Debit card

(redirected from Check Cards)
Also found in: Dictionary, Thesaurus, Encyclopedia.

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

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 ?
On the SkyMiles Classic Check Card consumers will earn one mile for every USD2 spent and 2,500 bonus miles for the first signature purchase and there is annual card fee of USD20.
A fully compliant commuter benefit product, the Commuter Check Card is ahead of the curve in terms of adhering to the guidelines set forth by the IRS Ruling 2006 - 57 and subsequent notices issued by the IRS that delayed the implementation of the ruling to January 2011.
Accor Services caters to employers nationwide with both anonymous and personalized versions of the Commuter Check Card for Transit and Parking.
Bank to Introduce a Truly Customizable Consumer Checking Account and Photo Check Card
In addition, Compass has the ability to put a consumer's favorite color photo in an edge-to-edge format on a Check Card.
Visa's Zero Liability policy ensures that cardholders do not have to pay for any unauthorized purchases and requires all financial institutions offering Visa check cards to provide replacement funds for losses from unauthorized card use within five business days of notification.
Visa check cards are increasingly being used for everyday purchases:
Bank Affiliation Visa Check Card designate their earned rewards to go to one of the non-profit organizations that are affiliated with U.
Also new for 2005, customers who choose the Cash Bonus Visa Check Card are now able to redeem their cash whenever they choose.
For example, shoppers can use their check card to purchase grocery products such as soup labels or box tops from companies with other education incentives rather than writing a check, and their schools benefit multifold.
1-15), consumers rang up more than $720 million at the nation's clothing retailers with their Visa check cards.
There's no enrollment fee and Washington Mutual does not charge customers for using its check cards for purchases, although some merchants may charge.