a small usually plastic card with a magnetic coded number, similar to a credit card, which is used to pay for purchases by the electronic deduction of a sum of money (a debit) directly from the card-holder's bank account. Such cards do not require the establishment of a credit line, and such transactions do not incur any interest payments.
A payment card used to make purchases or to obtain cash. The amount of a debit card purchase or withdrawal is debited from the cardholder's account immediately. Contrast with credit card and charge card.
A card which allows customers to access their funds immediately, electronically. Unlike a credit card, a debit card does not have any float.
A debit card is an identity card issued by a bank to a customer which the customer can use to buy goods. The price of the goods is charged to the customer's bank account.
This type of card gives you electronic access to your money by taking it straight from your bank accounts, so there is no float period nor is there protection on your purchase as there is for credit cards. Both ATM and check cards are debit cards.
A card that can be used to purchase goods and services. The cost of is debited directly from available funds in your account. No credit facility is available on a debit card.
Debit cards are basically plastic cheques. When you pay by debit card the money is taken directly from your bank account within a day or two of the transaction. There is no credit involved since your account is debited the same day you make a purchase. Details of purchases are shown on normal bank statements.
A payment card that debits payments made with it, directly from the bank account to which it is linked.
A payment card issued by banks and other financial institutions that allows the cardholder to use the card as an alternative to cash or check payments for purchases and services. The amount is debited against (deducted from) the holder's account. In the case of on-line debit cards, the debit to the account occurs immediately. With off-line debit cards, it may take up to three days for the debit to the account to be recorded. The cardholder can also use the card to withdraw cash from their account.
A card enabling the holder to have his purchases directly charged to the funds on his account at a deposit-taking institution (may sometimes be combined with another function, e.g. that of a cash card or cheque guarantee card).
A card with value encoded on the magnetic stripe, which is re-encoded with a lower value after use.
A form of payment that automatically debits the cardholder's checking or savings account.
Any card that primarily accesses a Deposit Account.
A credit card used to transfer funds electronically from a bank account to a business account.
A plastic payment card, issued by a bank or other financial institution, which enables the holder to obtain goods and services without the requirement to pay cash. The debiting procedure commences directly after the transaction which results in the holder's account being debited within a few days. In addition to obtaining goods, the card can be used to obtain cash which results in the holder's account being debited immediately. See also 'charge card' and 'credit card'.
A debit card is a plastic card used to make purchases where the amount is paid from your checking account versus your credit card account. If you specify "debit" at point of purchase (POS) at the supermarket or drug store, for example, the purchase amount will be removed from your checking account immediately by the retailer from whom you are purchasing.
A payment card linked to a bank or building society account, used to pay for goods and services by debiting the holder's account, usually also combined with other facilities such as ATM and cheque guarantee functions.
A card used to make transactions that is linked to the cardholder's direct deposit account.
a card issued by bank or credit union that looks like a credit card and works like a cheque. Page 376
A debit card or EFT card is similar to a credit card in the way that it is used but instead of the money coming from a lender it comes from the cardholderâ€(tm)s bank account.
A bank issued card which allows consumers to access funds from their checking or savings accounts for the purpose of paying for services or merchandise. A debit card works much like a credit card, except for the fact that funds are immediately withdrawn from the cardholders accounts.
Used in conjunction with a bank account. You present it when paying in the same way as a credit card, the difference being the credit limit will be the amount you currently have in the bank account. This means its fine for real time payments but wont be accepted to guarantee say a reservation since it wont be known if you'll actually have funds to cover the reservation in the future.
takes the place of carrying a checkbook or cash. This card is used like a credit card with certain limitations, such as not being able to rent a car. Purchase transactions are contingent upon having enough funds in your checking or savings account to cover the purchase. Verification of funds require entering your Personal Identification Number (PIN) at a point-of-sale terminal.
A credit card tied to a checking account so that the amount charged is deducted from the checking account electronically.
Debit cards are issued by financial institutions and allow electronic access to your bank account with a preset amount of cash. When used, funds are withdrawn immediately from your account. There is no grace period and no interest to pay; transactions are rejected if the amount lacks sufficient funds.
A card that draws funds directly from a deposit account.
An ATM bank card, also called a check card, allows a merchant to deduct money directly from a customer's bank account. Debit cards issued with a Visa or MasterCard logo are accepted by any merchant that also accepts Visa or MasterCard credit cards.
A card that is similar to a credit card, but the funds are immediately transferred from the customer's bank account.
A credit card look and work-alike that accesses a holder's bank accounts.
A card issued by the cardholder's bank that may be used to make purchases or get cash from ATMs. Each purchase will deduct money from the cardholder's checking account and works much like a check. Click here to find a debit card.
A bank issued card that allows its user to access their funds for the purpose of paying for merchandise. A debit card acts like a credit card, the difference being that funds are immediately taken from the cardholders checking or savings accounts.
A Card that is used instead of cash in shopping. The buyer's account is instantly debited. It is necessary to get authorization for each transaction.
A card, often linked directly to your bank account, which is used like a credit card. However, rather than borrowing against a loan, or credit limit, the debit card subtracts funds from an existing checking or savings account. When the account has been depleted, your debit card will be declined for further purchases.
Not a credit card at all, this card allows you automatic access to funds in your bank or credit union account. A debit transaction directly subtracts from the money you have. It is different from a credit card in that it is not a loan or advance, but a deduction.
a card (usually plastic) that enables the holder to withdraw money or to have the cost of purchases charged directly to the holder's bank account
a banking card enhanced with automated teller machine (ATM
a bit like a credit card, but with one crucial difference
a 'buy now - pay now' option, the payment to a merchant gets debited to the customer's account the same day as the purchase is made
a buy now, pay now option while a Credit Card is a buy now, pay later option
a card on which you can get a cash advance
a card provided by your bank that is associated with your current account
a card that enables the holder to access funds in a deposit account at an authorised deposit-taking institution
a card that gives you online access to your Bank Account
a card that you can present when you buy things that automatically deducts the amount of the purchase from the money in an account that you have
a card that you can use when you buy things that automatically deducts the amount of the purchase from an account that you have, like a checking account
a card used for making purchases,
a card with direct access to a users bank account, usually a savings or checking account
a cash card and checkbook in one
a cash substitute, in that you can only use the money that is available on the card
a debit against your banking or savings account
a debit-cum-ATM card providing you with the convenience of acceptance at merchant establishments and cash withdrawals at ATMs
a direct link into your checking or savings account
a flat-written card either signature based or PIN based
a good alternative to a credit card
a method for accessing a deposit account
an ATM card linked to a checking and/or savings account
an ATM card that allows you to make purchases
an effective alternative for those with bad credit or no credit to obtain a Visa or Mastercard
an effective alternative to the traditional credit card
an enhanced ATM card
a new twist on ATM banking
an upgraded ATM card branded with the Mastercard, VISA, or other familiar credit card company logo
a payment card attached to a checking or savings account
a payment card where the transaction amount is deducted immediately from your savings and/or current accounts, upon authorisation
a plastic card known as the Citibank Banking Card
a plastic card, like a credit card, that is used to instantly debit your bank account, rather than assigning the purchase to a line of credit
a plastic card sometimes called a "Check Card"
a plastic card that can be used in Automated Teller Machines (ATMs) to get money or at Point of Sale (POS) terminals to buy something
a plastic card with a MasterCard or Visa logo on it that is connected directly to your checking account
a pre-paid barter card
a way to withdraw money from your own account
A plastic card that, when used in conjunction with a personal identification number (PIN), allows you to electronically access your bank accounts from automated banking machines or at retailers offering the Interac Direct Payment service.
A by-product of a bank account, used in place of cash. When purchases are made funds are automatically deducted from the bank account connected with the debit card.
A card utilized to withdraw funds from the cardholder's bank account.
A bank card, usually issued by Visa or Mastercard, that may be used like a credit card. However, amounts charged are immediately deducted from your deposit account.
An electronic card issued by a bank which allows bank clients access to their account to withdraw cash or pay for goods and services. This removes the need for bank clients to go to the bank to remove cash from their account as they can now just go to an ATM or pay electronically at merchant locations.
A debit card deducts the amount of your purchase directly from your checking account.
A bank card that draws funds directly from the consumer's personal deposit account as opposed to a line of credit.
A card that enables an accountholder to obtain access to an account for the purpose of making withdrawals or for transferring funds to a third party by non-transferable order or authorization.
A personalized card loaded with incentive award points that correspond to a dollar amount, enabling a winner to make a purchase and have the funds immediately deducted from that special account.
A plastic card used to transfer money from a buyer's bank account into a seller's bank account.
A plastic card similar to a credit card that allows money to be withdrawn or the cost of purchases paid directly from the holder's bank account.
A plastic card which consumers may use to make purchases, cash withdrawals, or other types of electronic fund transfers. But with a debit card a person may not take any credit through purchase or cash withdrawal.
A card that functions and resembles a credit card but directly debits a transaction from a selected account. It may also be used for withdrawals or other transactions associated with ATMs.
Debit cards are different from credit cards as theyâ€™re linked directly to a consumer bank account. The money is not a loan â€“ itâ€™s your money and the card only works up to the amount you have in the account.
A card that looks like a credit card, but acts like a check, making an automatic payment from a cardholder's account to a merchant.
A plastic card that consumers may use to make purchases, withdrawals, or other types of electronic fund transfers. Use of a debit card results in an immediate transfer of funds
A card issued by a bank. Used in a similar way to credit cards, but the amount is debited immediately from the bank account.
A payment card that is linked directly to a customer's bank account, with which purchases are deducted from the bank account, reducing the bank account balance.
See: Prepaid Phone Cards. [Back to Glossary Table of Contents
A card that allows the owner to withdraw money, like an ATM card or make purchases from retail stores by withdrawing money from the owner's account
A card (e.g. Visa Delta or Maestro (Domestic), which is designed to enable a customer to transfer money from a current account (including a savings or deposit account, which provides for transfers without notice to third parties), or an account on which cheques can normally be drawn to the account of some other person.
A debit card enables you to access your bank deposits for payment. When you make any purchases using a debit card, then your bank account is automatically and instantaneously depleted to the extent of the purchase amount.
A card that allows you to pay for purchases with funds that are immediately deducted from your current account.
A form of payment card that draws funds from a bank account. There are two kinds of debit cards â€“ offline (which uses a signature) and online (which requires a personal identification number (PIN) to complete the transaction. Online debit cards are sometimes called check cards or ATM cards.
See Credit, Debit and Charge cards
A debit card is a method of payment where funds are electronically deducted directly via the EFTPOS system from the cardholder's savings account to pay for purchases. No interest is charged, unlike a credit card where the card issuer advances credit to a cardholder which is repaid at a later date.
Use your Official University ID card or purchase a debit card to operate library photocopiers at a discount. Add value to your card at the machine located on the first floor near the elevators.
A plastic card that can be used to purchase items by taking money out of your checking account. Usually carries a Visa or Master Card logo.
A bank card with direct access to a card holder's account, usually a checking or savings account. The card acts like a check with the money withdrawn from the existing account balance. The withdrawal of funds is immediate with online debit cards, delayed a day or two with offline debit cards. Debit cards that carry the logo of either MasterCard or VISA can be used at any location that displays that network's logo.
A card used for all different types of purchases. You pay with plastic and the money is automatically withdrawn from your account.
A debit card allows you to make purchases and withdraw cash by using funds from your bank account. These funds are automatically withdrawn from the connected account. They act as an alternative to cash and cheques.
Used much like a credit card, although purchases are deducted directly from your personal checking account.
Linked with your checking account, this is a tool used to make purchases. Not to be confused with a credit card.
A convenient way to "pay as you go," this enhanced card subtracts money from your account when you use it to make a purchase or get cash.
A card issued by a bank that directly accesses and pulls available funds from a bank account, typically a savings or checking account.
A health care debit card can be issued to members with a qualified plan. The card can be presented to medical or pharmacy providers to transfer funds from the applicable account for payment of health care services. In order for such accounts to properly qualify for tax-advantaged treatment, the administration of the debit card payments must meet IRS provisions.
A card which directly accesses the cardholder's account, providing payment for a transaction much like writing a check. No credit is extended to the cardholder. No debt is incurred.
A plastic card which looks similar to a credit card, that consumers may use to make purchases, withdrawals, or other types of electronic fund transfers.
A banking card enhanced with ATM (automated teller machine) and POS (point-of-sale) features that can be used to purchase goods and services electronically. The card replaces cash or checks. Transactions are deducted from the cardholder's checking account. For more information on LaSalle Bank products, click here.
A bank card that draws funds from a card holder's bank account, usually a checking or savings account. The withdrawal of funds is immediate with online debit cards, delayed a day or two with offline debit cards.
This card can be used to purchase goods and services and will debit the amount from your bank current account. HSBC Bank issues Switch and Solo cards. Other debit cards include Visa Delta and Electron. Debit cards can only be processed through electronic terminals.
An ATM bankcard used to purchase goods and services and to obtain cash. A debit card debits the cardholder's personal deposit account and requires a Personal Identification Number (PIN) for use. Debit cards branded with a bankcard logo (e.g. Visa) can be accepted in Internet transactions without a PIN.
A service in which a plastic card is utilized by the consumer to purchase goods or services from a retail outlet, with payment for those goods or services deducted immediately through an automated debit to the consumer's transaction account. This card may also be the consumer's ATM card. In that case, the market audit counts it as both.
A plastic payment card, issued by a bank or other financial institution, which enables the holder to obtain goods and services without the requirement to pay cash. The cost of any transaction is debited from a current account within a few days of the purchase taking place.
A card that allows you to pay for goods in shops and withdraw money at cash machines. Unlike a credit card, which builds up a balance that you should pay off each month, a debit card takes the money from your current account as and when you spend.
a card with immediate access to funds electronically
A card that directly deducts money from your checking account to pay for goods or services. Because no debt is normally incurred, debit cards are not normally reported on credit reports.
A plastic card with either the Master Card or VISA logo, designed to give a customer access to funds in his/her checking account to obtain cash or purchase goods and services. The cards are accepted around the world wherever you see the Master Card or VISA logo. Merchants and Farmers Bank issues a Visa debit card.
A debit card is issued by a bank to provide direct access to a cardholder's checking or savings account. Any withdrawal of funds is immediate with online debit cards and delayed a day or two with offline debit cards.
An ATM bank card that permits withdrawals from a customer's bank account.
Similar to a credit card, but used to access funds from your checking account. Many merchants accept debit cards like credit cards.
A banking card enhanced with ATM (automated teller machine) and POS (point-of-sale) features that can be used to purchase goods and services electronically. The card replaces cash or checks. Transactions are deducted from the cardholder's checking account either immediately or within one to three days. Depending upon the type of card, a debit card may require the user to sign his or her name or enter a PIN (personal identification number) into special equipment.
Purchases are deducted directly from the consumer's personal checking account.
these cards allow you to deduct the amount of your purchase directly from your account for payment to the merchant.
A transaction card that draws electronically on your account with a financial institution to finance purchases.
A card that allows purchases to be deducted directly from a consumer's personal checking account.
A bankcard used to purchase goods and services and to obtain cash, which debits the cardholder's personal checking account. During online debit transactions, the cardholder must enter a PIN. Learn more...
This plastic card looks like a credit card, but it is used to withdraw money from a savings or checking account. When you use a debit card at Automatic Teller Machines or in stores to make purchases, money is immediately withdrawn from your account. You cannot withdraw more money than you have in the account.
Card, which withdraws payments directly from holders banking account to pay the merchant.
A plastic card that can be used instead of cash when making a purchase. The amount spent is taken automatically by computer from the account of the person who owns the card â€“ it is debited from the account. Some cards (such as Switch and Delta) could let you spend money you have not got in your account â€“ the balance is not always checked at the time of purchase. Other cards (such as Solo and Electron) only allow the purchase to go ahead if there is enough money in the account â€“ it is always checked. Useful when paying in shops, shopping by phone or on the internet.
a financial instrument used by consumers instead of cash. Unlike a credit card, debit card purchases are deducted automatically from the cardholderâ€(tm)s account, like a check. Visa and MasterCard now offer debit cards through banks and other financial institutions.
An ATM bankcard. This type of card allows a merchant to deduct money directly from a customer's bank account.
A card that looks fairly identical to a credit card, that an individual can use to make purchases and other electronic transactions. The advantage of this card is that you are not adding to your debt, just withdrawing money from you bank account.
Debits a user's pre-established account of money at the time of purchase. Often times incorrectly referred to as prepaid cards.
A credit card whose funds are withdrawn directly from the cardholder's checking account.
A plastic card with information on a magnetic strip by which a customer may withdraw funds on deposit in the customer's account using an automated teller machine or merchantâ€(tm)s â€œPoint of Saleâ€ system. To learn more about Payroll Debit Card
A plastic card, also know as a check card, which features either the Visa® or MasterCard® logo, enabling the cardholder to purchase goods or services at merchant locations. However, unlike a credit card, finance charges are not applicable because the cost of the purchase is automatically debited from the cardholders authorized bank account.
Debit cards look like credit cards or ATM (automated teller machine) cards, but operate like electronic cash or a personal cheque. When a purchase is made with a debit card, the amount is automatically deducted from the associated account. No credit is extended to the cardholder and hence no debt or interest charge is incurred.
A plastic card enabling the cardholder to purchase goods and services, or make cash withdrawals, the cost of which is immediately charged to his or hear bank account.
A secured credit card t is accessible to customers who have savings and checking accounts. The card gives customers access to ATM machines. The card will have a Visa or MasterCard logo on it. Most banks offer these cards to their customers.
Card, which deducts the amount of purchase directly from holders checking or savings account to pay the merchant.
A plastic card with a magnetic strip on its reverse side. A Debit Card (DC) holder is entitled to purchase goods or services when accepted technically by a Seller. A DC doesn't provide any credit to the holder and it's a "mirror" of the underlying account with the DC's issuer (a bank or business). Most often DCs are used for cash withdrawals via ATMs. See more details in Bank Cards. Related topic: Anonymous Debit Card
Payment card whose funds are withdrawn directly from the cardholder's checking account at the time of sale (online debit on a Debit Network) or after batch settlement (off-line debit on a Credit Card Network).
Card with functions of ATM withdrawal as well as payment at enabled merchants (through the POS system). The debit card does not carry out any credit function, but simply functions as a payment instrument. In some countries the card is a pure domestic payment card, but in more and more cases the banks issues international cards such as Maestro and Visa electron.
a card linked to a bank or building society current account. It is used to pay for goods and services by immediately debiting your account, much like writing a cheque. No credit is extended to the cardholder.
A plastic card with a magnetic strip on it, like a credit card, except that this takes money from your current Bank account, rather than a credit account.
A card that automatically deducts charges from you checking or other established account. There is no credit involved with using a debit card. When you use the debit card, funds are transferred from you established account to the account of the supplier.
ATM card for accessing personal bank accounts.
A bank-issued plastic card that provides direct access to a cardholder's checking or savings account. Any withdrawal of funds is immediate with online debit cards and delayed a day or two with offline debit cards. Debit cards that carry the logo of either MasterCard or VISA can be used at any location that displays that network's logo.
A card that uses the same payment system as a credit card but does not provide credit. Instead, the payment for goods and services purchased with the card is subtracted directly from a personâ€™s bank account.
This card allows you to deduct the amount of your purchase directly from your checking account for payment to a merchant, without interest.
A plastic card that may be used for purchasing goods and services or obtaining cash by drawing from existing funds in a checking account. It is also known as a Check Card.
This is similar to a , but you must have the funds available in your bank account before making any purchases. The money will be debited from your account within the working day.
a card that lets you pay for purchases by transferring money electronically from your account to the retailer (often using an ATM card)
A debit card is a plastic card used to make purchases where the amount is paid from a checking account instead of a credit card account. A DCU Visa Check Card can serve as a debit card in two ways. If you specify "credit" at the cash register or gas pump, the purchase still hits your checking account, but you don't need to enter a PIN. The transaction typically clears your account in two days. If you specify "debit" at the terminal, you are making a "Point-of-Sale" (POS) transaction. You'll "swipe" your card in the terminal and enter your PIN. The purchase amount will be removed from your checking account immediately.
A card that deducts the purchase price directly from the person's personal checking account.
A card allowing customers to transfer money from their bank accounts to the retailers for payment of goods. Customers must have the money in their accounts to enable use.
allows you to pay for goods and services without writing cheques or using cash. The money is taken directly from your current account (you don't borrow the money as with a credit card). Some debit cards can also be used to guarantee cheques.
A financial instrument used by consumers in place of cash. Unlike a credit card, debit card purchases are automatically deducted from the cardholder's account.
This card allows you to access the money in your checking or savings account electronically to make purchases.
A plastic card that you can use like a credit card . The difference is that a credit card lets you borrow money for a purchase, while a debit card makes payment immediately and electronically from your checking account or savings account ; also called "check card" or "cash card."
The plastic card used to complete a bank account withdrawal from a cardholder's bank account.
A plastic device, similar to a credit card, that consumers use to make purchases and withdrawals from a self-funded account via electronic funds transfer.
A card used to withdraw funds directly from a current account, either at retailers and other outlets or from a cash machine.
A card released by a bank that has both the functions of an ATM and checks. It can be used to withraw cash or to pay for goods or services in places where it is accepted.
A card used to make an electronic withdrawal from funds on deposit in a financial institution, as in purchasing goods or obtaining cash.
A plastic card, issued by a financial institution that charges the customer's personal account (usually DDA), the card may be proprietary (issued solely by one institution), or it can be a regionally or nationally accepted card.
A plastic card used to initiate a debit transaction. In general, these transactions are used primarily to purchase goods and services and to obtain cash, for which the issuer debits the cardholder's asset account. Debit transactions require the cardholder to enter a Personal Identification Number (PIN) to validate the transaction.
A card where purchases and/or cash withdrawals are charged directly to the account of the cardholder and credited to the merchant. Disintermediation : Process of bypassing financial institutions by other intermediaries in the initiation and execution of financial operations such as credit extension or clearing. It also means replacement of funding by banking credit by raising funds in securities markets.
A card with a unique magnetic stripe issued by a financial institution allowing the customer to conduct various banking transactions at ATM's, bank service counters and retailers that allow debit transactions. · See Also · Bank Card
Another name for a bank card that allows you to access your deposit accounts electronically. You can use it at banking machines or to pay for purchases at retailers using the direct payment service.
A plastic card that allows you to pay for goods and services directly from your current account - effectively an electronic cheque.
A card that gives direct access to a bank account through ATM machines and EFTPOS. See also ATM card.
A plastic card giving consumers access to their funds electronically. Debit cards act like checks when paying for goods and services or withdrawing cash at automated teller machines. See also Automated Teller Machine; Credit Card; Magnetic Stripe Card.
A payment card when the money is direct debited from a persons' account when paying for goods and services and withdrawing cash.
This card allows you to deduct the amount of your purchase directly from your checking account for payment to the merchant. Some cards require a personal identification number (PIN). Others require a customer's signature. A PIN-based or direct debit card collects the purchase amount from a customer's checking account almost immediately. A signature-based or deferred debit card collects the purchase amount in two to three days.
Is a cash substitute for consumers. They look like credit cards, but don't provide credit. Amounts for purchases are debited immediately from the user's bank balance.
a card used for banking transactions at automatic teller machines or point-of-sale terminals
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.
A payment card that is linked directly to a customer's bank account. Some cards require a personal identification number. Others require a customer's signature. A PIN-based or direct debit card removes a purchase price from a customer's checking account almost immediately. A signature-based or deferred debit card has a Visa or MasterCard logo and removes the purchase price from a customer's bank account in two or three days.
Like a credit card except that rather than acquiring a separate credit account that draws interest, the debit card takes funds directly from the cardholder's bank account. Works like a check; looks like a credit card.
A plastic card used to initiate a debit transaction. In general, these transactions are used primarily to purchase goods and services and to obtain cash, for which the cardholder's asset account is debited by the issuer.
A card that allows an individual to pay for purchases with funds that are immediately deducted from his or her checking or savings account.
A debit card is a plastic card which provides an alternative payment method to cash when making purchases. Physically the card is an ISO 7810 card like a credit card, however its functionality is more similar to writing a check as the funds are withdrawn directly from the cardholder's bank account; some cards are referred to as check cards.