Debit Cards and Checking Accounts INDEPENDENT LIVING NOVEMBER 18, 2015.

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Presentation transcript:

Debit Cards and Checking Accounts INDEPENDENT LIVING NOVEMBER 18, 2015

What is it? A bank card that deducts money from a checking account almost immediately to pay for purchases Much like writing a check, money goes from checking account to seller’s transactions Fees can be charged for specific transactions

Pros vs. Cons Fast Can withdraw cash at ATM Protected by PIN number Connected to checking account Easy to overdraft Cannot dispute or reverse charges Connected to checking account Fraud

Video

Overdraft A deficit in a bank account caused by drawing more money than the account holds Overdraft protection: - checks/card withdrawals will be covered even with insufficient funds in account - very large fee OR large interest rates attached

Summary What are some big take-away’s from this unit?

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