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 ?
The fixed POS Terminals segment is expected to witness highest CAGR over 8.8%, owing to increasing awareness regarding benefits of using POS terminals for transactions in hotels, banks, retail shops, supermarkets/hypermarkets, medical shops, malls, hospitals, etc.
"The combination of VeriFone and Hypercom would likely lead to retailers paying higher prices for POS terminals," said Christine Varney, Assistant Attorney General in charge of the Department of Justice's Antitrust Division.
has begun shipping POS terminals to retailers in China, including a Taiwanese convenience store chain which opened an outlet in Shanghai last month and aims to set up some 200 stores in China by the year-end, it said.
PCS encourages pharmacies to use its POS terminal, because that means faster, more reliable transmission at the Scottdale end.
The usage of debit and credit cards is facilitated through POS terminals and ATMs present at various outlets such as retail, drug, gas station, restaurant, and hospitality.
"By using POS terminals, Warba's merchant customers will be able to develop their sales and collect payments from their clients holding any K-Net, Visa or Master Card, to be deposited directly into their bank accounts.
The aluminum base acts as a heat sink for the fanless POS terminal, while plastic casing facilitates a 5.9kg weight for carrying.
Since it was established in 1999, eService has used Postilion solutions to drive POS terminals and to acquire and switch card transactions on behalf of banks and card associations.
- Enhanced functionality and graphical interfaces continue to drive sales of Windows-based POS terminals, securing the platform's leading installed base representing 42 percent of all supermarkets, according to the "2008 North American Retail POS Terminal Study," released last month by retail technology consultancy IHL Group, Franklin, Tenn.
IHL's Study, "2002 EMEA Retail POS Terminal Market Study" reviews the shipments, installed base, and major trends by country and market segment for POS terminals in the Europe/Middle East/Africa region.
M2 PRESSWIRE-August 12, 2019-: Global Mobile POS Terminal Market to Surpass USD 49.8 Billion by 2028, finds Bekryl Market Analysts
Accordingly, the emergence of hardware and software to untether sales from long queues and lifting the burden off the shoulders of merchants of maintaining compliance with respect to payment industry has made POS terminal popular.