Debit Card
Linked to a bank account for direct withdrawal of funds at purchase or ATM.
Detailed Description
Debit Card
What is a debit card?
A debit card is a payment card that allows individuals to access funds directly from their checking or savings accounts to make purchases or withdraw cash.
How do debit cards work?
When used for a transaction, debit cards communicate with the bank to verify the account and deduct the transaction amount from the user's account immediately or shortly after.
What are the different types of debit cards?
Types of debit cards include standard debit cards, prepaid debit cards, ATM cards, and business debit cards.
What are some benefits of using a debit card?
Benefits include immediate access to funds, budget management, ease of use, and lower fees compared to credit cards.
What security features do debit cards have?
Debit cards include chip technology, PIN protection, and fraud monitoring to enhance security against unauthorized transactions.