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Debit card

A card that resembles a credit card but which debits a transaction account (checking account) with the transfers occurring contemporaneously with the customer's purchases. A debit card may be machine readable, allowing for the activation of an automated teller machine or other automated payments equipment.

Debit Card

A card entitling the owner to make automatic withdrawals from a bank account to make purchases or to receive cash. That is, when one uses a debit card, the issuing bank transfers funds from the holder's account to the seller electronically. The holder of a debit card may therefore use it to buy a good or service. Debit cards operate much like credit cards but, while credit cards are essentially short term loans, debit cards are more like electronic checks. They are also called check cards, bank cards or, less commonly, asset cards.

debit card

A plastic card that may be used for purchasing goods and services or for obtaining cash advances for which payment is made from existing funds in a bank account. Because a debit card provides about the same float as a checking account (one to three days), it is a less desirable method of payment than a credit card. These cards are often part of the comprehensive all-in-one accounts offered by many brokers.

Debit card.

A debit card -- sometimes called a cash plus card -- allows you to make point-of-sale (POS) purchases by swiping the card through the same type of machine you use to make credit card purchases.

Sometimes you authorize a debit card transaction with your personal identification number (PIN). Other times, you sign a receipt just as you would if you were charging the purchase to your credit card. You can also use the card to make ATM withdrawals.

When you use a debit card, the amount of your purchase is debited, or subtracted, from your account at the time of the transaction and transferred electronically to the seller's account.

You have some of the same protections against loss with a debit card as you do with a credit card, but there is one important difference. While $50 is the most you can ever be responsible for if your credit card is lost or stolen, you could lose much more with a lost or stolen debit card if you don't report what has happened within two days of discovering it.

If you delay reporting a missing card, you could lose up to $500. And if you wait more than 60 days after receiving a bank statement that includes a fraudulent use of your card, you could lose everything in your account including your overdraft line of credit. You can find the specific rules on the Federal Trade Commission website at www.ftc.gov.

In addition, if you purchase defective merchandise with a debit card, there are no refunds. Most credit card issuers do not, generally speaking, make you pay for defective products.

References in periodicals archive ?
14, 2010 /PRNewswire/ -- Customers can make year-end contributions to their favorite charities and receive up to 10 times the M&T Bank Rewards points between December 15 and December 31 when using their M&T Check Card, M&T Visa Credit Card with Rewards or M&T Visa Signature Credit Card.
Our partnership with Dover International Speedway is a great way to help race fans show their pride with the Monster Mile Check Card, and to show our commitment to our communities in Delaware and to race fans everywhere.
There is no mileage-earning cap with a SunTrust SkyMiles Check Card so cardholders can earn unlimited miles.
BusinessClass Preferred -- All benefits of the existing Compass BusinessClass(sm) program; -- Specially trained and dedicated representatives available through a toll-free number; -- Higher deposit limits with no holds; -- Enhanced Merchant Services; and -- Platinum Business VISA Check Card with VISA Extras.
Per-day limit on transactions: The study finds that most banks set check card daily spending limits based on an individual's account.
BB&T's contactless program is great news for consumers who want to be able to use their Visa Check Card for small ticket purchases at convenience stores, fast food restaurants, gas stations or movie theaters," said Brian Triplett, senior vice president of Emerging Product Development at Visa USA.
Cabela's Check Card Points are earned on all signature purchases.
Customers who select the new Comerica WorldPerks(R) Check Card will receive 1,000 Bonus Miles just for enrolling.
The Comerica WorldPerks Business Check Card has a $55 annual fee and customers will earn 1 mile for every $1 spent.
Visa Extras lets Wachovia customers earn rewards for every dollar they spend with their Check Card when they sign for the purchase, rather than using cash or checks.
Giving M&T customers more choices - from designing their own check card to banking on the go with our new mobile applications - allows consumers to create the type of banking experience that fits their own lifestyle," said Darren King, executive vice president for retail banking at M&T Bank.
Every time you turn on the Datexx Money Manager Check Card Tracker, your card balance is automatically displayed.