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

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 cards make sounds when the buttons on the audio bank cards are pressed.
Detectives remain keen to hear from anyone who can help them identify this man, as well as the man pictured in the CCTV who was in possession of the stolen bank card less than two hours after the distraction burglary.
Whether the default pattern for bank cards stabilizes remains to be seen," he added.
In the 21st century, is it beyond the courier's nous to offer a simple website facility which allows the bank card recipient to respond to one text from the courier by simply entering online the courier's delivery reference number, confirmation of address, preferred date for delivery, and a choice of am or pm?
The pair were sentenced at the crown court in Leamington after pleading guilty to conspiracy to steal bank cards.
We would also advise people not to keep their bank pin number with the bank card and avoid leaving too many valuable items in their locker.
The main message to enforce is that the police or your bank will never ask for your pin or bank card under any circumstance.
The trials have proved that the ID card can be used as bank cards at bank machines at point of sale terminals -- retail points where bank cards are used to purchase goods and services -- and for online payments, said Dr Ali Al Khoury, Director General of Emirates Identity Authority (Emirates ID) that issues ID cards.
However, the minister said more time was needed to issue bank cards to all and sundry and efforts were on to facilitate all of them.
BANK cards were stolen by burglars who forced their way into a house through its patio doors.
Each operable handgun or assault rifle can be turned in in exchange for a $200 bank card.
POLICE arrested two people in Larnaca yesterday in relation to an ATM bank card fraud worth e1/416,000.