debit card


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Related to debit card: credit card

debit card,

card that allows the cost of goods or services that are purchased to be deducted directly from the purchaser's checking account. They can also be used at automated teller machinesautomated teller machine
(ATM), device used by bank customers to process account transactions. Typically, a user inserts into the ATM a special plastic card that is encoded with information on a magnetic strip.
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 for withdrawing cash from the user's checking account. Increasingly common in the 1990s as an alternative to credit cardscredit card,
device used to obtain consumer credit at the time of purchasing an article or service. Credit cards may be issued by a business, such as a department store or an oil company, to make it easier for consumers to buy their products.
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, debit cards have been promoted as safer than cash and more convenient than personal checks. By 1998 more than 73 million debit cards had been issued, with a sales volume of $134.7 million attributed to their use. They are typically issued by large credit-card companies through their participating banks. Debit cards offer the holder more limited legal protections than credit cards. Similar cards have also been used to distribute welfare benefits to recipients in some locales.
References in periodicals archive ?
Comparison of debit card ownership to debit card use
We also accept debit cards when they follow the same standard as a Visa Electron debit card by having the same number range as a Visa credit card and a three digit security number on the back of the card.
When you use a debit card, you are subtracting your money from your own bank account.
And the debit card product can be looked at as a form of forced savings.
In the same situation, assume the card is stolen and used both as a debit card and as a credit card; for example, the thief makes some purchases using the card as a debit card, and other purchases using the card as a credit card.
Liability for the unauthorized use of a debit card is determined based on when the consumer notifies the financial institution of a lost or stolen card or an unauthorized transaction.
Making an in-store debit card purchase is by far the most expensive way to overdraft, costing $2.
Assesses 2008-2013 debit card, credit card and prepaid card usage trends, including degrees of debit purchase engagement and credit card usage engagement; 2008-2013 checking account trends, including the degree to which checking account holders have investments and loan products over time; 2008-2013 debit card/credit card trends that explore the influence of debit card usage and engagement on credit card use and engagement; and 2008-2013 bill payment methods and payment instrument choices, comparing choices of checking account holders and debit cards holders to the average adult.
All kinds of information is included when you get a debit card,'' he said.
Debit cards mean faster payments, increased safety and ease of use
Table 1: Global Debit Card Fraud Losses (2008): Percentage
debit card transactions in 1996, also agreed not to issue unsolicited debit cards through the mail that can be used without requiring consumers to call an activation number and verify their identity.