DEBIT CARDS.

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Presentation transcript:

DEBIT CARDS

What is a Debit Card? Typically issued by large established credit card companies (like Visa and MasterCard) through participating banks. When a consumer makes a purchase with a debit card, the funds are electronically transferred from the account holder's checking account to the merchant's bank account - almost instantaneously.

2 Types of Debit Cards: Cards designed for ATM withdrawal only (PIN required). Cards designed for ATM withdrawals as well as purchases (signature sometimes required).

Acquiring a Debit Card When opening a checking or savings account, you will be automatically offered a card!

Debit Card Example (Front)

Debit Card Example (Back)

Tips for responsible debit card use! Be smart with your debit card: Choose a unique Personal Identification Number (PIN). Keep your PIN private. Know your current account balance. Record your transactions in your check register as soon as possible. Review your statements carefully. If your card is lost or stolen, contact your card issuer immediately.

Advantages Disadvantages Safer than using cash. More convenient than carrying checkbooks or large sums of cash. Widely accepted. No interest accrues when you use it. Easier qualification. Requires very close attention to your spending habits. More susceptible to fraudulent use than credit cards because they sometimes do not require a signature. Debit cards do not carry the same protection as credit cards. A stolen debit card carries greater liability. No deferred payment option. Funds are withdrawn from an account real time. Cannot be used to build stronger credit. Some businesses do not accept PIN-based debit cards.

The Changing Face of Debit Not too long ago, debit cards could only be used for one purpose: to withdraw cash from an ATM. Today, they are, in essence, an electronic version of a check.

Debit Card Usage NOW!!!

So Who Has Them? Debit Card Providers